Creating Jobs, Helping the Unemployed, Protecting Retirement
Update: The American Jobs and Closing Tax Loopholes Act was passed by the House of Representatives on May 28, 2010.
The House of Representatives is expected to vote this week on the American Jobs and Closing Tax Loopholes Act (H.R. 4213), a measure that would help the nation continue along the path of economic recovery and job growth.
A year and a half ago, this country was suffering from a recession created by years of extreme economic and fiscal policies under the previous administration. Nearly 800,000 jobs a month were being lost when President Obama was sworn into office.
Thanks to the Recovery Act, we are now seeing positive job gains. Job losses have turned to jobs gains of 290,000 in April 2010—the largest gain in four years and a 1 million job swing from the end of the Bush administration. This marks the fourth month of job growth with 573,000 American jobs added since December—84% in private sector.
We are finally headed in the right direction, but still have more work to do. This legislation builds on this positive growth by continuing crucial help for families still dealing with the aftermath of the recession and financial scandals.
Among other things, the bill: assists unemployed workers, funds summer jobs, provides pension relief, and gives the more than 50 million workers who depend on 401(k) type plans clear and complete information on the fees they pay.