Congressman Posey introduced the Housing Recovery Act which is aimed at relieving the market of foreclosed properties and making homes more affordable. H.R. 1526 early distribution penalties on withdrawals from an IRA, Roth IRA or 401K if the funds are used to purchase a home that has been in foreclosure for a year or more, provided the buyer owns the home for at least 2 years. If the… Read more »
Congressman Posey filed bipartisan legislation (H.R. 2568) to prevent the flight of billions of dollars in foreign bank deposits from U.S. banks. The IRS recently proposed overturning a nearly 100 year old policy, without direction from Congress, with a regulation requiring all U.S. banks to report annually on the amount of interest paid to non-resident alien individual deposits. By law,… Read more »
Congressman Posey introduced legislation with 34 of his colleagues to amend rules of the House to require a 72 hour period of availability before legislation can be brought up for consideration in the House of Representatives. The bill, H. Res. 689, also requires that a print comparing current law with the proposed law be made available to Members of Congress and the public for at least… Read more »
Congressman Posey is an original cosponsor of House Resolution 615, Expressing the sense of the House of Representatives that Members who vote in favor of the establishment of a public, federal government run health insurance option are urged to forgo their right to participate in the Federal Employees Health Benefits Program (FEHBP) and agree to enroll under that public option. The… Read more »
Congressman Posey introduced the Deficit Reduction Check-off Act (H.R. 4308), legislation to add a new “Deficit Reduction Check-Off” line to IRS tax forms. Individuals would be given the opportunity to direct up to $10 of their tax rebate/refund for deficit reduction ($20 for joint filers). While the individual’s tax return would only be reduced by a maximum of $10, Posey’s bill directs… Read more »
Congressman Posey is a cosponsor of H.R. 2607, legislation that amends the Employee Retirement Income Security Act of 1974 (ERISA) to provide for establishment and governance of association health plans (AHPs), which are group health plans whose sponsors are trade, industry, professional, chamber of commerce, or similar business associations, and which meet certain ERISA certification… Read more »
Congressman Posey is a cosponsor of the Balanced Budget Amendment, legislation that would amend the U.S. Constitution to require the federal government to balance the budget every year by prohibiting Congress from spending more than it takes in annually. This proposed amendment would also require a three fifths vote by both houses of Congress in order to raise the public debt limit and… Read more »
Congressman Posey introduced the Child Tax Credit Preservation Act which makes the $1,000 per child tax credit permanent and requires that it be indexed to account for inflation each year. Rep. Posey was joined by Rep. Parker Griffith (D-AL) in introducing this bill. The idea behind the legislation is to help families plan for future expenses and to correct for the value of the credit… Read more »
Congressman Posey is a co-sponsor of the Spending Reform Act of 2009, which caps discretionary spending, eliminates wasteful and duplicative agencies, reforms entitlement programs and reforms the congressional earmark process.
The Spending Reform Act of 2009 is a starting point for both parties to work together to cut wasteful spending, begin balancing the federal budget and address… Read more »
Congressman Posey is a co-sponsor of H.R. 156, the Stop the Congressional Pay Raise Act, a bill to prevent Members of Congress from receiving any automatic pay adjustment in 2010.
Members of Congress automatically recieve a cost of living increase every year. This year a Congressional salary increases by $4,700. Congressman Posey pledged to return this year's increase to the United… Read more »
