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Week of June 23rd
RISING GAS PRICES: This Monday, I'll be in Takoma Park with Congressman Chris Van Hollen to hear first-hand from local small business owners about how the rising price of gas is hurting their business and how they are coping with this crisis. Sixty-two percent of small business owners use a vehicle in their business. They need automobiles or heavy equipment to do their job. They have to fill these tanks with gasoline or diesel. In the short-term, we need to provide immediate relief, not partisan gridlock. In the long-term, we need to end our dependence on oil and move our nation toward alternative, renewable sources of energy. I am a member of the Senate Small Business Committee and a co-sponsor of S. 2991 the Consumer-First Energy Act of 2008 that has been blocked from consideration in the Senate, along with the Energy Independence and Security Act. I will continue to work with my colleagues in the Senate and the House of Representatives to move forward this vital legislation.
HOUSING RELIEF: After months of negotiations, the Senate, this week, is expected to vote on The Foreclosure Prevention Act of 2008, as Amended by the Housing and Economic Recovery Act of 2008. This bipartisan bill addresses the root of our broader economic crisis - record-high foreclosures - by helping Americans keep their homes and their home equity. It will restore safety and stability to the housing market and help businesses and communities hurt by this crisis recover. It also will stimulate our economy and create new jobs. I am particularly pleased that this bill contains an amendment similar to one I offered that will provide a credit of up to $8,000 to help first-time homebuyers purchase a house. Targeted, timely and temporary, this will help families and jump start the housing market.
The Foreclosure Prevention Act also contains other important provisions, including the creation of a temporary initiative within the Federal Housing Administration (FHA) to prevent foreclosures for as many as 400,000 to 500,000 borrowers at no cost to American taxpayers by helping them refinance their homes with much more affordable FHA-insured, fixed-rate mortgages. It also provides assistance for communities devastated by foreclosures through nearly $4 billion in supplemental Community Development Block Grants. And, the bill provides $150 million in additional funding for counseling families who are facing foreclosure. About half of the borrowers who face foreclosure have not contacted their lenders to work out a new repayment plan. Counseling will help many of these borrowers stay in their homes.
AFRICAN NATIONAL CONGRESS: Amazingly, the African National Congress (ANC), which led the fight against apartheid rule in South Africa, remains on the U.S. State Department's list of terrorist organizations. This effectively bars icons like Nelson Mandela from legally travelling to the United States without the personal intervention of the Secretary of State. This week the Senate Judiciary Committee will consider S. 2979, which I have co-sponsored, which would grant the U.S. Secretary of State the authority to permanently lift travel restrictions with respect to foreigners who participated in activities that opposed the apartheid rule in South Africa, like the ANC. Former President Nelson Mandela, who is celebrating his 90th birthday this week, as well as other individuals like the current South African Minister of Foreign Affairs, would no longer be subject to travel restrictions when they wish to visit the U.S.
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