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Recently in Washington Simpson Moves to Block Obama’s TARP Raid “Republicans insisted that TARP include a number of taxpayer protections, including a requirement that any repaid funds be returned to the taxpayer to pay down the federal debt,” said Simpson. “Obviously those protections were necessary—now that companies are paying back the TARP payments they received and the taxpayer is making billions of dollars in interest, the Democrats are trying to turn the program from a one-time emergency measure to a permanent slush fund for growing government.” According to a recent analysis by the Department of the Treasury, TARP is now projected to cost $200 billion less than previously projected. Over $70 billion in TARP funding has already been repaid by banks, and Bank of America is set to repay an additional $45 billion as early as this week. The federal government has already realized a $10 billion profit in interest paid on the repaid loans. “TARP was never intended as a bailout,” said Simpson. “It was an investment in our financial system to ensure that our economy didn’t crash, allowing credit to be thawed and providing taxpayers with a long-term investment on which they would see a good return. I am deeply disappointed that the Obama Administration has instead used TARP funding as a bailout slush fund, and I am disgusted to see them trying to permanently redirect its unused and repaid funds into more government spending. Congress must stand firm on this issue: TARP has run its course, and the program needs to end now. In addition to cosponsoring H.R. 4110, Simpson has signed onto two other efforts to ensure that unused money and repaid funds are used only to pay off the debt. In separate letters to Treasury Secretary Timothy Geithner and House Speaker Nancy Pelosi, Congressman Simpson and a number of his Republican colleagues are calling for the termination of TARP on December 31 and the return of all unused and repaid TARP funds to the Treasury for deficit reduction. “As the December 31, 2009, deadline for the end of the Troubled Asset Relief Program (TARP) approaches, we urge you to adhere to this expiration date and decline to use your authority to extend TARP into 2010. As additional preferred shares are repurchased and dividends and interest are collected, we also urge you to dedicate all returned funds and other revenue to reducing the national debt,” wrote Congressman Simpson and his colleagues in their letter to Secretary Geithner. “TARP has left a bad taste in the mouths of most Idahoans, including me, but it has served its purpose in stopping the hemorrhaging of our nation’s financial system in 2008 and lessened the blow of the recession we are currently facing. Having served its purpose it needs to end,” said Congressman Simpson. “The three actions I have undertaken will help bring the TARP era to a close, ensure taxpayers are fully repaid as the original TARP authorization required, and help block Democrats in their efforts to push through another ill-advised stimulus bill.” The so-called Clean Water Restoration Act would remove the word “navigable” from the Clean Water Act’s definition of waters covered by the Act’s provisions, making virtually any water body in the United States potentially subject to EPA permitting and enforcement authorities. This would include water tanks, irrigation canals, ponds, drainage ditches, and even mud holes. Currently non-navigable waters are regulated by the States. “I’m deeply concerned that this legislation would give the federal government such a broad reach that it would significantly restrict farmers’ and ranchers’ ability to make decisions about their own property and threaten Idaho’s control over state water rights,” said Simpson. “The Clean Water Restoration Act is a big government land grab, pure and simple, and it is being forced on the agriculture community by people who don’t know the first thing about crops or cows.” Twenty-seven Senators and Members of Congress representing western states, including Idaho Senators Mike Crapo and Jim Risch, joined Congressman Simpson in signing the letter. The letter opposes any legislative effort to expand federal Clean Water Act jurisdiction over water in the West. “In the West, few things have been more important in our states’ history than water,” the letter reads. “In the areas we represent, where the frontier spirit of smaller government and individual liberty are still sacred traditions, there is overwhelming objection to this bill.” S.787, the Clean Water Restoration Act, was marked up in the Senate Environment and Public Works Committee in June, and Idaho Senator Mike Crapo has placed a hold on Senate consideration of the bill. A House companion to the legislation has not yet been introduced. Simpson Supports Tax Breaks for Teachers “We all know teachers who buy extra supplies to use in their classroom, supplies that enhance learning and aid in the development of our youth,” Simpson said. “Allowing teachers to write off this additional expense makes sense and it is simply the right thing to do.” Currently, the classroom expense deduction available for educators is set to expire on December 31, 2009. This has created unnecessary uncertainty for teachers throughout the country, who are footing the bill for basic classroom supplies. H.R. 3758 would eliminate this uncertainty. H.R. 3758 also expands the current deduction to include expenses associated with qualified professional development pursuits and is endorsed by the National Education Association. Simpson Secures Funding for Idaho The House passed H.R. 3288, the Consolidated Appropriations Act, FY2010, which contains six of the remaining seven FY2010 Appropriations Acts, including: Transportation, Housing and Urban Development; Commerce, Justice, Science and Related Agencies; Financial Services and General Government; Labor, Health and Human Services, and Education and Related Agencies; Military Construction and Veterans Affairs; and State, Foreign Operations and Related Agencies. Congressman Simpson was particularly pleased to note the inclusion of funds for Mountain Home Air Force Base. “We owe it to our military men and women to provide facilities that are not only safe and efficient, but are state of the art. It is unacceptable to have unsafe structures on our military base. Our gunfighters are currently operating in buildings with fire safety deficiencies, and must be evacuated during heavy snowfall or high winds,” said Simpson. “I’m extremely pleased that funding to provide much needed upgrades to base facilities is included in this FY2010 appropriations legislation.” In addition, Simpson also recognized the good work of the Idaho Meth project. “My wife, Kathy, and I have been so impressed by the Idaho Meth Project and the positive results it is achieving across the state,” said Simpson. “The Governor, First Lady, and their staff deserve a tremendous amount of credit for establishing this program in Idaho and making it a top priority. The sad reality is that meth continues to rob too many Idahoans of their money, their futures, and their lives. I am hoping this infusion of federal funding will help the Idaho Meth Project impact the lives of more Idahoans in a positive way and turn them away from the life-sapping scourge of methamphetamine.” Idaho-based projects receiving funding in the bill include:
The legislation is expected to be passed by the Senate and then sent to the President for his signature. House Legislative Business This Week MONDAY, DECEMBER 14, 2009 Suspensions (5 Bills):
TUESDAY, DECEMBER 15, 2009 AND THE BALANCE OF THE WEEK On Wednesday and Thursday, the House will meet at 10:00 a.m. for legislative business. On Friday, the House will meet at 9:00 a.m. for legislative business. Suspensions (10 Bills):
Further Action on H.R. 3326 - Department of Defense Appropriations Act, 2010 (Subject to a Rule) (Sponsored by Rep. Murtha / Appropriations Committee) |
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