House Debates Appropriations, Financial Regulations
During the month of December, the full United States House of Representatives passed two appropriations bill (H.R. 3288, H.R. 3226) which together will fund most federal government operations through the end of fiscal year 2010. The House also passed a 1,300 page bill meant to address the regulation of the financial sector (H.R. 4173).
H.R. 3288 provides appropriations for the Departments of Commerce, Labor, Housing and Urban Development and a variety of other governmental departments and agencies. Critics of the “omnibus” appropriations bill noted that it would increase non-defense, non-veterans discretionary appropriations by 13%.
Congressman Todd Platts voted against H.R. 3288, citing the size of the overall increase in spending at a time of record budget deficits. However, the full House voted to pass the measure by a vote of 221-202. President Barack Obama signed it into law on December 16, 2009.
H.R. 3326 provides appropriations for the Department of Defense, including essential funds for war operations in Afghanistan and a 3.4% pay raise for members of the military. H.R. 3326 also extends unemployment benefits and COBRA health care premium subsidies through February 28, 2010, and halts a scheduled cut in doctor’s fees under the Medicare program.
Congressman Platts voted in favor of H.R. 3326, which passed by an overall vote of 395-34. President Obama signed the measure into law on December 19, 2009.
H.R. 4173 would enhance the authority of the Federal Reserve to regulate firms deemed “too big too fail,” as well as establish a permanent bail-out fund for such firms when they go under. Opponents of H.R. 4173 argued that this bail-out authority would provide an unfair competitive advantage to large firms given the government guarantee over small firms without one.
Congressman Platts voted against H.R. 4173 and in favor of an alternative. The alternative was aimed at ending the current ad hoc approach to bailing out firms. Specifically, the alternative would create a new board consisting of federal regulators and outside experts to identify systemic risks to the financial sector, and it would create a new bankruptcy process to more efficiently handle large financial firms when they do fail.
The alternative to H.R. 4173 was defeated by a vote of 175-251. The bill was then passed by a vote of 223-202 and is now pending consideration in the Senate.
Web Page Highlights (www.house.gov/platts)
Congressman Platts Introduces Bill to Protect the Historic Lincoln Train Station
Congressman Platts introduced legislation to expand the boundaries of Gettysburg National Military Park to include the Lincoln Train Station, where President Abraham Lincoln arrived prior to delivering the Gettysburg Address. The National Park Service plans to utilize the station as a downtown Gettysburg information and orientation center.
(http://www.house.gov/apps/list/press/pa19_platts/lincolntrain.shtml)
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