House Cloakroom: May 3 – 7
While the Senate works on the financial regulatory overhaul bill the only major bill the House will take up during the week will be a home energy efficiency bill commonly referred to as “Cash for Caulkers.” The cash for caulkers bill, not to be confused with last summers cash for clunkers program, is set to spend $6 billion to incentivize homeowners and contractors to take steps to make homes more energy efficient. Advocates of the bill claim that it will also create more “green jobs” in the economy. Unfortunately measures like this only create government dependent jobs that only survive as long as the federal government is willing to dole out taxpayer dollars in order to prop them up. This will not add the kind of long term private sector jobs that will fuel our economy for years to come.
Major Floor Action:
- H.R. 5019, Home Star Energy Retrofit Act of 2010
Major Committee Action:
- Last week the House Armed Services Committee examined the situation in Pakistan and this week they will turn their attention to what is happening in Afghanistan in a full committee hearing.
- The House Ways and Means Subcommitte on Income Security and Family Support will hold a hearing on unemployment insurance.
Senate Cloakroom: May 3 – 7
The Senate will spending the next two weeks debating legislation intended to overhaul the nation’s financial industry. Senator Dodd’s bill remains fatally flawed and conservatives still believe a complete re-write is necessary—a watered down compromise is simply unacceptable. Dozens of amendments are expected and many will highlight the serious unintended consequences looming in Dodd’s bailout bill.
Major Floor Action
- The Senate will debate and vote on amendments relating to Senator Dodd’s financial regulation bill (S.3217).
Major Committee Action
- While debating financial regulation, the Finance Committee will hold a hearing on financial institution fees.
- Also, a Judiciary subcommittee will hold a hearing on criminal prosecutions for financial fraud.
- Interior Secretary Ken Salazar will appear before the Energy Committee to discuss offshore oil drilling