After a decade of painful stagnation, America’s economy is finally booming again.
As your Congressman, one of my top priorities is to cultivate economic growth and ensure that all Americans are able to take advantage of the incredible opportunities America’s economy has to offer.
For the past year and a half, I have been working with President Trump and Republicans in Congress to implement free market, pro-growth economic policies. Most notably last December, I helped President Trump pass the Tax Cuts and Jobs Act, a landmark tax reform bill which has delivered to the American people the biggest tax cuts in a generation.
In the manner of just two months, the tax cuts alone have had an unprecedented impact. Wages are rising, millions of Americans are receiving bonuses, and companies are reinvesting billions of dollars into our cities and communities.
The overall impact of the tax cuts and our pro-growth policies on America’s economy has also blown away expectations. Unemployment is down, GDP growth is expected to reach 3 percent, spending on capital goods is way up and consumer confidence is at its highest point since 2000.
After years of sluggish growth and stagnation, America’s economy is booming once again.
However, there are tens of millions of Americans who are unable to take full advantage of our thriving economy and the tremendous opportunities it is creating because they have little or no credit score.
Those with little or no credit score are considered high risk and are often rejected when they apply for credit.
In today’s world access to affordable credit is a practical necessity for taking full advantage of our financial system, establishing personal financial stability and achieving upward socio-economic mobility. Without credit, it is nearly impossible to secure a loan to pay for a new house, a new car or the cost of sending a child to college. Lack of credit history can even preclude people from getting a job, as many employers now conduct credit score checks before hiring.
That is why last year, I introduced the Credit Access and Inclusion Act to fix the problem of “Credit Invisibility.” After months of work, I am elated to report that this crucial piece of legislation was passed by the U.S. House of Representatives earlier this week.
This bill, which I drafted with Congressman Keith Ellison, allows utilities, telecom companies, and landlords to report on-time payment data to credit reporting agencies, enabling families with little or no credit to build credit scores based on a full and more appropriate picture of their payment history.
By adding this additional information to credit files, the millions of Americans who currently have little or no credit score will be able to access affordable credit to buy homes, build equity and take full advantage of our financial system.
In total, my bill will enable 50 million Americans to establish a credit score, and help over 50 million more Americans improve their existing score all on their own merits, without federal funds or burdensome government mandates.
America finally has a thriving economy and I want all Americans to be able to take advantage of the tremendous opportunities it is creating. My bill, The Credit Access and Inclusion Act, will give every American the ability to build a better life and pursue the American dream.
Congressman Robert Pittenger (NC-09) is Chairman of the Congressional Task Force on Terrorism and Unconventional Warfare, Vice Chairman of the Subcommittee on Terrorism and Illicit Finance, and serves on the House Financial Services Committee, with a special focus on supporting small businesses, community banks, and credit unions.