Category Archives: Senator Bob Menendez

AIG BONUSES "ARE AN INSULT TO FAMILIES TRYING TO SURVIVE THE ECONOMIC CRISIS,"

U.S. Senator Robert Menendez (D-NJ), a member of the Banking Committee released the following statement on bonuses paid out by AIG, the insurance giant that also has benefited from a government rescue plan:

“These bonuses are an insult to families who are trying to survive the economic crisis by saving every penny and changing their way of life. They have every right to be furious that AIG is taking their tax dollars while carrying on with what can only be described as business as usual – particularly when business as usual helped put us in this mess.

“President Obama is right to have his administration search every legal means available to try to block these bonuses, and I will help push similar efforts in the Senate. The question must be asked: If unions can be expected to renegotiate contracts to help save companies or industries, then why can’t companies do the same with their executives during this crisis?

“We have to make sure that Wall Street is using taxpayer money in a responsible manner. Perhaps equally as important, we have to make sure that some on Wall Street don’t further erode the confidence of the American people by failing to recognize the need for shared sacrifice. There is a fundamental and troubling disconnect between the realities that families across this country are living through and how some on Wall Street are acting like there is no crisis.”

Senator Menendez also appeared yesterday afternoon on the MSNBC program “1600 Pennsylvania Avenue” with host David Shuster to discuss his feelings on the AIG bonuses.

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Filed under 1600 Pennsylvania Ave, AIG, corporate bonuses, David Shuster, MSNBC, President Obama, Senate banking committee, Senator Bob Menendez, TARP, Treasury Secretary Tim Geithner

Senator Menendez appeared on MSNBC’s 1600 Pennsylvania Avenue

Yesterday afternoon, NJ Senator Bob Menendez appeared on MSNBC’s political talk show “1600 Pennsylvania Ave”.

Host David Shuster asked Senator Menendez to comment on Judd Gregg’s withdrawal of his nomination as Commerce Secretary, as well his feelings and thoughts about the new bank bailout plan, The National Financial Stability Plan, that was presented by Secretary of the Treasury Tim Geithner, on Tuesday.

Here’s what he had to say:

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Filed under 1600 PennsylvaniaAve, David Shuster, Judd Gregg, MSNBC, New Jersey, Senator Bob Menendez, Treasury SecretaryTim Geithner

Senator Menendez appeared on MSNBC’s 1600 Pennsylvania Avenue

Yesterday afternoon, NJ Senator Bob Menendez appeared on MSNBC’s political talk show “1600 Pennsylvania Ave”.

Host David Shuster asked Senator Menendez to comment on Judd Gregg’s withdrawal of his nomination as Commerce Secretary, as well his feelings and thoughts about the new bank bailout plan, The National Financial Stability Plan, that was presented by Secretary of the Treasury Tim Geithner, on Tuesday.

Here’s what he had to say:

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Filed under 1600 PennsylvaniaAve, David Shuster, Judd Gregg, MSNBC, New Jersey, Senator Bob Menendez, Treasury SecretaryTim Geithner

>SEN. MENENDEZ SEEKS ASSURANCES THAT FEDERAL LOAN IS NOT USED TO PROP UP FOREIGN AUTO MAKER

>Member of Banking and Finance Committees asks President Obama to require that Chrysler repay TARP loan should Fiat take majority ownership

WASHINGTON – U.S. Senator Robert Menendez (D-NJ) today asked President Barack Obama to institute a policy to prevent auto company rescue funds from going to foreign auto companies. With Italian carmaker Fiat in a deal to purchase 35 percent of Chrysler and with news reports citing the possibility that it could eventually own up to 55 percent of Chrysler, Senator Menendez is asking that Chrysler be required to pay back loans from the Troubled Asset Relief Program should Fiat become the majority owner of the company.

Read Senator Menendez’s letter to President Obama>>>HERE



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Filed under Chrysler, Fiat, foreign auto companies, President Obama, repayment of loans, Senator Bob Menendez, TARP

SEN. MENENDEZ SEEKS ASSURANCES THAT FEDERAL LOAN IS NOT USED TO PROP UP FOREIGN AUTO MAKER

Member of Banking and Finance Committees asks President Obama to require that Chrysler repay TARP loan should Fiat take majority ownership

WASHINGTON – U.S. Senator Robert Menendez (D-NJ) today asked President Barack Obama to institute a policy to prevent auto company rescue funds from going to foreign auto companies. With Italian carmaker Fiat in a deal to purchase 35 percent of Chrysler and with news reports citing the possibility that it could eventually own up to 55 percent of Chrysler, Senator Menendez is asking that Chrysler be required to pay back loans from the Troubled Asset Relief Program should Fiat become the majority owner of the company.

Read Senator Menendez’s letter to President Obama>>>HERE



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Filed under Chrysler, Fiat, foreign auto companies, President Obama, repayment of loans, Senator Bob Menendez, TARP

>NEW LEGISLATION FROM SEN. MENENDEZ PROVIDES INCENTIVES FOR PRODUCTION OF SOLAR ENERGY

>WASHINGTON – U.S. Senator Robert Menendez (D-NJ) yesterday introduced legislation that would help encourage the use of solar energy by homeowners and small businesses. The initiative would support new, innovative solar financing strategies being adopted by local governments around the nation by allowing home and business owners to participate in these local programs while still receiving a full solar federal energy tax credit. In addition, the bill would help spur the manufacturing of solar panels here in the United States and would boost the use of solar power in federal buildings.

“Solar power can save people money, create jobs, and help lower greenhouse gas emissions, which is why it needs to be a key part of our green economic recovery,” said Senator Menendez. “This legislation would allow homeowners to take full advantage of programs to help harness solar power and encourage the manufacturing of solar power in our country. These are the sorts of programs with short and long term economy benefits that should be considered for an economic recovery package.”

“We applaud Sen. Menendez’s ongoing efforts to help the solar industry to continue to flourish. This bill will help the solar industry produce 440,000 jobs by 2016 and truly repower our economy,” said Rhone Resch, President and CEO of the Solar Energy Industry Association.

Senator Menendez’s bill is a companion to legislation introduced in the House of Representatives by Rep. Mike Thompson (D-CA). It would do the following:

• Allow communities to finance solar panels without forcing their residents’ to forgo federal tax incentives. Instead of incurring upfront costs of up to $40,000, residents would be able to get solar panels for less than $200 per month by taking full advantage of a solar energy tax credit. New Jersey communities are considering adopting such a funding mechanism that was adopted by Berkeley. See the following for details: http://www.berkeleyfirst.renewfund.com/

• Provide a manufacturing tax credit for solar equipment so solar panels can be made affordably right here in America.

• Allow federal buildings to enter into long term solar power purchase agreements. This will mean federal buildings can contract with firms to get power at a fixed rate long period of time. This could result in an immediate savings for taxpayers and the expansion of solar installations.

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Filed under ecomonic benefits, economic recovery, Federal tax incentives, Job creation, press release, Rep. Mike Thompson, Senator Bob Menendez, solar energey

NEW LEGISLATION FROM SEN. MENENDEZ PROVIDES INCENTIVES FOR PRODUCTION OF SOLAR ENERGY

WASHINGTON – U.S. Senator Robert Menendez (D-NJ) yesterday introduced legislation that would help encourage the use of solar energy by homeowners and small businesses. The initiative would support new, innovative solar financing strategies being adopted by local governments around the nation by allowing home and business owners to participate in these local programs while still receiving a full solar federal energy tax credit. In addition, the bill would help spur the manufacturing of solar panels here in the United States and would boost the use of solar power in federal buildings.

“Solar power can save people money, create jobs, and help lower greenhouse gas emissions, which is why it needs to be a key part of our green economic recovery,” said Senator Menendez. “This legislation would allow homeowners to take full advantage of programs to help harness solar power and encourage the manufacturing of solar power in our country. These are the sorts of programs with short and long term economy benefits that should be considered for an economic recovery package.”

“We applaud Sen. Menendez’s ongoing efforts to help the solar industry to continue to flourish. This bill will help the solar industry produce 440,000 jobs by 2016 and truly repower our economy,” said Rhone Resch, President and CEO of the Solar Energy Industry Association.

Senator Menendez’s bill is a companion to legislation introduced in the House of Representatives by Rep. Mike Thompson (D-CA). It would do the following:

• Allow communities to finance solar panels without forcing their residents’ to forgo federal tax incentives. Instead of incurring upfront costs of up to $40,000, residents would be able to get solar panels for less than $200 per month by taking full advantage of a solar energy tax credit. New Jersey communities are considering adopting such a funding mechanism that was adopted by Berkeley. See the following for details: http://www.berkeleyfirst.renewfund.com/

• Provide a manufacturing tax credit for solar equipment so solar panels can be made affordably right here in America.

• Allow federal buildings to enter into long term solar power purchase agreements. This will mean federal buildings can contract with firms to get power at a fixed rate long period of time. This could result in an immediate savings for taxpayers and the expansion of solar installations.

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Filed under ecomonic benefits, economic recovery, Federal tax incentives, Job creation, press release, Rep. Mike Thompson, Senator Bob Menendez, solar energey