Rep. Rodney Frelinghuysen (R-NJ) was officially elected this past Friday as Chair of the House Appropriations Committee. The outgoing chair, Harold Rogers (R-Ky.) is barred by House Republican rules from serving as chair for another term. Frelinghuysen is described as a moderate Republican. His website lists the following priorities regarding the economy (most notably tax reform and GSE reform):

  1. Fix the tax code to help job creators.  We can increase American competitiveness to spur investment by streamlining the tax code and lowering the tax rate for individuals and businesses, including small business owners, to no more than 25%.  We have the highest corporate tax rate in the world.  It needs to be lowered. In addition, we should allow businesses to bring back their overseas profits without having to pay a tax penalty so those proceeds can be invested at home.
  2. Reduce government burdens on job creators.  Businesses in Morris, Sussex, Passaic and Essex counties want government to get “off their back” and “out of the way.” We should require Congressional review of any government regulations that have a significant impact on the economy or burden small businesses, reform the damaging Obamacare takeover of health care, exempt smaller companies from the onerous provisions of Sarbanes-Oxley accounting law and revisit the burdensome Dodd-Frank banking “reform” law which let the government pick “winners and losers” instead of the marketplace.
  3. Allow American manufacturers to compete and win in global markets.   We should continue to work to open additional new markets to American-made products. New Jersey plays an integral part in the world economy and expanding access to markets across the global will create more jobs in our state.  We also need to ensure that China lives up to its responsibilities under the World Trade Organization.
  4. Reform government mortgage giants Fannie Mae and Freddie Mac.  Our housing markets will not emerge from its current crisis until these financial relics adjust to a more competitive environment.
  5. Encourage entrepreneurship and growth by investing in real infrastructure (roads, bridges, rail, power grids).
  6. Maximize domestic energy production by diversifying supplies and encouraging increased conservation.
  7. Pay down America’s unsustainable debt and live within our means.  We must stop spending money we do not have by enacting significant federal budget cuts and spending controls.  In the meantime, Congress should pass a Balanced Budget Amendment to the Constitution. And, of course, we should address entitlement reform.