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Senate Approves the ______Act Of____
An anonymous reader writes "Apparently the Senate was in such a rush to get out of town that it forgot to name an 'important' bill that it passed, so the bill goes to the House as The ______Act of____. That's how it appears in the Congressional Record, though the Library of Congress has it listed as The XXXXXXAct ofXXXX. As for what's in the bill, well that appears to be as mysterious as the name. It was officially announced as a bill to tax bonuses to execs who received TARP money. But then someone simply deleted the entire bill and replaced it with text about aviation security. And then it was deleted again, and replaced with something having to do with education. However, because of these constant changes, many of the services that track the bill have the old details listed. On top of that, Nancy Pelosi called the House back for an emergency vote on this unnamed bill, and anyone trying to find out what it's about might be misled into thinking its about aviation security or something entirely unrelated to the actual bill. And people wonder why no one trusts Congress." It appears that the government's new martial law plans are being passed after all.
If you actually read the bill you'll realize that it contains $100 billion for spending on "education", clauses to let States governments go suck at the TARP nipple (shocking huh? Whatever happened to green jobs, etc that were promised?), new taxes for foreigners doing business in the US, foreign companies doing business in the US, and US citizens previously entitled to tax credits from living abroad, and well over $1 trillion worth of rescinded spending (presumably to get money to give to the State governments). There are other details, obviously.
Seven puppies were harmed during the making of this post.
If it is a bill to tax executive bonuses from TARP-receiving companies, then the Constitution says that it must originate in the House, not the Senate, but I suppose that detail is ignored.
you jest, but that's essentially what congress has been doing for a long time. The health care bill essentially said "all these things will happen by this date" without detailing how they would happen. All of the details were handed over to HHS to work out on their own. Basically it was so vague (deliberately so) that the real effects won't be known until after HHS finishes figuring out how to implement it.
Yes, it's called the "non-delegation doctrine", which follows from Article One of the US Constitution. The Supreme Court first visited the topic in Wayman v. Southard in 1825, so it is a well-established legal principle. Congress may delegate some small authority, but it has to be severely limited in scope, i.e., simple rulemaking. E.g., the EPA is allowed to determine what constitutes a "pollutant". This was the subject of a recent Court decision. The Chief Executive is also given a little leeway when it comes to national security, see Executive Orders.
Gambling with monumental changes to the U.S. (and thereby the world's) economy, namely the return to a medieval commodities-based currency and abolishing the IRS and Federal Reserve, ignoring climate change, and abolishing clean air and water laws.
You'd think there might be a political agenda.
Luckily this is old news and information is already out there.
Yes there appeared to be a last minute decision to replace the text of HR. 1586 with the contents of what will eventually become known as the "State Bailout Bill". Apparently there was a need to replace the contents of the "FAA Modernization Bill" with this emergency spending bill. Possibly the senators figured out that the fastest way to get this to the President's desk was to amend the last house passed bill to replace its contents, and then have the house reconvene to approve the change. No big conspiracy here, but some comical fodder about forgetting to put the final name of the bill into the text.
No one did such thing, That's amendment S.AMDT.3486 to HR. 1586 Sponsor: Sen Schumer, Charles E. [NY] (introduced 3/11/2010)
See my explanation above, and this was not "deleted again". By the way the amendment is S.AMDT.4575 to HR. 1586 Sponsor: Sen Murray, Patty [WA] (submitted 8/2/2010) (proposed 8/2/2010)
With the summary so full of political hyperbole, I can see why the submitter remained anonymous. The fact that the article actually provides the PDF of the congressional record proves that the submitter is completely wrong with his assertions.
This supposed conspiracy doesn't rise to the level of the shenanigans that the Republicans performed when they passed the "Financial Services Modernization Act of 1999" that Clinton signed into law. It was that bill ultimately got us in the sad shape we are in now...
These comments are my own and do not necessarily reflect the views or opinions of my employer or colleagues...
Clinton called for making mortgages more readily available, and signed what, exactly? Let's at least be honest about what Clinton's changes to the Community Reinvestment Act actually did. From the wiki page:
In July 1993, President Bill Clinton asked regulators to reform the CRA in order to make examinations more consistent, clarify performance standards, and reduce cost and compliance burden.[55] Robert Rubin, the Assistant to the President for Economic Policy, under President Clinton, explained that this was in line with President Clinton's strategy to "deal with the problems of the inner city and distressed rural communities". Discussing the reasons for the Clinton administration's proposal to strengthen the CRA and further reduce red-lining, Lloyd Bentsen, Secretary of the Treasury at that time, affirmed his belief that availability of credit should not depend on where a person lives, "The only thing that ought to matter on a loan application is whether or not you can pay it back, not where you live." Bentsen said that the proposed changes would "make it easier for lenders to show how they're complying with the Community Reinvestment Act", and "cut back a lot of the paperwork and the cost on small business loans".[36]
By early 1995, the proposed CRA regulations were substantially revised to address criticisms that the regulations, and the agencies' implementation of them through the examination process to date, were too process-oriented, burdensome, and not sufficiently focused on actual results.[56] The CRA examination process itself was reformed to incorporate the pending changes.[40] Information about banking institutions' CRA ratings was made available via web page for public review as well.[36] The Office of the Comptroller of the Currency (OCC) also moved to revise its regulation structure allowing lenders subject to the CRA to claim community development loan credits for loans made to help finance the environmental cleanup or redevelopment of industrial sites when it was part of an effort to revitalize the low- and moderate-income community where the site was located.[57]
It should be noted that compliance with the CRA is entirely voluntary, if you don't want the tasty government tax credits, don't comply. The idea that Clinton somehow brought on the mortgage crisis by forcing banks to lend to poor people is simply ludicrous.
- None can love freedom heartily, but good men; the rest love not freedom, but license. -- John Milton