Significant Legislation
Congressional scholar, Norm Ornstein says that this Congress has had a greater level of productivity than any Congress in the last 40 years. According to Ornstein, Obama has had greater legislative success in terms of significant legislation than Lyndon Johnson or Ronald Reagan.
In February 2009, Democrats passed the Recovery and Reinvestment Act, without a single Republican vote in the House and only 3 Republican votes in the Senate. By doing so, they prevented the worst financial crisis from getting worse and turned the economy from contraction to expansion.
Obama signed into law the Health Care Act, that protect all Americans from the worst practices of insurance companies. Coverage won’t be revoked, premiums won’t be arbitrarily raised and insurance companies won’t be allowed to use a pre-existing condition to deny coverage.
It strengthens Medicare by cracking down on fraud and waste and keeping it solvent for decades to come. And, most importantly, it protects guaranteed benefits, eligibility and the right to keep your doctor for all seniors.
Importantly, according to the Congressional Budget Office health care reform should cut the deficit by $138 billion over the next 10 years, and as much as $1.2 trillion, the following 10 years. The healthcare reform bill should bring $1.3 trillion in deficit reduction over the next two decades. A report from Congressional Budget Office indicates that the Health Care Act is the most significant effort to reduce our deficits since the Balanced Budget Act in the 1990s.
Obama signed into law, the Consumer Protection Act, which cracks down on corporate fraud and holds big banks accountable for reckless, risky behavior. The financial crisis has taught us that the look-the-other way, hands-off deregulatory policies of the recent past can jeopardize not only private investments, but our entire economy.
This legislation will reform Wall Street by creating a consumer financial protection bureau to regulate the trading of derivatives, one of the root causes of the current meltdown, while allowing small businesses to continue using them to mitigate risk. It will end taxpayer bailouts of Wall Street institutions by establishing a new authority to wind down failing mega-firms outside of bankruptcy, so shareholders and creditors pick up the cost, not taxpayers.
Furthermore, Obama upheld the principle of equal pay for equal work, by signing into law the Fair Pay Act, also known as the Lilly Ledbetter Act. Obama signed an expanded the Pell Grant program; and made the largest investment in clean energy in history, and the largest investment in education in decades.

