What a week! What a time! What a country!
I can't really put into words my feelings about this week's Presidential Inauguration other than to say I was awestruck by the sea of humanity stretching from the Capitol to the Lincoln Memorial and deeply moved by President Obama's call to service. It is a challenge that Americans have hungered for and welcome.
As daunting as our current challenges are (and we cannot underestimate the seriousness of our economic situation), I feel extremely hopeful about the future. I am heartened by President Obama's initial statements and actions in office to reaffirm our nation's basic values: respecting the rule of law, rejecting the cronyism and corruption of the past eight years, and restoring the stature and influence of diplomacy, science, and ethics.
There was great celebration on Tuesday and I was privileged to not only witness the Swearing-In Ceremony, but also, as an Honorary Co-Chair, to view the Inaugural Parade from the Presidential Reviewing Stand. Tuesday night, I spent some time at the Midwest States Ball where I saw many Wisconsinites who had come to the Capital to be part of history.
While the occasion was historic, people experienced many logistical problems; and I was saddened to learn that many people were denied access to the Swearing-In Ceremony even though they held tickets and arrived early. Congress will be conducting an investigation into this matter and I encourage anyone who experienced problems to share their stories with me.
Wednesday morning found us all hard at work, intent on helping our economy recover, not just for immediate relief, but for long-term vitality.
Below you'll find a short summary of some of the things we accomplished this week. I invite you to share this newsletter with friends. The year promises to be full and exciting.
Sincerely,
Tammy Baldwin
Your Member of Congress
THIS WEEK IN CONGRESS
I supported and the House voted in favor of tough accountability measures this week to reform the Troubled Assets Relief Program (TARP) and ensure the money is spent effectively to help stabilize our economy and get credit flowing again. The legislation:
· Enforces strict accountability, closes loopholes and requires transparency,
· Requires at least $100 billion be used to help homeowners and address the mortgage crisis at the root of the recession,
· Forces banks to report how government funds are being spent,
· Limits executive bonuses for firms participating in TARP,
· Assists cities and other tax-exempt issuers in finding investors for their bonds; and
· Gives explicit authority for TARP funds to be used for automobile company restructuring.
The next phase of our economic recovery program, the American Recovery and Reinvestment Plan (ARRP), is being crafted now in consultation with the White House. This week, it was considered in several House committees that have jurisdiction, including Energy and Commerce (see below).
IN COMMITTEE
Energy and Commerce
In a marathon mark-up session lasting more than ten hours, our Committee considered the American Recovery and Reinvestment Plan (ARRP). This legislation is necessary to revive today's foundering economy in the short-term, and secure its long-term security and growth.
Our Committee's jurisdiction included portions of the bill relating to energy, health, and telecommunications. Our final recommendation included an amendment I offered specifying that $500 million of the bill's temporary loan guarantee program for renewable energy and transmission would be available for leading edge biofuel projects. These projects will produce transportation fuels that substantially reduce greenhouse gas emissions.
Wisconsin is a national leader in advancing biofuel technologies. The Great Lakes Bioenergy Research Center, located in Madison, is a federally-funded research center focused on finding ways to create forms of cellulosic ethanol - fuel created from inedible plant matter. Further, many companies in Wisconsin are working on commercializing biofuel technologies that will power vehicles and replace the need for dirty fossil fuels. Without my amendment, the list of technologies eligible for loan guarantees under the plan did not include assistance for the further development of biofuels.
Judiciary
The Judiciary Committee met for organizational and procedural purposes this week, including subcommittee assignments. I am pleased to be joining the Subcommittee on the Constitution, Civil Rights, and Civil Liberties which has jurisdiction over the following subject matters: Constitutional amendments, Constitutional rights, federal civil rights, ethics in government, other appropriate matters as referred by the Chairman, and relevant oversight.
COMING UP
The House is expected to vote on the ARRP economic recovery bill on Wednesday and Speaker Pelosi has promised it will reach the President's desk by mid-February.
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How will the 100 billion be spent to help homeowners? Will it be spent on Smart pills for all the idiots who bit off more than they could chew? Just because lots of morons don't want to play house anymore does not mean that I should have to be Ken to their Barbie. As a disclaimer, I understand #@$& happens, but why is that my problem. If you're way behind and can't make the payments now, why would giving you a clean slate make things any different? Why is it 100 billion, not 98.43 billion, how did that nice even clean number come to be. Who allocates it? Who receives it? How much? Is it a loan? Is it a "credit" (read gift)?
ReplyDeleteI do not agree with this form of spending. Rep. Baldwin is wrong on this issue. What incentive does anyone have to pay their bills if you know that everything will be o.k. because big brother will pick up the slack. For those who speak of predatory lending, that very statement is contradictory. I've never hunted someone down and loaned them $250,000. It takes two baby. If a lender wanted to give me a loan for more than I can afford, I would not take it. These loans were not handed out to six year old kids.
What the government should do with that money is buy up the bad housing debt and sell it to a the highest bidder in the private sector. Maybe you only get 50% value, but it gets the books straight. Problem solved in less than a year. Giving out at least 100 billion dollars to proven defaulters is like wearing a Brewers hat at Wrigley Field.
Matt these loans were not handed out to six years olds. but you would have thought they were given out by six years olds. Because as we know six year olds don't know enough about finance to know when some one should or should not be given a loan. These banks should gave known better. NO one made them give them these loans. They are the ones who would have made huge profits on these, they are the ones who had something to gain, and they were greedy. They got what they deserved. They never should have been bailed out. I will go as far to say if we don't bail out the banks then we don't bail out the homeowners either. Fair is Fair.
ReplyDeleteYou're right. I believe both should have been left to wither on the vine.
ReplyDeleteWhen home values were appreciating faster than they could appraise them, there was no such thing as a risky home loan. If the homeowner makes the payments, fine, if not, we'll take it back and sell it for a profit. Win, Win. If I'm not mistaken there are different lending standards for banks than for mortgage only lenders. I think the first "bailout" was a joke, considering what's happening to Citi and others, and not knowing where the money trail went. I am a true believer in keeping the government's (our) money out of private business. Where do you draw the line, and why not Ma and Pa businesses? The government could have bailed out horse shoe manufacturers when the automobile took over, but being able to adapt to the times is one thing all businesses must be prepared for. I don't want a handout, I want an even playing field. If I don't make my payments, I should be fully aware of the consequences. I'm not intelligent by any means, but this seems so simple to me.
I'm with Matt, TB got it wrong.
ReplyDeleteA clean slate will allow the financially irresponsible to further practice non payment of debt. The cycle will repeat itself and I definately don't want to keep paying for those that buy and don't pay.