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The Congressional Connector |
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Week of July 28 - Aug 1, 2008 |
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Mortgage Relief Package Would Help Up to 400,000 Avoid Foreclosure
On July 23, the House of Representatives approved major legislation [H.R. 3221, the “American Housing Rescue and Foreclosure Prevention Act”] to combat the unprecedented rise in foreclosures by helping struggling homeowners refinance their mortgages, encourage the purchase of homes to revive the housing market, and address the negative impact of rising foreclosure rates on communities and the overall economy. The Senate approved the bill three days later, and the President is expected to sign it into law.
A central component of the housing bill will allow the Federal Housing Administration to insure up to $300 billion in new loans to help borrowers at risk of foreclosure refinance into more affordable mortgages. Another provision will provide $3.9 billion in Community Development Block Grants to state and local governments to purchase foreclosed homes in order to help communities alleviate the many problems associated with rising foreclosures. The bill also includes a business tax incentive that will provide as much as $30 million to each of the Big Three automakers.
For more information, click here.
Lawmakers Mobilize Support for Auto Retooling Program
On July 25, a bipartisan coalition of over 70 members of Congress sent a letter to Speaker Pelosi and other House leaders to urge funding be provided for a program to help American auto manufacturers build advanced technology vehicles. The lawmakers are requesting $3.75 billion to activate the Advanced Technology Vehicles Manufacturing Incentive Program, which is a new program that was created but not funded in the Energy Independence and Security Act last year. The funding would be used by automakers and parts suppliers to retool manufacturing facilities to build fuel-saving vehicles such as plug-in hybrids and electric vehicles and their key components.
The letter, which was circulated by Reps. Levin, Sutton and Kildee and signed by every Member from Michigan, urges House leaders to include the retooling funds in any economic stimulus package that will be considered by Congress in the coming months.
For more information, click here.
Congress Approves Landmark Global HIV/AIDS Bill
On July 24, the House of Representatives passed the U.S. Global Leadership in HIV/AIDS, Tuberculosis and Malaria Act [H.R. 5501]. Currently, 39 million people worldwide are infected with HIV/AIDS, 2 million people die annually from tuberculosis, and 500 million people become severely ill with malaria each year. Together, the three diseases affect more than a third of the world’s population. This legislation, which passed the House with a large bipartisan majority, aims to prevent 12 million new HIV infections, treat 3 million people with HIV/AIDS, and support care for 12 million people infected with or affected by HIV/AIDS, including children and orphans. The legislation provides dedicated funds for preventing and treating tuberculosis and malaria, and contains provisions that recognize the inherent link between disease treatment and support of basic needs, such as food, shelter, and economic opportunity. The bill cleared the Senate on July 16, and is now awaiting the President’s signature.
For more information, click here.
Great Lakes Compact Introduced in Congress
On July 23, Rep. Levin and twenty-five other House lawmakers introduced legislation [H.R. 6577] to ratify the Great Lakes Compact. If approved by Congress, the Compact would prohibit the bulk diversion of water from the Great Lakes, with very limited exceptions. The Compact further establishes a comprehensive management framework to protect this shared resource and requires Great Lake states to regulate their own large-scale water use.
Speaking in support of the Compact legislation, Rep. Levin said: “The Great Lakes are one of this country’s natural crown jewels, but we risk losing them unless additional steps are taken to protect the Lakes from excessive demands. We’re in a much stronger position to protect the Great Lakes with the Compact than without it. The ratification of the Compact by Congress is key to that effort.”
The Week Ahead
The House is expected to consider the annual funding bill [H.R. 6599] for Military Construction and Veterans programs. Lawmakers will then turn their attention to the Paycheck Fairness Act [H.R. 1338] as well as legislation [H.R. 6604] to help combat the speculation that is driving up oil and gas prices. The House and Senate are also expected to take final action on legislation [H.R. 4040] to strengthen protections against import and export of dangerous products.
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