I. America Deserves Transparency Regarding the $700B Bailout

Bipartisan bill strengthens oversight of Emergency Economic Stabilization Act of 2008:
Though I did not support the original $700 billion bailout in the October of 2008, I am keenly aware of the potential for mismanagement of funds appropriated by Congress and the public’s appropriate outrage because of it. In addition to my cosponsorship of H.R. 1207 The Federal Reserve Transparency Act authored by Rep. Ron Paul (R-TX), which, by the way, has seen a groundswell of support from a broad spectrum of House members, I have signed on as a cosponsor of H.R. 1242 authored by Rep. Carolyn Maloney (D-NY). This important legislation amends the Emergency Economic Stabilization Act of 2008 (EESA) to provide for additional monitoring and accountability of the Troubled Assets Relief Program (TARP).

H.R. 1242:
• Amends EESA to direct the Secretary of the Treasury to provide to the Special Inspector General of TARP, the Comptroller General, and the Congressional Oversight Panel ongoing, continuous, and close to real-time updates of the status of funds distributed under EESA through a standardized electronic database that combines all of the necessary information from existing public and private sources to track the status of funds distributed under the Act;
• Requires the Secretary also to: (1) compare the data in such a database with any other data for any activities that are inconsistent with EESA purposes; and (2) collect from all federal agencies any regulatory filings, internal models, financial models, and analytics associated with the financial assistance on at least a daily basis in order to help the Secretary to determine the effectiveness of TARP in stimulating prudent lending and strengthening bank capital; and
• Directs the Secretary, if TARP goals are not being met, to work with the federal agencies supplying the information to have them provide the recipients with recommendations for better meeting such goals. Requires the Secretary to adjust the future uses of TARP assistance is such goals are not met even following such recommendations.

II. “All of the Above” American Energy Act introduced

Energy independence can be achieved with an “all of the above” approach:
As a member of the House GOP American Energy Solutions Group, I was proud to be an original cosponsor of the “all of the above” American Energy Act (H.R. 2846). This comprehensive plan will ensure that we lessen our dependence on foreign energy focuses on four key areas to help us achieve this: (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.

American Energy Act highlights

New and Expanding Technologies
• Makes Renewable Energy Production Credit permanent
• Makes Solar Energy Property & Fuel Cell Property energy tax credits permanent
• Extends through 2020 credit for Clean Renewable Energy Bonds (CREBS)
• Extends thought 2020 credits for biodiesel and renewable diesel
• Establishes “American Renewable & Alternative Energy Trust Fund”
• Allows Interior Department to enter into coal-to-liquid fuel purchase contracts

Conservation and Energy Efficiency
• Extends through 2020 tax credit for alternative fuel vehicles and plug-in vehicles
• Extends through 2020 tax credits for hydrogen and alternative vehicle refueling properties
• Awards $500 million prize to American auto company that develops and sells 50,000 cars which can travel 100 miles per gallon of gasoline
• Awards competitive cash prizes to advance research, development, demonstration, and commercial application of innovative energy technologies and new energy sources
• Provides loans for advanced battery manufacturing
• Extends tax credit for energy efficient appliances for 3 years
• Extends through 2020 tax credit for non-business energy properties (windows, doors, insulation, roofing) which improve energy efficiency
• Extends the residential energy efficient property tax credit through 2020
• Extends through 2020 tax credit for new energy efficient homes
• Extends the energy efficient commercial buildings tax deduction through 2020 to help make energy efficient improvements
• Provides a 50% tax credit for a qualified home energy audit on a principal residence
• Accelerates depreciation of smart meters from 10 years to 5 years

American-made energy production
• Opens the Outer Continental Shelf (OCS) to exploration
• Extends state territorial waters from 3 miles to 12 miles to incentivize states to allow production off shore
• Directs Interior Secretary to establish competitive oil and gas leasing program in the Arctic Coastal Plain (includes specific environmental protections)
• Opens leasing of oil shale resources
• Restarts refinery permit authorization process (including on three closed military installations)
• Fast tracks regulatory process for construction of 100 new nuclear plants by 2030

III. 2009 Democrat Congress Spending Update

• $2 Trillion budget deficit for FY09
• Second tranche ($350 Billion) of TARP allowed to be spent
• Stimulus (H.R. 1) - $787 Billion (over $1 Trillion with debt costs)
• Omnibus (H.R. 1105) - $409 Billion
• Budget $3.6 Trillion
• Highest Federal spending as a percentage of GDP since WW II (28%)
• Commerce-Justice-State appropriations bill – 11.7% increase over last year

IV. 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

Foreign Relations Authorization Act:
On Wednesday June 10th, I opposed H.R. 2410 the Foreign Relations Authorization Act, FY 2010 and 2011. Among many other things, this bill authorizes the creation of an office within the State Department which could conceivably be used to promote abortions throughout the world.  Unfortunately, an amendment clearly defining the new office’s roles and responsibilities in empowering women and girls was rejected in Committee.

Committee on Financial Services

Systemic Risk:
On Thursday, June 11th, the full Committee held a hearing entitled “Compensation Structure and Systemic Risk.” Testifying before the Committee were representatives from: the U.S. Dept. of the Treasury; Board of governor of the Federal Reserve System; the Securities & Exchange Commission (SEC); Harvard Law School; The Corporate Library; University of Southern California; and George Mason University School of Law.   

Green Buildings:
On Thursday, June 11th, the Subcommittee on Housing and Community Opportunity held a hearing entitled “H.R. 2336, the GREEN Act of 2009.” Testifying before the Subcommittee were representatives from: National Association of Homebuilders; U.S. Green Building Council; Enterprise Community Partners; Center for Neighborhood Technology; Architecture 2030; Lennar Urban; and the National Association of Realtors.

V. Great Quotes in History

“Probably the greatest harm done by vast wealth is the harm that we of moderate means do ourselves when we let the vices of envy and hatred enter deep into our own natures.”
-Teddy Roosevelt, 26th President of the United States

“America was not built on fear. America was built on courage, on imagination and an unbeatable determination to do the job at hand.”
-Harry Truman, 33rd President of the United States

“Here in America we are descended in blood and in spirit from the revolutionists and rebels – men and women who dare to dissent from accepted doctrine. As their heir, may we never confuse honest dissent with disloyal subversion.”
-Dwight Eisenhower, 34th President of the United States

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.