January 30, 2009

Economic Stimulus

This week the House considered H.R. 1, the American Recovery and Reinvestment Act. I supported this legislation because there is no question that we need to create and preserve jobs. This bill will serve as a boost for job creation and for our overall economy. It is estimated that the legislation, once enacted, will create or save millions of jobs. I do believe that this legislation relies too heavily on tax cuts to stimulate the economy. This aspect of the bill grew in an effort to achieve bipartisan support, an effort that ultimately proved fruitless. I also feel that a fair amount of the spending included in this package, while generally worthwhile, does not stimulate the economy.

Nevertheless, there is much to applaud in this bill, including funding for education, transportation, health care, scientific research and housing initiatives. Massachusetts will receive more than $1 billion for transportation needs alone.

Nevertheless, there is much to applaud in this bill, including funding for education, transportation, health care, scientific research and housing initiatives. Massachusetts will receive more than $1 billion for transportation needs alone.

Hedge Funds

This week my colleague Rep. Mike Castle (R-DE) and I introduced "The Hedge Fund Managers Registration Act," which would require anyone who manages hedge funds to register with the Securities and Exchange Commission (SEC) so that their actions on behalf of investors are transparent. This would improve federal oversight of hedge funds. Our legislation is intended to close a loophole created in the Investment Advisors Act of 1940, which exempts hedge fund managers from registering with the SEC if they have fewer than 15 clients. I have long advocated registration as a way to better understand how hedge fund managers are operating, and how they are investing the resources of their clients.

The Middle East

Like many of you, I have been closely following the tragic conflict in the Middle East. The sufferings of civilians, Israeli and Palestinian, should strengthen our resolve to help the parties find a way to co-exist. Early in the conflict, I called upon then President-elect Obama to quickly designate a Special Envoy for Mideast Peace, as an expression of our concern for the freedom and well-being of all the peoples of the region. I believe that the choice of former Senator George Mitchell signals a new and promising commitment to peace-making.

Earlier this month, I joined with many of my colleagues in a letter to President Bush urging efforts to secure a viable ceasefire and to ensure that immediate steps be taken to meet urgent humanitarian needs in Gaza. This week I signed a letter to Secretary of State Clinton urging her immediate attention to the humanitarian crisis in Gaza . Indeed, today the State Department announced the authorization of $20.3 million from the U.S. Emergency Refugee and Migration Assistance (ERMA) Fund to help respond to humanitarian needs in Gaza. I will continue to work with my colleagues in Congress so that aid reaches those who need it.

A negotiated resolution of this conflict will not be easily reached. In Ireland, in his excellent work on the Good Friday Agreements, Sen. Mitchell had the cooperation of the United Kingdom and the Republic of Ireland, sovereign states in effective control of all the territory at issue. The split between Fatah and Hamas immensely complicates his task, but it is important and hopeful that the United States is now officially committed to restarting the peace process.