TWICJUL2508

(TheWeekInCongress.com) July 24, 2008 - Both legislative bodies took up energy-related bills this week. The House passed HR 6545, a bill requiring from the Director of National Intelligence a national intelligence estimate report on energy security issues relating to rapidly escalating energy costs. The bill requires long- and short-term estimates on prices, supply and demand of key energies and an assessment of national security implications of potential use of energy resources as leverage against the US by other countries.

The Senate continues debate of S 3268, a bill aiming to assess the impact of, and curtail energy commodity speculation that drives prices higher and lends to manipulation of prices. The bill looks specifically to foreign market regulation, provides extensive oversight through the Department of Energy, and gathering of detailed information on individuals and companies in the energy markets for the purpose of analyzing and overseeing the market in real-time. A similar House bill, HR 6377, passed the House earlier this month.

The House did not agree to HR 6578, a bill allowing for a 70 million barrel drawdown of light crude from the Strategic Petroleum Reserve. The light crude would be sold and the revenue would purchase the less expensive heavy crude for replacement. The sale may not reduce the SPR below 90% of its volume on the day the bill is made into law. The bill required a 2/3rd vote but failed at 268 to 167.

The Senate sought cloture to limit debate on S 3186, a bill to provide over $2 billion for low-income heating and energy assistance. The bill is considered emergency spending and will add to the deficit.

MORTGAGE BILL ENTERS THE HOME STRETCH

(TheWeekInCongress.com) July 24, 2008 - The long awaited and much amended bill, HR 3221, that addresses the mortgage crisis and related issues moved from the House to the Senate where final action is expected within a week, possibly Friday July 25th..

The bill began as a House-passed energy bill but was substituted with Senate text focusing on mortgage relief. The amended bill was returned to the House where it was further amended and returned to the Senate. That process continued through two more House/Senate amendment procedures until this week. The President, once determined to veto the bill due to a $4 billion provision that would allow local governments and non-governmental agencies to buy up foreclosed properties rather than have them remain uninhabited, has tempered his objection. The provision was seen by the President as rewarding bad decisions and bad borrowing and lending behavior.

New to this round of amendments is the provision that would provide borrowing authority for the two Federal mortgage holders, Fannie Mae and Freddie Mac. The provision is seen as a stopgap measure and, according to the CBO may not be needed. The provision could cost a maximum of $25 billion over two years. Funding related to the government lenders is considered emergency funding and so is not included in the budget. To make the funds available the bill raises the authorized national debt limit from $9.5 trillion to $10.6 trillion.

The Senate concurred with the House amendments 72 to 13 on Saturday July 26th.

Most recent report on HR 3221 content.

Other data on HR 3221:

HR 3221- Including all amendments-Original bill

HR 3221 Senate Substitute Amendment Text

Reports on other bills included in HR 3221 amended:

HR 1852, HR 1066, & HR 1427

BRIDGE INSPECTION, REHABILITATION, AND REPLACEMENT BILL FINDS BIPARTISAN SUPPORT

The Department of Transportation reports that one of every 8 bridges is structurally deficient. Of the 597,340 bridges in the US, 154,101 are deficient to include 73.784 structurally deficient bridges and 80,317 functionally obsolete bridges. The bill provides nearly $2 billion over four years for grants to states for rehab and replacement of risky bridges, but States must develop, and annually update, an approved five-year performance plane for highway bridge inspection, rehabilitation and replacement. The Secretary of Transportation must annually revise the national bridge inventory data, make the date more accessible to the public, update inspection standards, expand the training program for bridge inspectors and revise regulations concerning the qualification of inspection personnel requiring managers and team leaders to be licensed professional engineers.

The bill passed 367 to 55.

HR 3999

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Bills Relieve Banks of Money Laundering Oversight; Shift FAA from Customer Service Agency to Regulator; Reauthorize and Overhaul Amtrak; and Add Funds to Highway Trust Fund.

Money Laundering

PATRIOT Act requirements that banks monitor and report large money transfers are removed due to banks not cooperating, lack of necessity.

HR 4049

FAA Regulators

Airlines once treated as 'customers' by FAA regulators will be returned to the original status of regulated entities.

HR 6493

Amtrak

"..recent increases in highway and aviation congestion, rising fuel costs, available rail capacity, and minimal environmental impacts have all made intercity passenger rail service a growing and increasingly important part of the Nation's multi-modal transportation system."

S 294

Highway Trust Fund

An over-tapped resource for transportation projects shows signs of depletion. The bill makes $8 billion available if need be and the funds exist.

HR 6532

The House is adjourned until July 28th.

The Senate will continue work on Friday, July 25th with cloture votes expected on HR 3221, S 3186 and S 3268.