Capital Roundup
Dec 1, 2009
| BILL NAME | SUMMARY OF BILL AND WHAT IT MEANS TO YOU | U.S. CHAMBER'S POSITION | STATUS |
|---|---|---|---|
| HOUSE HEALTH CARE REFORM H.R. 3962 Affordable Health Care for America Act of 2009 |
This 1,990-page bill would require nearly all Americans to sign up for health coverage. All but the smallest employers would be required to off er health insurance or be assessed a payroll tax. H.R. 3962 would create a government-run health insurance plan and calls for a surtax on some individuals, small business owners, operators, and investors. | The Chamber opposes this bill because it does not address rising health care costs; fails to lead to more aff ordable, accessible, and high-quality health care; moves the nation toward government-run health care; and increases taxes. | Last Action Voted out of House on Nov. 7, 2009. Next Step Senate Vote |
| SENATE HEALTH CARE REFORM H.R. 3590 Patient Protection and Affordable Care Act |
This bill, projected to cost $849 billion over 10 years, would create a government-run health plan from which states could opt out; create insurance exchanges for individuals and small businesses, and expand Medicaid while subsidizing lowerwage Americans. Beginning in 2014, firms with more than 50 workers would have to offer government-approved coverage or pay a $750 penalty for each full-time employee. The bill would cut Medicare spending, tax high-value insurance plans, and raise Medicare payroll taxes. | The Chamber is disappointed with this bill because it contains a government-run health plan and an onerous employer mandate. It would also raise taxes and premiums and create a new entitlement to add to the nation’s growing debt. On the positive side, the bill encourages more choice and competition. |
Last Action |
| FINANCIAL REGULATORY REFORM H.R. 3126 Consumer Financial Protection Agency Act of 2009 |
This bill would create a giant new bureaucracy, place heavy burdens on small firms, and limit consumer choice. The proposed Consumer Financial Protection Agency (CFPA) would have sweeping and ill-defined powers to target businesses outside the consumer financial services industry and mandate the types of financial products that could be off ered to consumers. | The Chamber agrees that enhanced consumer protection is essential, but the CFPA, as currently drafted, would have significant and harmful unintended consequences for consumers, businesses, and the overall economy. |
Last Action |
| CLIMATE CHANGE S. 1733 Clean Energy Jobs and Power Act of 2009 |
S. 1733 would establish a massive federal bureaucracy and hundreds, possibly thousands, of new regulations and mandates. The Senate bill sets a target of reducing greenhouse gas emissions 20% below 2005 levels by 2020, a more aggressive goal than the 17% target in the House bill. | The Chamber does not support this bill as currently drafted because, among other flaws, it would fail to ensure sufficient energy supplies to replace the fossil fuel energy that it seeks to eliminate, would result in thousands of lost jobs, and would raise the costs of energy. | Last Action Voted out of Senate Envt. and Public Works Cmte. Nov. 5, 2009. Next Step Senate Vote |
| SMALL BUSINESS INCENTIVES S. 1402 H.R. 1552 Small Business Jump Start Act of 2009 |
These bills would increase the small business startup expense deduction from $5,000 to $10,000 and increase the threshold for the deductions phaseout from $50,000 to $60,000. | The Chamber supports this legislation because it would foster more entrepreneurial activity and create new jobs. | Last Action Introduced and referred to cmte. June 29, 2009. Next Step Committee Vote |
