I. Cap and Trade passes the House without my vote

Cap and Trade will adversely impact families, industry, and small businesses:
On Friday, June 26th, I voted against H.R. 2454. Though commonly referred to as “cap and trade”, this legislation is really a not-so-stealth National Energy Tax. This tax will affect anyone who turns on a light switch, drives their vehicle, or purchases any goods/services – which is basically everyone. Those making less than $250,000 a year (even those do not qualify to pay income taxes) would be severely affected by the tax (which is highly regressive). Many people close to the administration have said as much. Former Energy & Commerce Committee Chairman John Dingell (D-MI) said, “Nobody, nobody in this country realizes that cap and trade is a tax and it’s a great big one.” Warren Buffett called cap and trade a “huge tax” and said “there is no sense in calling it anything else.” Even then candidate Obama said under his cap and trade plan “electricity rates would necessarily skyrocket.”

I do believe we can have a bipartisan national energy strategy which does not include: the largest tax increase on individuals, families, and businesses in the history of our nation; burdensome government meddling/mandates and the imposition of an unprecedented bureaucratic stranglehold; or an increase in the unemployment rates of larges swaths of the economy. In fact, in my June 12th e-newsletter, I outlined the “all of the above” American Energy Act which will reduce energy prices for consumers and producers, and encourage economic growth while lessening our dependence on foreign energy. It would help us achieves these goals by: (1) increasing production of American-made energy; (2) promoting new, clean and renewable sources of energy (including wind, solar, nuclear, and clean coal); (3) incentivizing greater energy efficiency and conservation; and (4) cutting bureaucratic red tape/reducing frivolous litigation. This is a truly a comprehensive plan that takes seriously the need to aggressively pursue alternative forms of energy while recognizing the vast domestic reserves of traditional forms of energy which will help bridge the gap as we transition to the new(er) forms of energy. It also provides incentives – not mandates – for businesses and families to improve their conservation efforts.

II. Independence Day

Freedom Isn’t Free by Cadet Major Kelly Strong USAF JROTC:
I watched the flag pass by one day
It fluttered in the breeze
A young soldier saluted it, and then
He stood at ease

I looked at him in uniform
So young, so tall, so proud
With hair cut square and eyes alert
He’d stand out in any crowd

I thought how many men like him
Had fallen through the years
How many died on foreign soil?
How many mothers’ tears?

How many Pilots’ planes shot down?
How many died at sea?
How many foxholes were soldiers’ graves?
No – Freedom isn’t free

I heard the sound of taps one night,
When everything was still
I listened to the bugler play
And felt a sudden chill

I wondered just how many times
That Taps had meant “Amen”
When a flag had draped a coffin
Of a brother or a friend

I though of all the children,
Of the mothers and the wives,
Of fathers, sons and husbands
With interrupted lives

I thought about a graveyard at the
Bottom of the sea
Of unmarked graves in Arlington
No – Freedom isn’t free!

III. This week’s votes on the floor, hearings, and markups

Each week I get the opportunity to represent you in Congress by: 1) voting on legislation that comes to the House floor; and 2) participating in committee hearings and markups for the Committee on Financial Services. 

Key House Floor Votes

Cap and Trade:
• See above

Committee on Financial Services

Regulatory Restructuring:
On Wednesday, June 24th, the full Committee held a hearing entitled “Regulatory Restructuring: Enhancing Consumer Financial Products Regulation.” Testifying before the Committee were Congressman William Delahunt, Elizabeth Warren (Chair of the Congressional Oversight Panel overseeing TARP) and representatives from: New American Foundation; U.S. Public Interest Research Group; American Bankers Association; American Enterprise Institute; Consumer Federation of America; Center for Responsible Lending; American Council of Life Insurers; National Association for Variable Annuities; National Association of Insurance and Financial Advisors; and the National Association of Insurance Commissioners.

Financial Literacy:
On Thursday, June 25th, the Subcommittee on Financial Institutions and Consumer Credit held a hearing entitled “Improving Consumer Financial Literacy under the New Regulatory System.” Testifying before the Subcommittee were representatives from: Coalition for Personal Financial Literacy; Employee Benefit Research Institute; National Urban League Policy Institute; National Urban Alliance; National Endowment for Financial Education; National Council of La Raza; and The Financial Industry Regulatory Authority.

Affordable Housing:
On Thursday, June 25th, the full Committee held a hearing entitled “Legislative Options for Preserving Federally- and State-Assisted Affordable Housing and Preventing Displacement of Low-Income, Elderly and Disabled Tenants.” Testifying before the Committee was Secretary of Housing and Urban Development Shaun Donovan.

IV. In the 24th District

A couple of weeks ago, I brought to your attention the 32 outstanding students in the 24th District who received acceptances to one of the service academies. On June 20th, my office held (as it does each year), a send-off for the students and their families. Held at the Ruth Millican Center in Euless, the event was also open to high school juniors interested in applying for admission to one of the service academies next year. You can access information about this event here. If your son or daughter or someone you know is interested in learning more about applying to one of the service academies, you should contact Amanda Post in my District Office at (972) 556-0162.
    

V. Recommended Reading

In the wake of the recent vote on the President’s cap and trade bill in the House this week, I thought I’d bring you a very compelling and thoughtful article by Wall Street Journal columnist Kim Strassel entitled “The Climate Change Climate Change.” In the article, Strassel discusses the implementation of cap and trade legislation in other countries (and its effects) as well as the evolving and most recent debate on climate change. You can access the article here.

VI. Great Quotes in History

“Democracy and socialism have nothing in common but one word, equality. But notice the difference: while democracy seeks equality in liberty, socialism seeks equality in restraint and servitude.”
-Alexis de Tocqueville, author of Democracy in America

“The strength and power of despotism consists wholly in the fear of resistance.”
-Thomas Paine, author of Common Sense

“If you believe in the cause of freedom, then proclaim it, live it, and protect it, for humanity’s future depends on it.”
-Henry “Scoop” Jackson (D-WA), U.S. Senator (1953-1983)

I am honored to represent the 24th District of Texas, and appreciate your interest in my e-newsletter.  Please contact my District or DC office with any further questions you may have or visit my website at www.marchant.house.gov. You can also become my Facebook friend here or follow me on Twitter at http://twitter.com/RepKenMarchant.