Capital Roundup
Feb 1, 2010
| BILL NAME | SUMMARY OF BILL AND WHAT IT MEANS TO YOU | U.S. CHAMBER'S POSITION | STATUS |
|---|---|---|---|
| HEALTH CARE REFORM H.R. 3590 Patient Protection and Affordable Care Act |
This bill, projected to cost nearly $1 trillion over 10 years, would levy nearly $500 billion in new taxes on consumers and businesses, create insurance exchanges for individuals and small businesses, and expand Medicaid while subsidizing lower-wage Americans. Firms with more than 50 workers would have to offer government-approved coverage or pay a fine. Th e bill would also cut Medicare, tax high-value insurance plans, and raise Medicare payroll taxes. | The Chamber strongly supports health care reform but opposes this bill because it would make health care more expensive, create onerous new burdens for businesses, hamper economic recovery, and implement a vast array of unwarranted new taxes. | Last Action Voted out of the Senate December 24, 2009. Next Step Conference Committee |
| FINANCIAL SERVICES OVERHAUL H.R. 4173 Wall Street Reform and Consumer Protection Act of 2009 |
This bill would create a massive new federal agency to police everything from consumer credit products like mortgages and credit cards to advertising agencies and software companies. The availability and affordability of credit for all small businesses would be drastically curtailed as a result of this bill. | The positive elements of H.R. 4173 are significantly outweighed by provisions that would magnify and exacerbate flaws within the existing regulatory structure and hamper economic growth. |
Last Action |
| TAX BREAK EXTENDERS H.R. 4213 Tax Extenders Act of 2009 |
This $31 billion bill would extend a variety of expiring tax provisions, including the research and development credit, the election to deduct state and local general sales tax, a tax break for “brownfields” environmental remediation costs, and the railroad track maintenance credit. | While the Chamber strongly supports extending expiring tax relief, it opposes provisions in this bill to increase taxes on carried interest, which would have far-reaching negative impacts on capital formation and investment flows. |
Last Action |
| IMMIGRATION REFORM H.R. 4321 Comprehensive Immigration Reform for America’s Security and Prosperity Act of 2009 |
This bill includes provisions to address border security issues, expand liability for employers under a farreaching employment verification system, create a mechanism to legalize most of the current illegal alien population, create a new lottery for 100,000 new visas, alter the visa program to promote the reunification of families, and establish a commission to determine employment-based immigration policies and numbers. | The Chamber is critical of H.R. 4321 primarily because its approach to employment verifi cation would include new private rights of action against employers. It would make harmful changes to existing temporary worker visa programs and would create a commission to determine employmentbased migration levels and policies as opposed to a new temporary worker program based on market needs. | Last Action Introduced December 15, 2009. Next Step Committee Vote |
| TRADE PROMOTION FOR SMALL BUSINESSES S. 2862 Small Business Export Enhancement and International Trade Act of 2009 |
This bill would increase the resources available to small businesses interested in engaging in international trade. In particular, the bill would create an export promotion pilot grant program targeted at small businesses just beginning to export to China, increase the number of Small Business Administration export development specialists, and provide technical assistance for small businesses facing commercial disputes. |
The Chamber supports legislation to help small businesses engage in international trade. | Last Action Introduced December 10, 2009. Next Step Senate Vote |
