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Legislation News & Report (TM) The Week in Congress .com (TM) "A Democracy is Only A Democracy When You Participate" January 16, 2009 Edition Volume 6 Number 2 |
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Other Bills and Resolutions This Week +++ U.S. & The World Nothing This Week --- Managing America +++ Banking & Finance Senate Resolution Allows Further TARP Spending; ----- The Courts District Court Judge to Face Impeachment; ----- Education Nothing This Week ----- Energy Nothing This Week ---- Environment and Resources Nothing This Week ----- Government Agencies Nothing This Week ---- Health & Safety Nothing This Week ----- Military Nothing This Week ------ Miscellaneous Nothing This Week ---- Native American Matters Nothing This Week ---- Private Relief Nothing This Week --- Public Land Senate Moves Omnibus Land Bill; ---- Taxes Nothing This Week ---- Transportation Nothing This Week ----- Veterans Nothing This Week ---- War on Terror Nothing This Week Mentoring Seen as Solution to Youth Problems; ---- Civil Rights MLK Day Noted for Volunteerism; ---- Nothing This Week The President ----- |
Acting Treasury Sec. Kashkari
HOUSE MOVES ON T.A.R.P. Final Vote Delayed
(TheWeekInCongress.com) January 15, 2009 - The US House completed debate and amendments to HR 384, the bill that revises the Troubled Assets Protection Program (TARP) but did not vote on final passage. The bill modifies the Emergency Economic Stabilization Act -- referred to as the bailout bill -- passed in October 2008.
The original legislation provided $700 billion to the Treasury for the purchase of troubled assets with the overall goal of freeing funds that can be lent to consumers and businesses that are otherwise tied up in non-performing real estate loans made over the past five years.
HR 384 requires more regular reporting by recipients of the funds and future recipients must expressly demonstrate how the use of the loans will strengthen the financial system and increase the availability of credit.
The bill earmarks $40 to $100 billion to foreclosure mitigation and prevention of owner-occupied home loans. Treasury is directed to develop a plan to help clear the inventory of homes on the market. The bill also increases loan to value rates for some borrowers with a mortgage debt.
Prohibitions on executive compensation are expanded to prohibit all golden parachutes payments to executives in participating institutions and the top 25 highest paid executives in a recipient institution may not be paid incentive bonuses.
In the Senate a resolution disapproving of the release of the remaining $350 billion was not agreed to. The resolution was brought forth as provided in the original EESA requiring that Congress approve by resolution, the release of the funds. Both bodies produced a resolution of disapproval the defeat of which then approves the release.
HR 384 report amendments and votes
S.C.H.I.P REVISITED AND PASSED
Failed 2007 Children's Health Legislation Revived
(TheWeekInCongress.com) January 15, 2009 - The House returned to the Majority's 2007 effort to increase the State Children's Health Insurance Program (SCHIP) by extending coverage to 4 million uninsured children. House and Senate bills passed in 2007 were either vetoed by President Bush or were not acted upon by either body.
The bill, HR 2, is nearly identical to earlier passed bills and addresses contentious issues such as prohibiting coverage of illegal alien children, coverage of non-pregnant, low income adults, and limitations on income levels that qualify parents for coverage of their children.
Spending for HR 2 as in earlier bills would be made deficit-neutral by a sizable increase on cigarettes and other tobacco products.
SENATE PASSES OMNIBUS LAND, CONSERVATION AND RESEARCH BILL
The bill, S 22, would spend on a wide variety of projects, research and studies most of which were passed by the House over the past two years.
PRESIDENT BUSH NOTIFIES HOUSE OF CONTINUING EMERGENCIES, AGREEMENT
The President notified the House as such:
...a message from the President wherein he notified Congress that the emergency declared with respect to foreign terrorists who threaten to disrupt the Middle East peace process is to continue in effect beyond January 23, 2009--referred to the Committee on Foreign Affairs and ordered printed (H. Doc. 111-8).
...a message from the President wherein he notified Congress that the emergency declared with respect to the Government of Cuba's destruction of two unarmed U.S.-registered civilian aircraft in international airspace north of Cuba on February 24, 1996 is to continue in effect beyond March 1, 2009--referred to the Committee on Foreign Affairs and ordered printed (H. Doc. 111-9).
...a message from the President wherein he transmitted an Agreement between the Government of the United States and the Government of the Russian Federation Extending the Mutual Fisheries Agreement--referred to the Committee on Natural Resources.
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Bill Provides Judiciary Committee with Authority to Investigate Charges Against US District Judge
House Judiciary Committee Chairman, John Conyers introduced a resolution authorizing and directing the Committee on the Judiciary to inquire whether the House should impeach G. Thomas Porteus, a judge of the United States District Court for the Eastern District of Louisiana.
Porteus is charged with perjury in his dealings with his own private bankruptcy case and in disclosure of assets and receiving gifts from attorney's who tried cases before him.
The matter was referred to House Speaker Nancy Pelosi in a letter from the US Judiciary Conference..
With passage of the House Resolution the Senate will begin impeachment proceedings.
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