U.S. HOUSE
Financial regulations: Voting 237 for and 192 against, the House on Wednesday approved the conference report on a bill (HR 4173) to impose new financial rules on Wall Street in hopes of preventing further U.S. economic meltdowns. The bill outlaws or regulates many of the practices that led to the Great Recession. In part, the bill establishes a new agency to protect financial consumers, cracks down on credit-rating agencies, outlaws many types of easy-credit mortgages, limits banks' direct investments in the stock market and requires hedge funds and other private-equity firms to register with the Securities and Exchange Commission.
The bill creates a Consumer Financial Protection Bureau to write and enforce rules against home-mortgage lenders, payday lenders and other firms that sell financial services on the retail level. But the bureau is barred from regulating auto dealerships or banks with less than $10 billion in assets. Though based in the Federal Reserve, the bureau would operate independently with its own budget and a chairman nominated by the president and confirmed by the Senate. The bill empowers the federal Comptroller of the Currency to override state consumer-protection laws that are stronger than federal ones.
The bill would start federal regulation of the $600 trillion derivatives industry that was at the heart of the economic meltdown. These rules require contracts to be traded on exchanges and cleared by a third party; force banks and investment firms to spin off certain derivatives units if they wish to qualify for Federal Reserve borrowing rates; establish real-time transparency for the prices of derivatives contracts; require trades to be reported as they occur to the Commodity Futures Trading Commission and require derivatives buyers to post adequate reserves against potential losses.
A yes vote was to approve the conference report.
Voting yes: G.K. Butterfield, D-1; Bob Etheridge, D-2; Walter Jones, R-3; David Price, D-4; Larry Kissell, D-8; Heath Shuler, D-11; Melvin Watt, D-12; Brad Miller, D-13
Voting no: Virginia Foxx, R-5; Howard Coble, R-6; Mike McIntyre, D-7; Sue Myrick, R-9; Patrick McHenry, R-10
Federal reserve audits: Voting 198 for and 229 against, the House on Wednesday defeated a Republican bid to change several sections of HR 4173 (above). In part, the motion sought to restore a Government Accountability Office audit of the Federal Reserve that was originally approved by the House but removed from the final version of the bill. The GAO would review Fed decisions on interest rates and other aspects of monetary policy - deliberations that were historically protected from congressional interference.
A yes vote backed the GOP motion.
Voting yes: Jones, Foxx, Coble, McIntyre, Myrick, McHenry
Voting no: Butterfield, Etheridge, Price, Kissell, Shuler, Watt, Miller
Extended jobless benefits: Voting 270 for and 153 against, the House on Thursday passed a bill (HR 5618) to provide extended jobless benefits through November at a cost of $34 billion in deficit spending. Senate Republicans (below) blocked a similar bill. Both bills would immediately send checks to an estimated 2 million people whose eligibility for jobless benefits expired June 1 or later. Congress will revisit the issue after it returns from recess. Republicans in both chambers object to the flow of red ink, while Democrats say both parties traditionally have added emergency jobless spending to the national debt.
A yes vote was to pass the bill.
Voting yes: Butterfield, Etheridge, Jones, Price, Kissell, Watt, Miller
Voting no: Foxx, Coble, McIntyre, Myrick, McHenry, Shuler
War, domestic spending: Voting 239 for and 182 against, the House on Thursday sent the Senate a deficit-neutral $80 billion appropriations bill that includes $33.5 billion to be used mainly to fund President Barack Obama's 30,000 troop surge in Afghanistan. The fiscal 2010 measure (HR 4899) also provides $13 billion for benefits to victims of Vietnam-era Agent Orange defoliants; $10 billion to avert nationwide teacher layoffs; $5 billion to fund Pell Grants for low-income college students; $700 million to bolster U.S.-Mexico border security; $142 million for fishermen and others who have lost jobs in the Gulf Coast oil spill, and other funding.
A yes vote was to pass the bill.
Voting yes: Butterfield, Etheridge, Price, McIntyre, Kissell, Shuler, Watt, Miller
Voting no: Jones, Foxx, Coble, Myrick, McHenry
Afghanistan withdrawal: Voting 100 for and 321 against, the House on Thursday defeated an amendment to require the military funding in HR 4899 (above) to be spent on orderly U.S. troop withdrawals from Afghanistan instead of combat operations.
A yes vote backed withdrawal from Afghanistan.
Voting yes: Jones, Watt
Voting no: Butterfield, Etheridge, Price, Foxx, Coble, McIntyre, Kissell, Myrick, McHenry, Shuler, Miller
Home-purchase tax credit: Voting 409 for and five against, the House on Tuesday passed a deficit-neutral bill (HR 5623) extending from June 30 to Sept. 30 the deadline for first-time home buyers to close their purchases and remain eligible for an $8,000 tax credit previously enacted by Congress. The Senate then sent the bill to President Obama, preserving the credit for 180,000 home buyers who missed the June 30 closing deadline. The credit is available for purchase contracts signed by April 30.
A yes vote was to pass the bill.
Voting yes: Butterfield, Etheridge, Jones, Price, Foxx, Coble, McIntyre, Kissell,Myrick, McHenry, Shuler, Watt, Miller
U.S. SENATE
Extended jobless benefits: Voting 58 for and 38 against, the Senate on Wednesday failed to reach 60 votes for ending a GOP filibuster against a bill (HR 4213) that would, in part, extend jobless checks for the long-term unemployed through November at a cost of $34 billion that would be added to U.S. debt.
The bill also has provisions that are paid for, including renewals of dozens of corporate and individual tax breaks at a 10-year cost of more than $32 billion and funding for 300,000 youth jobs this summer.
A yes vote was to advance the bill.
Voting yes: Kay Hagan, D
Voting no: Richard Burr, R
Small business credit: Voting 66 for and 33 against, the Senate on Tuesday agreed to debate a deficit-neutral bill (HR 5297) authorizing the Treasury to lend up to $30 billion to community and regional banks in order to leverage $300 billion in new credit for small businesses. As collateral, the Treasury would receive dividend-paying preferred stock redeemable within 10 years. Banks with assets under $10 billion would be eligible for the program.
A yes vote was to advance the bill.
Voting yes: Hagan
Voting no: Burr
Gen. Petraeus confirmation: Voting 99 for and none against, the Senate on Wednesday confirmed Gen. David H. Petraeus, 57, to lead U.S. and NATO forces in Afghanistan. Petraeus is stepping down as chief of the United States Central Command. He replaces Gen. Stanley A. McChrystal, who was dismissed by the president after he and his aides criticized their civilian leadership in a magazine article.
A yes vote was to confirm Petraeus.
Voting yes: Hagan, Burr
