http://www.leg.state.or.us/11reg/measures/hb2700.dir/hb2781.intro.html

Judiciary Membership:
Jeff Barker, Co-Chair, rep.jeffbarker at state.or.us

Wayne Krieger, Co-Chair, rep.waynekrieger at state.or.us
Chris Garrett, Co-Vice Chair, rep.chrisgarrett at state.or.us
Wally Hicks, Co-Vice Chair, rep.wallyhicks@state.or.us
Mary Nolan, rep.marynolan at state.or.us

Andy Olson, rep.andyolson at state.or.us
Mike Schaufler, rep.mikeschaufler at state.or.us

Carolyn Tomei, rep.carolyntomei at state.or.us
Matt Wand, Rep.MattWand@state.or.us
Gene Whisnant, rep.genewhisnant at state.or.us

WASHINGTON, D.C. — Congressman Greg Walden’s (R-Ore.) latest attempts today to reinsert a four-year extension of the county timber payments program (approved 93-2 by the Senate earlier this week) was blocked by the Democratic leadership on the House floor. The leadership used a procedural motion to block Walden’s attempt to offer the Senate version of the energy tax legislation, which included the four-year extension.

The only Democrats to vote to consider the county payments legislation were Congressmen Peter DeFazio (D-Ore.), Nick Lampson (D-Texas), Bruce Braley (D-Iowa), Travis Childers (D-Mo.), David Loebsack (D-Iowa), and Congresswoman Gabrielle Giffords (D-Ariz.).

CLICK ON IMAGES TO VIEW CONGRESSMAN WALDEN’S SPEECHES FROM THIS MORNING ON THE HOUSE FLOOR

Walden, using every tactic available to him in the House rules, will now focus on attempting to insert the next bill expected to come to the House floor, a $50 billion-plus economic stimulus package that has no payment means.

“I have tried every angle, every option, every tactic available to me and my leadership to get the Senate’s strongly bipartisan county payments extension through the House of Representatives,” Walden said. “I’ve been blocked at every turn by a Democratic leadership that is pushing rural counties off a cliff, but I will continue these efforts until we’re successful. The Senate is on board, the President is on board, and my Republican leadership is on board. I hope the majority Democratic leadership, who control the operations of the House, will get on board soon too.”

Walden had this to say during floor debate earlier this morning:

“For those of us from the West that are home to the rural timbered counties where federal land may equate to over half of our states and our districts, you want to talk about loss of jobs? Come to my district where we have three counties of the 20 that have over eight percent unemployment. The mills have been closed. These are blue collar jobs that have gone away because this Congress has failed to reauthorize the Secure Rural Schools act. It’s in the Senate version of this legislation. The President has said he will sign that legislation. It can become law and then our counties don’t have to gut their Sheriffs Departments, their fire departments, and their search and rescue departments. The libraries are closing. The teachers have been fired. It doesn’t have to happen that way. The Senate has risen to the challenge and come forward with a way to do this. Every time we have asked for help to reauthorize and fund this, this majority has figured out a way to deny this, with the exception of one emergency extension. We need your help on this.”

Part 1: Video 1

Part 2: Video 2

Congressman Walden represents the people of Oregon’s Second District, which is comprised of 20 counties in eastern, southern, and central Oregon. He is a member of the Committee on Energy and Commerce and the Select Committee on Energy Independence and Global Warming.

WASHINGTON, D.C. — Congressman Greg Walden (R-Ore.) has confirmed that the House Republican leadership has agreed to his request to use the powers granted to the minority to force two separate votes on county payments today as the House debates its version of the energy tax legislation. Yesterday, the Democratic House leadership revealed it would strip the four-year county payments extension from the bill it would put forward, and earlier today on a party-line vote the Democrats on the House Rules Committee defeated an amendment offered by Congressman Doc Hastings (R-Wash.) which would have put county payments funding back into the bill.

First opportunity today to revive county payments funding

If the “Previous Question” on the rule for the House energy tax bill is defeated, the Republican leadership will attach the Walden Amendment to the legislation, which would add into the bill the county payments funding as approved by the Senate on a 92-3 vote on Tuesday. For this to happen, a majority of members must vote against the Previous Question.

Second opportunity today to revive county payments funding

If the Previous Question is not defeated, the Republican leadership has agreed to Walden’s request to offer as the Republican alternative the Senate version of the energy tax bill (which included the four-year extension, passed with 92 votes in the Senate, and would be signed into law by the President). This vote on the Republican alternative is known as the “Motion to Recommit” and occurs just before the vote on final passage of the legislation. For the Senate version of the energy tax bill, which includes county payments funding, to succeed in the House a majority of members must vote yes on the Motion to Recommit.

Both votes represent a significant opportunity for supporters of county payments to overrule the Democratic leadership’s decision to strip county payments from the Senate energy tax legislation.

Tune in to C-SPAN or watch online (click here) to follow the votes. These votes will occur within the next few hours.

Congressman Walden represents the people of Oregon’s Second District, which is comprised of 20 counties in eastern, southern, and central Oregon. He is a member of the Committee on Energy and Commerce and the Select Committee on Energy Independence and Global Warming.

Urges House leadership to reconsider and keep Senate bill intact
WASHINGTON, D.C. — Congressman Greg Walden (R-Ore.) today released the following statement after learning that House majority leadership decided to drop the four-year extension of county payments from an energy tax package passed overwhelmingly by a vote of 93-2 in the Senate last night.
“The Senate worked very hard and in a model, bipartisan way to produce legislation with a long-term extension of county payments that the President said he would sign into law.

That’s why I’m bitterly disappointed that the House Democratic leadership has decided to break that package up into three bills and kill the Senate’s multi-year county payments success. T

hey’ve broken what was fixed, and are pushing rural counties and schools off the cliff in the process. I urge Speaker Pelosi and her leadership team to reconsider their decision and bring up the complete Senate bill with county payments intact for an up-or-down vote in the House.”

*** URGENT UPDATE ***

For those who may not already know, the President indicated on September 23 his desire to sign into law the Senate energy tax bill with county payments included. While the White House noted its support for a phase down of county payments (which the Senate bill accomplishes), the White House never threatened to veto the legislation with the four-year county payments extension. The White House stated in its official Statement of Administration Policy (linked below) that it “supports prompt passage” of the Senate legislation. If you have heard differently, it is an incorrect assertion. The President supports the enactment into law of the Senate bill with county payments in it.

Interview 1

Interview 2

Please use this link to read more… Read the complete Report here

Section 1. Short Title.

This Act may be cited as ____________________.

Sec. 2. Purchases of Mortgage-Related Assets.

(a) Authority to Purchase.–The Secretary is authorized to purchase, and to make and fund commitments to purchase, on such terms and conditions as determined by the Secretary, mortgage-related assets from any financial institution having its headquarters in the United States.

(b) Necessary Actions.–The Secretary is authorized to take such actions as the Secretary deems necessary to carry out the authorities in this Act, including, without limitation:

(1) appointing such employees as may be required to carry out the authorities in this Act and defining their duties;

(2) entering into contracts, including contracts for services authorized by section 3109 of title 5, United States Code, without regard to any other provision of law regarding public contracts;

(3) designating financial institutions as financial agents of the Government, and they shall perform all such reasonable duties related to this Act as financial agents of the Government as may be required of them;

(4) establishing vehicles that are authorized, subject to supervision by the Secretary, to purchase mortgage-related assets and issue obligations; and

(5) issuing such regulations and other guidance as may be necessary or appropriate to define terms or carry out the authorities of this Act.

Sec. 3. Considerations.

In exercising the authorities granted in this Act, the Secretary shall take into consideration means for–

(1) providing stability or preventing disruption to the financial markets or banking system; and

(2) protecting the taxpayer.

Sec. 4. Reports to Congress.

Within three months of the first exercise of the authority granted in section 2(a), and semiannually thereafter, the Secretary shall report to the Committees on the Budget, Financial Services, and Ways and Means of the House of Representatives and the Committees on the Budget, Finance, and Banking, Housing, and Urban Affairs of the Senate with respect to the authorities exercised under this Act and the considerations required by section 3.

Sec. 5. Rights; Management; Sale of Mortgage-Related Assets.

(a) Exercise of Rights.–The Secretary may, at any time, exercise any rights received in connection with mortgage-related assets purchased under this Act.

(b) Management of Mortgage-Related Assets.–The Secretary shall have authority to manage mortgage-related assets purchased under this Act, including revenues and portfolio risks therefrom.

(c) Sale of Mortgage-Related Assets.–The Secretary may, at any time, upon terms and conditions and at prices determined by the Secretary, sell, or enter into securities loans, repurchase transactions or other financial transactions in regard to, any mortgage-related asset purchased under this Act.

(d) Application of Sunset to Mortgage-Related Assets.–The authority of the Secretary to hold any mortgage-related asset purchased under this Act before the termination date in section 9, or to purchase or fund the purchase of a mortgage-related asset under a commitment entered into before the termination date in section 9, is not subject to the provisions of section 9.

Sec. 6. Maximum Amount of Authorized Purchases.

The Secretary’s authority to purchase mortgage-related assets under this Act shall be limited to $700,000,000,000 outstanding at any one time

Sec. 7. Funding.

For the purpose of the authorities granted in this Act, and for the costs of administering those authorities, the Secretary may use the proceeds of the sale of any securities issued under chapter 31 of title 31, United States Code, and the purposes for which securities may be issued under chapter 31 of title 31, United States Code, are extended to include actions authorized by this Act, including the payment of administrative expenses. Any funds expended for actions authorized by this Act, including the payment of administrative expenses, shall be deemed appropriated at the time of such expenditure.

Sec. 8. Review.

Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency.

Sec. 9. Termination of Authority.

The authorities under this Act, with the exception of authorities granted in sections 2(b)(5), 5 and 7, shall terminate two years from the date of enactment of this Act.

Sec. 10. Increase in Statutory Limit on the Public Debt.

Subsection (b) of section 3101 of title 31, United States Code, is amended by striking out the dollar limitation contained in such subsection and inserting in lieu thereof $11,315,000,000,000.

Sec. 11. Credit Reform.

The costs of purchases of mortgage-related assets made under section 2(a) of this Act shall be determined as provided under the Federal Credit Reform Act of 1990, as applicable.

Sec. 12. Definitions.

For purposes of this section, the following definitions shall apply:

(1) Mortgage-Related Assets.–The term “mortgage-related assets” means residential or commercial mortgages and any securities, obligations, or other instruments that are based on or related to such mortgages, that in each case was originated or issued on or before September 17, 2008.

(2) Secretary.–The term “Secretary” means the Secretary of the Treasury.

(3) United States.–The term “United States” means the States, territories, and possessions of the United States and the District of Columbia.

Posted by CalculatedRisk at 7:36 PM Comments (88)