U.S. Congress

Congress this week may send a housing relief package to President Bush for his signature. The other major action in the House and Senate will be on energy-related measures, as both Republicans and Democrats propose fixes for high energy prices. There is also a primary election in Georgia this week, as we prepare for the fall election season.

Federal officials announced early this morning that the government would take steps to shore up Fannie Mae and Freddie Mac, the government-founded companies that finance about half of the home loans issued in the United States. Treasury Secretary Henry Paulson said the companies would be allowed to borrow money from the Federal Reserve, and the government might invest directly in the privately-held firms if their situation worsens. The steps are unprecedented, but officials have said the companies’ failure would cause further damage to America’s housing market and the overall economy.

Increased oversight of the firms is a central idea in the housing package approved by the Senate last week.

The biggest news this week in Congress was the passage and signing of the FISA bill, which expanded the president's surveillance powers (to more closely fit the Bush administration's existing practices) and granted retroactive legal immunity to telecom companies for breaking federal privacy laws when allowing the administration to illegally tap domestic phone lines without a warrant. The Senate also passed a housing legislation package on Friday and Congress gave final passage to a bill preventing a cut in payments to doctors in the Medicare program (at the expense of federally subsidized corporate Medicare programs).

Coming up this week in the Senate are Harry Reid's latest attempts to pass the main bill containing Congress' response to the housing and mortgage crisis and a rollback of a cut in doctors' payments for Medicare services. A vote on the FISA (warrantless wiretapping) bill is also possible. The House won't be doing much.

Details and this week's committee schedules after the jump.

In the Senate, Majority Leader Harry Reid (D-Nev.) will take up the main bill containing Congress' response to the housing and mortgage crisis. The central provision of the package is a massive program to offer a federal guarantee to banks on mortgages if the lender agrees to reduce the outstanding principal on the mortgage to 85% of the current value of the house and reduce high, variable interest rates to a lower fixed rate. A version of the bill has passed the House but just before Congress adjourned for the 4th of July recess, Sen. John Ensign (R-Nev.) derailed a final vote by demanding a vote on an amendment of his containing renewable energy tax changes. Once the bill passes the Senate, however, it still faces a veto threat for President Bush, who has objected to the price of a $4 billion grant program contained in the bill for local governments to buy, fix up and sell abandoned homes.

Reid is also likely to bring up for a second vote the Medicare Improvements for Patients and Providers Act of 2008, which reverses a 10.6% cut in payments to doctors for Medicare services that went into effect on July 1. Supporters of the bill say the cuts will cause more doctors to stop participating in Medicare while detractors cite the cost of the bill or say more comprehensive changes to Medicare need to be made. The bill has passed the House with a veto-proof margin and was only stopped in the Senate by a single vote vote before Congress broke for recess. (See how your senators and representative voted here.)

Finally, the controversial bill to change the Foreign Intelligence Surveillance Act may also be brought up for a vote. Sen. Barack Obama (D-Ill.) has caused a ruckus among many of his supporters by indicating that he will vote for a final bill even if it contains a provision to give retroactive immunity from lawsuits (and possibly criminal prosecutions) to the major telecom companies that broke federal privacy laws by turning over phone records without court authorization when cooperating with President Bush's warrantless surveillance program. He had previously stated that if the bill contained the provision he would support a filibuster, which is exactly what Sens. Russ Feingold (D-Wisc.) and Chris Dodd (D-Conn.) have announced they will do.

While the Senate plays catch-up on bills passed by the House, the lower chamber is largely concerned with more mudane business this week; the one exception being a bill to require the White House to preserve emails.

This week's committee hearings:

(The House is not in session on Monday and hasn't posted their schedules yet - I'll try to update the post when they do.)

The following article appeared in the June 2008 issue of The Progressive magazine.

The nuclear power industry is seeing its fortunes rise. "Seventeen entities developing license applications for up to thirty-one new [nuclear] reactors did not just happen," boasted Frank "Skip" Bowman. "It has been carefully planned."

Bowman heads the Nuclear Energy Institute (NEI), the main lobbying group for the industry. His remarks (PDF), at a February gathering of more than 100 Wall Street analysts, were part of a presentation on "reasoned expectations for new nuclear plant construction."

Bowman knew it was important to impress his audience of wary potential investors. "We are where we are today because this industry started many years ago on a systematic program to identify what went wrong the last time," he said, "and develop ways to eliminate or manage those risks."