Capital Roundup
Jun 1, 2010
| BILL NAME | SUMMARY OF BILL AND WHAT IT MEANS TO YOU | U.S. CHAMBER'S POSITION | STATUS |
|---|---|---|---|
| FINANCIAL REGULATORY REFORM S. 3217 Restoring American Financial Stability Act of 2010 |
The bill would create an unaccountable, ill-defined new regulator with unprecedented powers and authority over thousands of nonfi nancial companies. The bill would result in a significant drain on working capital from corporate end users of derivatives—capital that would otherwise be used to create jobs and grow businesses. Also, it would not provide clarity for creditors of failing companies, which could lead to more risk to the system. | The Chamber believes that the Senate bill represents a missed opportunity to achieve meaningful financial regulatory reform. The Chamber will work during the conference committee process to bring the right reforms to the system and restore certainty in the market. | Last Action Passed the Senate May 20, 2010. Next Step Conference Committee |
| PAPERWORK RELIEF H.R. 5141 Small Business Paperwork Mandate Elimination Act |
This bill would repeal the expanded information reporting mandate contained in the health care reform law. Unless this section (Section 9006) is repealed, businesses will be subject to the folly of data collection and information fi ling for virtually all payments to businesses—not just health care-related payments—totaling $600 or more per year. | The Chamber supports this bill that would undo the enormous and costly paperwork burdens imposed on businesses by the ill-conceived health care law. |
Last Action |
| INVESTMENT IN EDUCATION H.R. 5116 America COMPETES Reauthorization Act of 2010 |
This bill would provide additional support for recruiting and training K–12 math and science teachers. It would also increase support for STEM (science, technology, engineering, and math) students at the postsecondary level, attract underrepresented groups to STEM courses and careers, support basic research, and establish programs to help create new forms of energy and commercialize new innovations. | The Chamber supports legislation to strengthen U.S. competitiveness by improving America’s scientific and economic leadership and making stronger investments in science, innovation, research, and education. |
Last Action |
| SILENCING FREE SPEECH H.R. 5175 DISCLOSE Act |
Under the guise of transparency, this bill would, among other things, prohibit TARP recipients and federal government contractors from engaging in electioneering or independent expenditures under most circumstances. It would further restrict foreign-controlled corporations from engaging in political activity. The bill would also require organizations engaging in electioneering or independent expenditures to disclose their contributors/members, and the names of the biggest contributors would potentially have to appear on the organization’s radio and television ads. |
The Chamber opposes this bill because it is a blatant attempt to impact this fall’s elections, silence constitutionally protected speech, and abridge First Amendment rights. | Last Action Passed House Committee May 20, 2010. Next Step House Vote |
| “CASH FOR CAULKERS” REBATES H.R. 5019 Home Star Energy Retrofit Act of 2010 |
This bill would provide two tiers of rebates for homeowners who purchase and install residential energy efficiency products including insulation, water heaters and heating systems, windows, doors, and other products. Homeowners could receive rebates equal to up to half of project costs, for a maximum of $3,000 per home. Or they could receive rebates of $3,000 to cover half the cost of projects that reduce total home energy use by 20%, with the opportunity for $1,000 more in rebates for each 5% of additional energy efficiency gains, up to $8,000. The programs would last for two years at a cost of $6 billion. | The Chamber supports this bill because it provides a solid framework for a worthwhile, incentive-based program to create American jobs while saving energy. | Last Action Passed the House, May 6, 2010. Next Step Senate Committee Vote |
