The finance industry might be floundering, it might be broke, and it might be ringing the tin cup for federal help. But don’t say Wall Street has lost its sway
The finance industry might be floundering, it might be broke, and it might be ringing the tin cup for federal help. But don’t say Wall Street has lost its sway over lawmakers on Capitol Hill.
Congress agreed on a final stimulus plan yesterday, but not before stripping out a provision forcing bailed-out banks to repay 2008 bonuses. Under the provision, sponsored by Sens. Ron Wyden (D-Ore.) and Olympia Snowe (R-Maine), companies receiving funding under the Troubled Asset Relief Program (TARP) would be forced to repay Washington for any 2008 bonuses in excess of $100,000, or pay a 35-percent tax on funds not returned. Wyden is vowing to continue the push to have it passed. From his statement:
Wall Street’s clout continues unabated in Washington, despite having wrecked our economy,” said Wyden. “I am unbelievably disappointed, but I want it understood that I will be back again and again to recover for taxpayers the exorbitant Wall Street bonuses paid for with TARP money.
It wasn’t supposed to play out this way.
In the wake of reports revealing that Wall Street firms doled out billions in executive bonuses — even after they’d accepted hundreds of billions of federal dollars — lawmakers had vowed to take steps to ensure that TARP funds weren’t going straight into the pockets of the same folks who’d run the banks into the ground.
Indeed, the Senate stimulus bill included several provisions — added as amendments during the floor debate — to do just that. One provision, sponsored by Sen. Claire McCaskill (D-Mo.), would have capped executive compensation at $400,000. Another, sponsored by Sen. Christopher Dodd (D-Conn.), would have banned bonuses for the 25 highest-paid employees of companies receiving TARP funds. The Wyden-Snowe provision was included as well, but was sliced for reasons that still aren’t clear. The removal is strange, if only because the measure was expected to save the federal government more than $3 billion.
It’s unclear if the Dodd and McCaskill amendments made the cut. Apparently, a full 27 hours after a stimulus deal was announced, lawmakers are still haggling over the details of the bill. Stay tuned …
Rep. Paul Ryan to deliver SOTU response
Chairman of the House Budget Committee Rep. Paul Ryan (R-Wis.) will deliver the Republican response to the State of the Union Tuesday, according to Mike Allen
Rep. Paulsen allies with medical device industry to relax FDA oversight
Source: Flickr; Republicanconference (www.flickr.com/photos/republicanconference) On the heels of the Minnesota Independent story last week about U.S. Rep. Erik Paulsen’s cozy financial relationship with the medical device industry, the New York Times reported Tuesday that some health professionals are alarmed by Paulsen’s push to relax Food and Drug Administration (FDA) oversight
Rep. Paulsen touts balanced budget constitutional amendment
In a post for the conservative blog True North , U.S. Rep
Rep. Patrick McHenry: Please, Conservatives, Fill Out Your Census Forms!
The conservative congressman from North Carolina, a constant critic of the census -- one of the people who sounded the alarm about politicization when the
Rep. Paulsen, Karl Rove the latest to get ‘glittered’
Rep. Erik Paulsen and former Bush staffer Karl Rove were both showered with glitter at the Midwest Leadership Conference Friday
Rep. Perlmutter to hold constituent meet-up in grocery store
Colorado Congressman Ed Perlmutter will hold a Government in the Grocery constituent meet-up this evening from 5-7 at the Safeway at 38th and Wadsworth in Wheat Ridge. The address is 3900 Wadsworth. The meeting, where Perlmutter typically sits at a folding table and talks to whomever shows up, is free and open to the public
Rep. Perlmutter criticizes House measure that would eliminate 800K federal jobs
Congressman Ed Perlmutter today issued a scathing statement criticizing the House of Representatives for passing a spending bill that could put nearly a million federal employees out of work. The Colorado delegation voted strictly on party lines, with all four Republicans voting in favor of the bill and the three Democrats voting in opposition. Perlmutter’s statement: “My number one priority is to get people back to work because that’s the best thing we can do to pay our debt and move forward toward economic stability
Rep. Pete Stark Won’t Dignify Constituent by, er, Micturating Upon His Leg
In the tradition of Rep. Barney Frank (D-Mass.), California Democratic Rep. Pete Stark revealed at a recent town hall gathering that there are limits to what
Rep. Peace, ACLU seek investigation of soldier’s allegations of racial discrimination in Afghanistan
Both Rep. Steve Pearce (R-NM) and the American Civil Liberties Union agree: There needs to be an investigation into Spc.
School of Hock
A growing number of college grads are defaulting on their student loans as the economy worsens.