Congressional Update Newsletter Discusses Gas Prices, Other Issues
The most recent Congressional Update newsletter from Rep. Todd Platts contains articles on gas prices and other timely issues, as well as a list of upcoming town hall meetings. To read the Update on-line, please visit the following web address and click on the link entitled “Summer 2008” at the top: http://www.house.gov/platts/news/newsletters.shtml.
Web Page Highlights (www.house.gov/platts)
Legislation to Build Upon Progress Made on Fuel Efficiency Standards
On July 29, 2008, Representatives Edward Markey (MA-7) and Todd Platts (PA-19) introduced a bill, the Accuracy in Fuel Economy Standards Act, requiring the Department of Transportation to use more realistic gas price assumptions as it calculates the maximum feasible vehicle fuel economy standards for the coming years. Using realistic gas price assumptions will ensure that fuel economy standards reduce gas prices and dependence on foreign oil as much as possible.
(http://www.house.gov/apps/list/press/pa19_platts/fuelefficiency2008.shtml)
Legislation Introduced to Assist Families Caring for Loved Ones with Long Term Health Needs
On July 9, 2008, U.S. Representatives Christopher Carney (PA-10) and Todd Platts (PA-19) introduced “The Caregiver Tax Relief Act of 2008 (H.R. 6448),” which would provide a $2,500 refundable tax credit for individuals who are caring for an elderly relative or a child with long-term health care needs.
(http://www.house.gov/apps/list/press/pa19_platts/caregiver.shtml)
Reaction to the Supreme Court's Decision Regarding the Second Amendment
A statement by Congressman Platts regarding the recent Supreme Court decision finding an individual right to bear arms under the Second Amendment to the U.S. Constitution is posted on the web site.
(http://www.house.gov/apps/list/speech/pa19_platts/2ndamendment.shtml)
Congress Considers Housing Bail-Out
During the month of July, Congress enacted a bill (H.R. 3221) that will provide up to $300 billion in loan guarantees for lenders who meet certain conditions. The bill contains many of the provisions in legislation passed by the House in May (see the May 2008 E-Newsletter).
Congressman Platts voted against both the previous and current versions of H.R. 3221, citing three reasons. “In many instances, the lenders who would greatly benefit from the proposed bailout helped to cause the home mortgage crisis in the first place by their irresponsible and sometimes predatory lending practices,” he stated. “Additionally, homeowners who sacrifice and struggle to make their mortgage payments on time would not qualify for any assistance. Finally, there is a great deal of uncertainty about the total cost to taxpayers of the federal bailout.”
H.R. 3221 also contained broad new authority for the Department of Treasury to buy stock in Fannie Mae and Freddie Mac, government-sponsored enterprises involved in the housing market, and increased the national debt limit by $800 billion.
Congressman Platts supported other elements in the bill, such as tax credits for first-time home buyers and reforms of Fannie Mae and Freddie Mac. He expressed regret that the final version combined these good elements with the bail-out.
The House passed H.R. 3221 by a final vote of 272-152, and the Senate passed the measure by a vote of 72-13. President George W. Bush signed the measure into law today.
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