Bean, Greenberg share economic goals

U.S. Rep. Melissa Bean believes improving the regulation of the nation's financial markets is key to promoting economic recovery.

Mortgage reform also is necessary, the Barrington Democrat said.

Bean's challenger in the race for the 8th House seat, Steve Greenberg, thinks a second economic stimulus package would help solve the nation's financial woes.

Greenberg also supports President Bush's $700 billion plan to bail out the financial industry. The historic step is necessary, he said, to free up the credit market and allow people and businesses to obtain loans.

Even so, Greenberg - who owns a business and works for a family operation - acknowledged he wouldn't get federal insurance if his business failed.

"It's very difficult for someone who believes in the free market and in accountability," he said.

Bean supports the government intervention plan, too. She said it's not designed to save specific executives or corporations.

"It is such a systemic challenge," she said. "That is why there is a sense of urgency and a bipartisan effort to move forward."

Bean said Congress was right to take a breath and examine the plan rather than voting on it immediately, as the president requested.

Instead of writing "a blank check," Congress needed to add provisions and safeguards, such as compensation limits for the leaders of failed corporations.

"I'm proud to say we made considerable movement forward in regard to protecting taxpayer dollars," she said.

Bean and Greenberg fielded questions about the economy and other topics in questionnaires for the Daily Herald and subsequent interviews.

Bean is seeking a third term representing the 8th District, which includes parts of Cook, Lake and McHenry counties.

A member of the House financial services committee, she said that group has made reforming the capital markets a top priority.

"The mortgage reform bill that we passed in the House needs to become law to curb the irresponsible lending practices that contributed to the current financial crisis," Bean said.

Bean also said the legislation that led to economic stimulus rebates this spring included a temporarily larger small-business tax deduction she originated.

"By encouraging them to invest immediately, this provision will help spur job growth," she said.

Although she backed the first economic stimulus plan, Bean is not yet behind a second proposal now being considered.

"I'll be weighing the taxpayer price tag against proposed benefits," she said.

On other financial fronts, Bean said she voted to eliminate the estate tax, renew a tax credit for retirement-account contributions, increase deductions for higher-eduction expenses and eliminate the so-called marriage penalty for income tax.

Greenberg, of Long Grove, is seeking public office for the first time. He believes more economic assistance is needed beyond the proposed financial-industry bailout.

Greenberg said the nation needs a second economic stimulus plan, but believes it should contain permanent tax cuts rather than one-time rebates.

Corporate taxes must be lowered as well to attract businesses to America, he said.

"America's tax structure is not competitive in the global market and it is eliminating jobs for hardworking Americans," he said. "We need to get competitive to get corporate businesses to come back home."

He also backed reducing the tax on capital gains - profits on the sale of stocks, bonds, property and other investments - by 5 percent.

Such a move would encourage more investors to enter the stock market and help stock prices increase, he said.