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Conrad

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  1. My interpretation of a motion to suspend the rules is that when the motion is made, it does exactly that. It does not seem logical to me that a rule would govern a suspension of the rules. 

     

    The point of order is not taken. 

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  2. IN THE SENATE

     

    Sen. CARNEY and Sen. JUDGE (for themselves) introduced the following bill;

     

    A BILL

     

    To provide broad economic stability for everyday Americans.

     

    Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

     

    SECTION 1. SHORT TITLE.

    This Act may be cited as the “American Economic Recovery and Reform Act”.

     

    SECTION 2. TABLE OF CONTENTS.

    Sec. 1. Short Title.

    Sec. 2. Table of Contents.

    Sec. 3. Anti-Fraud Office.

    Title I - Everyday American Support.

    Subtitle A - Individual Support.

    Sec. 101. Special Mortgage Tax Credit.

    Sec. 102. Special Tax Rebate.

    Sec. 103. Unemployment Insurance Support.

    Subtitle B - Small Business Support.

    Sec. 111. Small Business Financial Assistance Program

    Sec. 112. Small Business New Employee Grant Program.

    Sec. 113. Small Business Current Employee Grant Program.

    Title II - Conditional Loans for Automobile Industry.

    Sec. 201. Loans and Appropriations Authorized.

    Sec. 202. Conditionality.

    Title III - Banking Industry Reform.

    Sec. 301. Rights, Management, Sale of Mortgage-Related Assets.

    Sec. 302. Maximum Amount of Authorized Purchases.

    Sec. 303. Federal Deposit Reform.

    Sec. 304. Establishment of the Credit Rating Accountability Bureau (CRAB).

    Sec. 305. Credit Rating Agency Reform.

    Sec. 306. Fannie Mae and Freddie Mac.

    Title IV - Long-Term Infrastructure Investment.

    Sec. 401. Rural Broadband Expansion.

    Subtitle A - Energy Investment.

    Sec. 411. Energy Infrastructure Grants.

    Subtitle B - Transportation Investment.

    Sec. 421. Program Establishment

    Sec. 422. Program Considerations.

    Sec. 423. Appropriations.

     

    SECTION 3. ANTI-FRAUD OFFICE.

    There is hereby established within the Department of Justice, from funds available, an Economic Recovery Anti-Fraud Unit. This Unit shall have authority to investigate any instances of fraud, waste, or abuse arising under Subtitle B of Title I, and Titles II, III, and IV of this Act.

     

    TITLE I - EVERYDAY AMERICAN SUPPORT.

    SUBTITLE A - INDIVIDUAL SUPPORT.

    SECTION 101. SPECIAL MORTGAGE TAX CREDIT.

    For tax year 2009, there is hereby established a refundable tax credit of up to $2,500 for the bottom half of taxpayers (by income) who owe a mortgage on a single home.

     

    SECTION 102. SPECIAL TAX REBATE.

    For tax year 2009, there is hereby established a tax rebate of $1,000 for taxpayers who individually earned between $1,000 and $45,000 in tax year 2008. This rebate shall be payable upon the filing of 2008 taxes, along with any other rebates that an individual may receive.

     

    SECTION 103. UNEMPLOYMENT INSURANCE SUPPORT.

    (a) There is hereby authorized an extended benefit for unemployment compensation of an additional 52 weeks, for any applicant who claims unemployment prior to January 1, 2011. These applicants are also entitled to an additional $25 per check. Such funds as are necessary to support the increased unemployment insurance benefits are hereby appropriated.

    (b) For tax year 2009, the first $2,400 a person receives in unemployment compensation benefits shall be exempted from taxation.

     

    SUBTITLE B - SMALL BUSINESS SUPPORT.

    SECTION 111. SMALL BUSINESS FINANCIAL ASSISTANCE PROGRAM.

    (a) In General.—The Administrator of the Small Business Administration shall establish a Small Business Financial Assistance Program under which the Administrator shall provide loans to small businesses.

    (b) Application.—In making the application for loans under this section, the Administrator shall—

    (1) provide a simple application process for borrowers which shall not exceed more than two man hours of work; and

    (2) establish clear and easy to understand underwriting standards for such loans.

    (c) Zero-Interest Loans.—Loans made by or guaranteed by the Administrator under this section shall be zero-interest loans, if the small business receiving such loan does not involuntarily terminate any employee of the small business on grounds of lack of money until the sunset date.

    (d) Forgiveness.—If a small business that receives a loan or loan guarantee under this section demonstrates to the Administrator that the number of full-time employees of such small business on the date such small business submitted an application under this section is greater than or equal to the number of full-time employees of such small business on the date that is 1 year after the date of such submission, the Secretary shall forgive the remaining outstanding principal and interest on such loan or loan guarantee.

    (e) Payback of Loans.—A loan made under this section shall be fully repaid not later than the date that is 5 years after the date on which the repayment is required to commence. Repayment shall commence within 18 months of the date of loan issuance.

    (e) Funding.—The Administrator shall use $40,000,000,000 to carry out this section.

    (f) Sunset. — No more loans shall be given out after the date March 31, 2010.

     

    SECTION 112. SMALL BUSINESS NEW EMPLOYEE GRANT PROGRAM.

    (a) In General.—The Administrator of the Small Business Administration shall establish a Small Business Grant Program under which the Administrator shall provide grants to small businesses.

    (b) Application.—In making the application for grants under this section, the Administrator shall provide a simple application process for grantees which shall not exceed more than one man hour of work on an initial application, and not more than 30 minutes of work for subsequent applications.

    (c) Per new employee grant.—Each small business may receive a grant equal to $12,500 for each new employee that they hire in the year 2009. 

    (1) At least $350 of that grant must be used as a hiring bonus for each new employee.

    (2) The employee in question must be eligible to legally work in the United States by way of the e-verify program.

    (3) The employee also can not have been terminated by the employer receiving the grant after the date of passage of this legislation.

    (d) Funding.—The Administrator shall use $75,000,000,000 to carry out this section.

    (e) Sunset. — No more grants shall be given out after the date December 31, 2009 related to subsection. 

     

    SECTION 113. SMALL BUSINESS CURRENT EMPLOYEE GRANT PROGRAM.

    (a) In General.—The Administrator of the Small Business Administration shall establish a Small Business Grant Program under which the Administrator shall provide grants to small businesses.

    (b) Application.—In making the application for grants under this section, the Administrator shall provide a simple application process for grantees which shall not exceed more than two man hours of work on an application.

    (c) Per current employee grant.—Each small business may receive a grant equal to $5,500 for each employee that they continue to have employed on the date August 1, 2009. 

    (1) At least $500 of that grant must be used as a bonus to the employee in question.

    (2) The employee in question must be eligible to legally work in the United States by way of the e-verify program.

    (3) The employee has to have been an employee of the company for at least one year prior to December 31, 2009.

    (d) Funding.—The Administrator shall use $35,000,000,000 to carry out this section.

    (e) Sunset. — No more grants shall be given out after the date February 28, 2010. 

     

    TITLE II - CONDITIONAL LOANS FOR AUTOMOBILE INDUSTRY.

    SECTION 201. LOANS AND APPROPRIATIONS AUTHORIZED.

    (a) There is hereby authorized a total of $34,000,000,000 available for the Secretary of the Treasury to issue loans to the automobile industry, conditional on the terms of Section 202.

    (b) There is hereby appropriated an additional $5,000,000,000 available to the Secretary of the Treasury for the purpose of ensuring the stability of the American automobile industry, except that no funds shall go to a company which does not agree to the terms of Section 202.

     

    SECTION 202. CONDITIONALITY.

    Any automobile company which receives a loan or other stabilization money from the Federal Government shall ensure, for the duration of their loan that:

    (1) At least 70% of their new hires take place in the United States among those authorized to work in the United States;

    (2) They will not move jobs currently in the United States overseas, or otherwise outsource jobs; and 

    (3) They shall not authorize executive pay raises or other additional compensation for executives.

     

    TITLE III - BANKING INDUSTRY REFORM.

    SECTION 301. RIGHTS, MANAGEMENT, SALE OF MORTGAGE-RELATED ASSETS.

    (a) Exercise of Rights.--The Secretary of the Treasury may, at any time, exercise any rights received in connection with mortgage-related assets purchased under this Act.

    (b) Management of Mortgage-Related Assets.--The Secretary of the Treasury shall have authority to manage mortgage-related assets purchased under this Act, including revenues and portfolio risks therefrom.

    (c) Sale of Mortgage-Related Assets.--The Secretary of the Treasury may, at any time, upon terms and conditions and at prices determined by the Secretary of the Treasury, sell, or enter into securities loans, repurchase transactions or other financial transactions in regard to, any mortgage-related asset purchased under this Act. 

    (d) Partnership Funding Asset Acquisition.-- The Secretary of the Treasury may, at any time, upon terms and conditions and at prices determined by the Secretary of the Treasury , provide loans to financial institutions to purchase any mortgage-related asset. 

    (e) Securities Loans Regulations.-- All recipients of securities loans authorized by the Secretary of the Treasury are prohibited from using any amount of the loan to provide for:

    (1)  seasonal bonuses exceeding $25,000;

    (2) renovations exceeding $100,000;

    (3) corporate transportation expenditures exceeding $250,0000.

     

    SECTION 302 MAXIMUM AMOUNT OF AUTHORIZED PURCHASES.

    The Secretary of the Treasury’s authority to purchase mortgage-related assets under this Act shall be limited to $800,000,000,000 outstanding at any one time

     

    SECTION 303. FEDERAL DEPOSIT REFORM.

    (a) Insured Deposit Reform - Section 18(s) of the Federal Deposit Insurance Act (12 U.S.C. 1828(s)) is amended by adding at the end the following:

    (6) LIMITS ON BANK AFFILIATIONS.—

    (A) PROHIBITION ON AFFILIATIONS WITH NONDEPOSITORY ENTITIES.—An insured depository institution may not—

    (i) be or become an affiliate of any insurance company, securities entity, or swaps entity;

    (ii) be in common ownership or control with any insurance company, securities entity, or swaps entity; or

    (iii) engage in any activity that would cause the insured depository institution to qualify as an insurance company, securities entity, or swaps entity.

     

    SECTION 304. ESTABLISHMENT OF THE CREDIT RATING ACCOUNTABILITY BUREAU (CRAB).

    (a) Creation of the Credit Rating Accountability Bureau (CRAB) - The Credit Rating Accountability Bureau will be established under the U.S. Securities and Exchange Commission and absorb the Office of Credit Ratings in the Securities Exchange Commission. 

    (b) Powers of the Credit Rating Accountability Bureau - the Credit Rating Accountability Bureau will inherit all prior authority allocated to the Office of Credit Ratings. The CRAB will also have the authority to:

    (1) investigate and prosecute credit rating agencies for violations listed in Section 305.

    (2) utilize the full legal powers of the Enforcement Division of the U.S. Securities and Exchange Commission to pursue investigations in civil or criminal violations.

    (3) establish an annual credit rating index to rate the relative transactional safety of specific securities. 

     

    SECTION 305. CREDIT RATING AGENCY REFORM.

    (a) Regulations on Credit Rating Transactions - Credit rating agencies may not issue a rating on any security of a corporation or government that is providing funding, investments, and/or has securities under ownership of that credit rating agency.

    (b) Third Party Mediator - Corporations and governments unable to legally receive a credit rating for a security, in accordance with Section 305(a), are permitted to appoint a third party mediator to assign a rating provided the mediator:

    (1) does not possess and has not possessed any securities or employment in either the credit rating agency or the corporation;

    (2) has not been charged by the U.S. Securities and Exchange Commission and the Department of Justice with any civil or criminal violations;

    (3) possesses a law degree.

    (c) Penalty - First-time violations of Section 305 (a) and (b) will result in a minimum fine of $10,000,000 of the guilty parties. Second-time violations will result in a minimum fine of $50,000,000 of the guilty parties. A third-time violation within ten years of the first violation will result in a minimum fine of $250,000,000 of the guilty parties. All further violations will carry a minimum fine of $500,000,000. 

     

    SECTION 306. FANNIE MAE AND FREDDIE MAC.

    (a) There is hereby established within the Department of Housing and Urban Development the Federal Housing Finance Agency (FHFA), to be formed by the merging of Federal Housing Finance Board and Office of Federal Housing Enterprise Oversight.

    (b) The Director of the FHFA shall be empowered to fully regulate the Federal National Mortgage Association (Fannie Mae) the Federal Home Loan Mortgage Corporation (Freddie Mac) up to and including placing them into federal conservatorship.

    (c) The Director of the FHFA shall inform Congress within one week of major regulatory changes to the regulation of Fannie Mae and Freddie Mac, and within three business days of placing either under federal conservatorship.

     

    TITLE IV - LONG-TERM INFRASTRUCTURE INVESTMENT.

    SECTION 401. RURAL BROADBAND EXPANSION.

    S.45, the Rural Broadband Expansion Act of 2009 is hereby enacted.

     

    SUBTITLE A - ENERGY INVESTMENT.

    SECTION 411. ENERGY INFRASTRUCTURE GRANTS.

    (a) The Secretary of Energy is hereby authorized to issue grants pursuant to this Section to energy infrastructure investment.

    (b) The grants authorized under this Section shall be divided, as best as possible, between the following sources of energy:

    (1) 30% to natural gas investment;

    (2) 25% to solar energy generation investment;

    (3) 25% to wind energy generation investment;

    (4) 15% to biofuels and alternative renewable energy investment; and

    (5) 5% to the Energy For the 21st Century Program, described in subsection (c).

    (c) The Energy for the 21st Century Program shall focus on investing in training and infrastructure projects for energy companies that currently specialize in non-renewable sources to prepare for transition to renewable energy sources.

    (d) There is hereby appropriated $50,000,000,000 for the Secretary of Energy to use for the issuance of grants under this section.

     

    SUBTITLE B - TRANSPORTATION INVESTMENT.

    SECTION 421. PROGRAM ESTABLISHMENT.

    (a) There is hereby established the Long-Term Transportation Infrastructure Investment Program, under the Department of Transportation. The Program shall consist of grants from appropriated sums to counties for the purpose of infrastructure projects.

    (b) The Program shall be managed by six Directors, to be appointed by the President, along with the Secretary of Transportation as an ex-officio Director. Of the six Directors, two must be members of the Democratic Party, two must be members of the Republican Party, and two must be affiliated with neither the Democratic or Republican Parties.

     

    SECTION 422. PROGRAM CONSIDERATIONS.

    (a) The Directors shall consider applications for transportation infrastructure project from counties, but each county shall be guaranteed a minimum of $100,000 in funding under the Program. There shall also be a maximum of $500,000,000 awarded to any single county.

    (b) Considerations shall include:

    (1) Extent of job-creation, especially among those most impacted by economic hardship;

    (2) Reduction in surface and air congestion and pollution emissions;

    (3) Increased access to transportation options; 

    (4) Impact in terms of population which has access and can use the new infrastructure; and

    (5) Reduction in risk of structural failure of existing infrastructure (where applicable).

     

    SECTION 423. APPROPRIATIONS.

    There is hereby appropriated $75,000,000,000 for each of the following years for the purpose of funding the Program:

    (1) fiscal year 2009;

    (2) fiscal year 2010;

    (3) fiscal year 2011;

    (4) fiscal year 2012; and

    (5) fiscal year 2013.

     

    PES.

    3. Creates a special anti-fraud unit within the Department of Justice to enforce anti-fraud provisions of this Act.

    101. Creates a refundable tax credit of $2,500 for bottom half of homeowners (approximately 3 months of mortgage payments).

    102. Creates a $1,000 tax rebate for individuals who earned between $1,000 and $45,000 in 2008.

    103. Extends unemployment for up to 78 weeks (with a $25 top-off). Exempts the first $2,400 in unemployment benefits from tax.

    111. Creates a program to inject liquidity into small businesses on the basis of them not laying off workers.

    112. Creates a program to support the hiring of new employees by small businesses.

    113. Creates a program to support the maintenance of existing employees by small businesses.

    201. Authorizes a loan program and additional stabilization for the automobile industry, under the Treasury Secretary.

    202. Ensures 70% of all new hires of firms that receive support under Title II are American hires, and that they do not outsource American jobs.

    301. Allows the Treasury Secretary to take over certain mortgage-related assets from otherwise solvent banks.

    302. Limits maximum amount of mortgage-related assets purchased by the Treasury to $800 billion.

    303. Bars an FDIC-insured bank from being connected with an insurance company, securities entity, or swaps entity.

    304. Transforms the Office of Credit Ratings into the Credit Rating Accountability Bureau, with additional enforcement powers.

    305. Prohibits a credit ratings agency from rating an asset’s creditworthiness if they have a vested stake in the asset.

    306. Creates the FHFA to regulate Fannie Mae and Freddie Mac, including the ability to place either or both under conservatorship.

    401. Enacts the Rural Broadband Expansion Act of 2009.

    411. Appropriates $50 billion for energy infrastructure investment, to be split between natural gas, solar, wind, biofuel/alternatives, and an energy transformation fund.

    421. Creates “Long-Term Transportation Infrastructure Investment Program” and establishes Directors.

    422. Establishes considerations for the Directors of the Program to consider, including minimum and maximum amounts to be received by a county.

    423. Makes appropriations equal to $375 billion over five years for the Program.

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