Obama Administration

Accomplishments on Business & Economy

  • Median household income up 5.2% for the first time in over seven years due to economic policies put in to place that benefit lower and middle income Americans
  • Poverty rate at its lowest level since 1999 due to economic policies put in to place that benefit lower and middle income Americans
  • Over four million Americans to qualify for overtime pay if they work more than 40 hours a week under new rule by the Labor Department that raised the salary threshold from $23,660 to $47,476 per year
    May 17 2016
  • Individuals investing in retirement accounts protected under new rule requiring financial advisers to provide investment advice that puts their client's best interests above all else
  • American banks must identify the owners of shell companies they do business with under a new rule by the Treasury Department
    Apr 10 2016
  • Families with three or more children have their taxes reduced $200-$600 through the permanent expansion of the Child Tax Credit
    Dec 18 2015
  • College students can claim $2,500 towards tuition, fees, and course material on their taxes after the extension of the American Opportunity Tax Credit
    Dec 18 2015
  • Employees of Federal government contractors must be offered seven days of paid sick leave per year
    Sep 07 2015
  • Government mandated threshold for all hourly workers to qualify for overtime pay increased from $23,660 to $50,440.
    Jun 30 2015
  • International Trade Data System created to streamline small business Export/Import process
  • Minimum wage for Federal Contractors raised to $10.10 per hour.
    Feb 12 2014
  • Members of Congress and certain government employees prohibited from using non-public information for personal profit
  • Employee social security payroll tax reduction from 6.2% to 4.2 % extended through 2012
    Feb 22 2012
  • Self-employed social security payroll tax reduction from 12.4% to 10.4 % extended through 2012
    Feb 22 2012
  • Small family farms selling locally exempted from federal regulations such as traceability and record keeping
    Jan 04 2011
  • Safety of imported food improved with new FSVP & VQIP programs that helps ensure it is safe, unadulterated and not misbranded
    Jan 04 2011
  • Safety of U.S. grown food improved with requirements for large factory farms to register all food handlers and maintain records relating to food safety
    Jan 04 2011
  • $186 billion in tax relief for all tax payers by extending the Bush income tax cuts for 2010 & 2011
    Dec 17 2010
  • $136 billion in tax relief for 21 million middle class households through patch to the Alternative Minimum Tax for 2010 & 2011
    Dec 17 2010
  • $111 billion in tax relief for workers by a reducing social security payroll tax from 6.2% to 4.2% for 2011.
    Dec 17 2010
  • Veteran work-study programs expanded to include congressional offices, state agencies and institutions of higher learning
    Oct 14 2010
  • On-the-job training opportunities expanded for veterans by reimbursing energy sector employers for training costs.
    Oct 14 2010
  • Service members receiving relocation orders protected from early termination fees for certain contracts and residential leases
    Oct 14 2010
  • Long-term economic stability improved through new FDIC powers to liquidate failing financial firms such as insurance companies and non-bank financial companies
  • Borrowers protected from bad loans with rules and penalties requiring that lenders verify that they are able to repay the loans that they issue
  • Financial Stability Oversight Council established to identify and monitor excessive risks to the U.S. financial system
  • Future economic downturns minimized with new rules and transparency regarding bank trading in credit default swaps and derivatives including the "Volker Rule"
  • Risk in the financial system reduced with new SEC Office of Credit Ratings (OCR) to monitor credit rating agencies for conflict of interests & inaccuracies
  • FDIC bank deposit insurance increased from $100,000 to $250,000
  • Transparency of Federal Reserve improved with additional government oversight and new audits to be performed by the GAO
    Jul 22 2010
  • Consumer Financial Protection Bureau established to promote fairness and transparency for mortgages, credit cards, and other consumer financial products
  • Social Security payroll tax credits in 2010 for employers that hired people who have been unemployed for 60+ days
    Mar 18 2010
  • Tax credits to employers who keep new hires for 52 weeks to encourage retention of new hires
    Mar 18 2010
  • $17.5 billion in tax cuts, business credits and subsidies for state and local construction bonds to stimulate business investment and hiring
  • $20 billion to the highway trust fund for spending on highway and transit programs.
    Mar 18 2010
  • Liquidation of General Motors and Chrysler avoided through government mandated restructuring plans and conditional investment and loan programs
  • 115,000 jobs created at General Motors and Chrysler since government financing and restructuring implemented
    2009
  • 1.45 million American jobs saved overall by government financing and restructuring of GM and Chrysler to avoid liquidation
    2009
  • $96 billion in personal income losses avoided by government financing and restructuring of GM and Chrysler to avoid liquidation
    2009
  • $28.6 billion net public benefit in income taxes and social security taxes paid because liquidation of GM and Chrysler avoided
    2009
  • Credit cardholders protected against arbitrary interest rate increases, hidden and excessive fees, and due date gimmicks
  • Financial Crisis Inquiry commission created to examine and report on the domestic and global causes of the 2008 - 2009 financial and economic crisis
  • Mortgage lending businesses added to list of financial institutions subject to Federal criminal law in fraudulent lending practices
  • Crime of major fraud against the United States amended to include Federal grants made to stimulate economic recovery for fiscal years 2009 and 2010
  • Securities fraud definition amended to include fraud related to commodities futures and derivatives fraud
  • $140 million in special funding for the Federal Bureau of Investigation to investigate fraud in financial institutions
  • $100 million in special funding for the offices of the United States Attorneys to investigate and prosecute fraud in financial institutions
  • $80 million in special funding to the criminal, civil and tax divisions of the Dept of Justice to investigate and prosecute fraud in financial institutions
  • $60 million in special funding for the Postal Inspection Service to investigate financial institutions for fraud
  • $60 million in special funding for Inspector General's Office at the U S Dept of Housing and Urban Development to investigate financial institutions for fraud
  • $40 million in special funding for the Secret Service to investigate financial institutions for fraud
  • $42 million in special funding for the Securities and Exchange Commission to investigate securites fraud in financial institutions
  • Disadvantaged youth job opportunites enhanced by community service to gain skills/experience and earn education grants and stipends
    Apr 21 2009
  • 2010 real GDP increased by about 3.4% due to stimulus spending