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Wall Street just got shocked



As  Two financial giants told Congress not to kill a reform won by progressives and opposed by Wall Street lobbyists.

Can you join as a citizen-signer of their letter to Congress?

Wall Street

media reports have noted, a big policy victory resulted from our primary challenge to Sen. Blanche Lincoln.

When progressives attacked her for being a tool of big corporations, she offered a last-minute Wall Street reform proposal that the AP calls the “toughest” to pass the Senate. It restores Glass-Steagall-style rules that protect your bank deposits from being gambled away.

Conventional wisdom said Wall Street would kill this reform after the primary was over. But some big news just shocked the banks.

Two regional Presidents of the Federal Reserve — widely considered financial titans — wrote a letter calling on Congress to keep this proposal in the final bill.

Can you add your name as a citizen signer of this game-changing new letter? Click here to read and sign it.

We will deliver thousands of signatures to the key members of Congress who are negotiating the final Wall Street reform bill this week.

Plus, if thousands of us sign, we can generate a fresh round of media coverage around this letter — influencing the national debate and increasing the pressure on Congress to pass this big reform.

Our first goal is 10,000 signatures — can you help us reach it by signing today? Click here.

Thanks for being a bold progressive,

— Aaron Swartz, Adam Green, Stephanie Taylor, Shaunna Thomas, and the PCCC team

P.S. The Washington Post‘s Greg Sargent writes, “The Halter challenge was a show of force by the left. Period. If you don’t belive that, ask yourself why Lincoln suddenly found herself backing a tough-on-derivatives proposal in the Senate.” Progressives empowered these financial titans to speak out. Now, let’s elevate their voices by joining as citizen signers.

What we saw tonight


Send to 5 people you know …
Tonight, in his very first speech from the Oval Office, President Obama addressed the nation on the BP oil spill and the crisis in the Gulf Coast.

Millions of Americans heard him lay out the path forward: Tens of thousands will continue to work around the clock to stop the oil spill and prevent further damage. The Obama administration will ensure that BP is held accountable, covering the costs of the clean-up and paying its debts to the people whose lives have been upended by the disaster.

The Gulf Coast will be repaired and restored for the people who call it home and whose livelihoods depend on it.

But, as the President said tonight, this is just the beginning — we need to ensure that a disaster like this never happens again.

The President presented a vision of a future where we as a nation are not held hostage by our dependence on fossil fuels — and a plan for an economy that invests in energy generated right here and creates jobs for millions of Americans in the process. Under his leadership, some of this is beginning to take shape — clean energy is starting to put people back to work across the country, building more efficient cars and trucks, repurposing old factories to manufacture wind turbines, and investing in research that will discover new energy technologies.

Critics will say that a real transition to clean energy is a challenge that can’t be met. But the President made it clear tonight that he will not back down — even if the path forward is not easy. And, as this movement has shown time and again, neither will we.

You are one of hundreds of thousands who have already stood with President Obama for a clean-energy future. Washington has put this off for far too long — America must act. We need your help today to show strong support for the President’s vision for a clean-energy future. Please pass on this email to five friends today — and ask them to join you in standing with the President:

http://my.barackobama.com/CleanEnergyFuture

Thank you,

Mitch

Mitch Stewart
Director
Organizing for America

ThinkProgress.org


UNDER THE RADAR

BUSINESS — BP CALL CENTERS ARE JUST A ‘DIVERSION’: Having caused the greatest environmental disaster in American history, BP is now scrambling to defend its public image by running expensive TV ads, buying space on Google search results, and hiring former Bush and Cheney aides as public relations officials. While BP has boasted of its call centers in an attempt to demonstrate that it’s responsibly taking care of the oil spill and listening to public complaints, this effort’s credibility is now seriously questioned. One of BP’s contracted phone operators just came forward to KHOU in Houston, revealing how she and the other 100 operators at her site are merely PR props. Although they are supposed to be collecting and passing along ideas for clean-up and requests for spill-related aid, she says BP is not interested in doing anything with the information the operators receive. “We take all your information and then we have nothing to give them, nothing to give them,” she says. The calls are “non-stop,” but the contracted operators are just “a diversion to stop [calls] from really getting to the corporate office, to the big people.” Some operators “don’t bother” taking notes during their calls. The anonymous tipster laments how “it’s so frustrating when these people live right there and nothing is being done to help them.” BP officials acknowledge that this call center has received over 200,000 phone messages, yet they “can’t say just what percentage of calls is returned.” The Center for American Progress’ (CAP) Senior Fellow Tom Kenworthy and the Wonk Room’s Brad Johnson have argued in a recent report that “[f]ederal agencies, not BP, should handle spill response hotlines for volunteers, technology ideas, affected wildlife, and others. Full call records need to be logged with incident reports and technology ideas presented publicly on dynamic websites.”

it’s Tuesday, what’s going on- in Congress


The Senate Convenes: 10:00amET June 15, 2010

Following Leader remarks, there will be a period of morning business until 11:30am with senators permitted to speak therein for up to 10 minutes each. The Majority will control the first 30 minutes. The Republicans will control the next 30 minutes. The remaining time will be equally divided between the two Leader or their designees.

Following morning business, the Senate will proceed to Executive Session to consider the District Court nominations listed below. There will be up to 20 minutes for debate equally divided between Senators Leahy and Sessions or their designees. At approximately 11:50am, the Senate will proceed to vote on confirmation of the nomination in the order listed.

– Tanya Pratt of Indiana,
– Brian Jackson of Louisiana, and
– Elizabeth Foote of Louisiana.

Upon disposition of the nominations, the Senate will recess until 2:15pm to allow for the weekly caucus luncheons.

When the Senate reconvenes at 2:15pm, the Senate will resume consideration of the House Message to accompany HR4213, Tax Extenders. Roll call votes in relation to amendments are expected to occur throughout the day.

As a reminder, today Senator Reid filed cloture on the motion to concur with an amendment with respect to Tax Extenders. The only applicable filing deadline is for second degree amendments. Those amendments must be filed one hour prior to the cloture vote on Wednesday.

Votes:
185: Confirmation of Tanya Pratt of Indiana to be US District Judge for the Southern District of Indiana;
Confirmed: 95-0

186: Confirmation of Brian Jackson of Louisiana, to be United States District Judge for the Middle District of Louisiana;
Confirmed: 96-0

Elizabeth Foote of Louisiana, to be United States District Judge for the Western District of Louisiana;
Confirmed by voice vote

187: Sanders amendment #4318: (close oil and gas tax loopholes) (subject to a 60-vote threshold);
Not Agreed To:
35-61

188: Vitter amendment #4312: (Oil spill trust fund); (subject to 60-vote threshold) not agreed to: 48-49

189: Franken amendment #4311: , as modified (subject to a 60-vote threshold); Agreed To: 63-33

Unanimous Consent:

Passed HR3951, a bill to designate the facility of the US Postal Service located at 2000 Louisiana Avenue in New Orleans, LA, as the “Roy Rondeno, Sr. Post Office Building.”

_______________________________________________________________

CURRENT HOUSE FLOOR PROCEEDINGS
LEGISLATIVE DAY OF JUNE 15, 2010
111TH CONGRESS – SECOND SESSION

P.M. –

SPECIAL ORDER SPEECHES – The House has concluded all anticipated legislative business and has proceeded to Special Order speeches.

6:03 P.M. –

Mr. Bishop (UT) requested the following general leaves to address the House on June 22: Mr. Poe of TX for 5 min and Mr. Jones for 5 min.

6:00 P.M. –

ONE MINUTE SPEECHES – The House proceeded with further one minute speeches.

H. Res. 1322:

celebrating the 20th anniversary of the Albert Einstein Distinguished Educator Fellowship Program and recognizing the significant contributions of Albert Einstein Fellows

5:59 P.M. –

Motion to reconsider laid on the table Agreed to without objection.

On motion to suspend the rules and agree to the resolution Agreed to by the Yeas and Nays: (2/3 required): 405 – 5 (Roll no. 364).

5:52 P.M. –

Considered as unfinished business.

H.R. 5486:

to amend the Internal Revenue Code of 1986 to provide tax incentives for small business job creation, and for other purposes

5:51 P.M. –

Motion to reconsider laid on the table Agreed to without objection.

On passage Passed by recorded vote: 247 – 170 (Roll no. 363).

5:44 P.M. –

On motion to recommit with instructions Failed by recorded vote: 187 – 230 (Roll no. 362).

5:24 P.M. –

The previous question on the motion to recommit with instructions was ordered without objection.

5:17 P.M. –

DEBATE – The House proceeded with 10 minutes of debate on the Camp (MI) motion to recommit with instructions. The instructions in the motion seek to report the same back to the House forthwith with an amendment adding a section entitled “REPEAL OF INDIVIDUAL HEALTH INSURANCE MANDATE”.

5:15 P.M. –

Mr. Camp moved to recommit with instructions to Ways and Means.

Considered as unfinished business.

H. Res. 1389:

recognizing the immeasurable contributions of fathers in the healthy development of children, supporting responsible fatherhood, and encouraging greater involvement of fathers in the lives of their children, especially on Father’s Day

5:14 P.M. –

Motion to reconsider laid on the table Agreed to without objection.

On motion to suspend the rules and agree to the resolution Agreed to by the Yeas and Nays: (2/3 required): 416 – 0 (Roll no. 361).

4:41 P.M. –

Considered as unfinished business.

4:40 P.M. –

UNFINISHED BUSINESS – The Chair announced that the unfinished business was the question on adoption of a motion to suspend the rules which had been debated earlier and on which further proceedings had been postponed.

H.R. 5486:

to amend the Internal Revenue Code of 1986 to provide tax incentives for small business job creation, and for other purposes

POSTPONED PROCEEDINGS – The Chair announced further consideration of H.R. 5486 would be postponed until a time to be announced.

4:39 P.M. –

The previous question was ordered pursuant to the rule.

3:45 P.M. –

DEBATE – The House proceeded with one hour of debate on H.R. 5486.

Rule provides for consideration of H.R. 5486 and H.R. 5297 with 1 hour of general debate. Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions. Measure will be considered read. Specified amendments are in order. All points of order against consideration of each bill except for clauses 9 and 10 or rule XXI are waived.

Considered under the provisions of rule H. Res. 1436.

H.R. 4855:

to establish the Work-Life Balance Award for employers that have developed and implemented work-life balance policies

3:44 P.M. –

Motion to reconsider laid on the table Agreed to without objection.

On motion to suspend the rules and pass the bill, as amended Failed by the Yeas and Nays: (2/3 required): 249 – 163 (Roll no. 360).

3:36 P.M. –

Considered as unfinished business.

H. Res. 1436:

providing for consideration of the bill ( H.R. 5486) to amend the Internal Revenue Code of 1986 to provide tax incentives for small business job creation, and for other purposes; and providing for consideration of the bill ( H.R. 5297) to create the Small Business Lending Fund Program to direct the Secretary of the Treasury to make capital investments in eligible institutions in order to increase the availability of credit for small businesses, and for other purposes

3:35 P.M. –

Motion to reconsider laid on the table Agreed to without objection.

On agreeing to the resolution Agreed to by the Yeas and Nays: 228 – 186 (Roll no. 359).

3:26 P.M. –

Considered as unfinished business.

H. Res. 1383:

honoring Dr. Larry Case on his retirement as National FFA Advisor

Motion to reconsider laid on the table Agreed to without objection.

On motion to suspend the rules and agree to the resolution Agreed to by the Yeas and Nays: (2/3 required): 409 – 0 (Roll no. 358).

2:55 P.M. –

Considered as unfinished business.

H.R. 4855:

to establish the Work-Life Balance Award for employers that have developed and implemented work-life balance policies

At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed.

2:41 P.M. –

DEBATE – The House proceeded with forty minutes of debate on H.R. 4855.

Considered under suspension of the rules.

Ms. Woolsey moved to suspend the rules and pass the bill, as amended.

H. Res. 1322:

celebrating the 20th anniversary of the Albert Einstein Distinguished Educator Fellowship Program and recognizing the significant contributions of Albert Einstein Fellows

At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed.

2:22 P.M. –

DEBATE – The House proceeded with forty minutes of debate on H. Res. 1322.

Considered under suspension of the rules.

Ms. Woolsey moved to suspend the rules and agree to the resolution.

H. Res. 1414:

congratulating Urban Prep Charter Academy for Young Men-Englewood Campus, the Nation’s first all-male charter high school, for achieving a 100 percent college acceptance rate for all 107 members of its first graduating class of 2010

2:21 P.M. –

At the conclusion of debate, the chair put the question on the motion to suspend the rules. Ms. Woolsey objected to the vote on the grounds that a quorum was not present. Further proceedings on the motion were postponed. The point of no quorum was withdrawn.

2:14 P.M. –

DEBATE – The House proceeded with forty minutes of debate on H. Res. 1414.

Considered under suspension of the rules.

Ms. Woolsey moved to suspend the rules and agree to the resolution, as amended.

H. Res. 1389:

recognizing the immeasurable contributions of fathers in the healthy development of children, supporting responsible fatherhood, and encouraging greater involvement of fathers in the lives of their children, especially on Father’s Day

At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed.

1:59 P.M. –

DEBATE – The House proceeded with forty minutes of debate on H. Res. 1389.

Considered under suspension of the rules.

Ms. Woolsey moved to suspend the rules and agree to the resolution.

1:58 P.M. –

The Speaker announced that votes on suspensions, if ordered, will be postponed until a time to be announced.

H. Res. 1436:

providing for consideration of the bill ( H.R. 5486) to amend the Internal Revenue Code of 1986 to provide tax incentives for small business job creation, and for other purposes; and providing for consideration of the bill ( H.R. 5297) to create the Small Business Lending Fund Program to direct the Secretary of the Treasury to make capital investments in eligible institutions in order to increase the availability of credit for small businesses, and for other purposes

1:57 P.M. –

POSTPONED PROCEEDINGS – At the conclusion of debate on H.Res. 1436, the Chair put the question on adoption of the resolution and by voice vote, announced the ayes had prevailed. Ms. Foxx demanded the yeas and nays and the Chair postponed further proceedings on adoption of H.Res. 1436 until later in the legislative day.

The previous question was ordered without objection.

12:58 P.M. –

DEBATE – The House proceeded with one hour of debate on H. Res. 1436

Considered as privileged matter.

11:31 A.M. –

ONE MINUTE SPEECHES – The House proceeded with further one minute speeches.

11:30 A.M. –

PRINTING OF PROCEEDINGS IN RECORD – Mrs. Berkley asked unanimous consent that the proceedings had during the Former Members Ceremony be printed in the Congressional Record and that all Members and former Members who spoke have the privilege of revising and extending their remarks. Agreed to without objection.

The House convened, returning from a recess continuing the legislative day of June 15.

10:04 A.M. –

The Speaker announced that the House do now recess for the purpose of receiving Former Members of the House. The next meeting is subject to the call of the Chair.

ONE MINUTE SPEECHES – The House proceeded with one minute speeches.

The House received a message from the Senate. The Senate passed S. 1660.

10:02 A.M. –

PLEDGE OF ALLEGIANCE TO THE FLAG – The Chair led the House in reciting the Pledge of Allegiance to the Flag.

The Speaker announced approval of the Journal. Pursuant to clause 1, rule I, the Journal stands approved.

10:01 A.M. –

Today’s prayer was offered by the House Chaplain, Rev. Daniel Coughlin.

10:00 A.M. –

The House convened, returning from a recess continuing the legislative day of June 15.

9:01 A.M. –

The Speaker announced that the House do now recess. The next meeting is scheduled for 10:00 a.m. today.

9:00 A.M. –

MORNING-HOUR DEBATES – The House proceeded with Morning-Hour Debate. At the conclusion of Morning-Hour, the House will recess until 10:00 a.m. for the start of the legislative day.

The Speaker designated the Honorable Kathleen A. Dahlkemper to act as Speaker pro tempore for today.

The House convened, starting a new legislative day.

Will Repblicans vote against the People


June 9, 2010

Will Republicans Stand Up For Families And Seniors…In Their Own States?

The tax extenders bill currently being debated on the Senate floor creates jobs, cuts taxes for small businesses and families and provides much needed assistance to workers affected by the recession. A critical part of the bill also helps cash-strapped states as they seek to balance their budgets and assist individuals enrolled in Medicaid. Republicans need to decide if they will help Democrats pass this bill or continue to stand with Washington special interests over families and seniors in their own states.

STATES SEE ALARMING RISE IN MEDICAID ROLLS

Medicaid Enrollment Rose by Over 3 Million People Between June 2008 and June 2009. “Medicaid enrollment rose by 3.3 million people, or 7.5%, from June 2008 and June 2009, new data from the non-partisan Kaiser Family Foundation shows. Enrollments rose in every state for the first time since the early 1990s. On average, Medicaid makes up 21% of state budgets, equal to education. Medicaid serves the nation’s poorest children, some parents, pregnant women, people with disabilities and seniors in nursing homes. States must provide basic benefits for people who earn up to the federal poverty level of $22,050 for a family of four. They aren’t threatened by the cuts. States have added people at higher incomes and optional benefits, which are now at risk.” [USA Today, 2/19/10]

Ø  Medicaid Has Seen a 21 Percent Increase in Enrollment Over the Last Three Years. “Medicaid, which covers more than 60 million people nationwide, is one of the costliest services states provide. It ate up about 21% of state spending in fiscal 2009, according to a recent report by the National Governors Association and National Association of State Budget Officers. The Great Recession sent even more Americans onto the Medicaid rolls, growing by an estimated 21% over three years. At the same time, state tax revenues plummeted, forcing governors and legislators to make deep budget cuts. To help states cope with this double-disaster, the Obama administration increased the federal share of Medicaid payments by $87 billion as part of last year’s massive stimulus program. States are prevented from tightening eligibility requirements in order to cut costs.” [CNN Money, 6/8/10]

Opposition to Increased Medicaid Funding Could Cause States to Raise Taxes or Cut Budgets. “The aid, worth a total of $25 billion, amounts to nearly one-quarter of the collective budget deficits states face for the fiscal year that begins on July 1 in most states. To balance their budgets, states would have to raise taxes or cut their budgets by that much.” [McClatchy, 5/11/10]

MAJORITY OF STATES HAVE ENORMOUS BUDGET SHORTFALLS

States All Across the Country Are Seeing Millions If Not Billions in Budget Shortfalls. According to the Center for Budget and Policy Priorities, many states, including those represented by Republican leaders in the Senate, saw enormous budget gaps in 2010. For instance, Kentucky and Arizona saw a $1.2 billion and $1.9 billion mid-year budget gap. [Center for Budget and Policy Priorities]

Ø  Large Public Sector Job Cuts Are Hindering the Nation’s Recovery. New federal data shows “states, localities, and school districts have cut 231,000 jobs since 2008, including 22,000 jobs in May alone. Such cuts slowed the pace of economic growth in the first quarter of 2010 by one-half of one percentage point.” [Center for Budget and Policy Priorities, 6/8/10]

Stabenow, Reed Discuss Democratic Efforts To Cut Taxes For Small Businesses And Create Jobs

Washington, DC— Senate Finance Committee member Debbie Stabenow (D-MI) and Senator Jack Reed (D-RI) held a press conference this morning to discuss Democratic efforts to pass legislation that would close loopholes that reward companies for outsourcing American jobs, and give over $18 billion in tax cuts to families and small businesses to strengthen our economy and create jobs. Democrats are urging Republicans to support this bill and stand with the middle class, not special interests.

“American businesses need immediate assistance to make new investments here at home and create jobs,” said Senator Stabenow.  “The jobs bill we have before us will provide billions in tax cuts and support for small businesses across the country to hire new employees while closing loopholes that reward big corporations for outsourcing American jobs. This legislation will also provide additional tax cuts for middle-class families and a long-overdue extension of unemployment insurance for struggling households. I call on my Republican colleagues to stop protecting corporate interests and support this jobs bill so we can put Americans back to work.”

“This bill will provide tax cuts to help businesses create jobs while providing additional relief to families hit hardest by the recession,” said Senator Reed.  “We have made significant progress in reversing the huge number of jobs losses under the Bush Administration, which was hemorrhaging 750,000 jobs a month.  That is positive, but we have to keep the pedal to the metal, and this bill does that.”

The bill includes several key tax cuts for families and businesses, including:

  • Property Tax Deduction – This bill extends the additional standard deduction for state and local property taxes to save families money on their federal tax returns.  This deduction, created by Finance Committee Chairman Max Baucus (D-Mont.) in 2008, allows taxpayers who do not itemize their tax deductions to receive property tax relief as a standard deduction of $500 for single filers and $1,000 for joint filers.
  • Tax Cut for College Tuition – This bill extends a tax deduction for qualified education expenses including college tuition and fees, so Americans can get the world-class education they deserve without going bankrupt in the process.
  • Research and Development Tax Credit – The bill extends a tax cut for research and development to help American businesses spur innovation and grow.
  • Tax Credit for Equipment Investments – The legislation allows companies to receive tax refunds on a portion of their Alternative Minimum Tax (AMT) credits if they invest in capital equipment for use in the United States.
  • Tax Benefits for Capital Investments – The legislation extends a tax cut to allow restaurant owners to depreciate new construction and improvements and retail store owners to depreciate improvements over 15 years rather than 39.5 years, supporting construction jobs, encouraging economic development and saving these businesses money they can use to reinvest in their companies and hire new workers.