The Executive Branch Should Be Accountable Under The STOCK Act

Update 10:00 pm: The House passed (267-159) H.R. 1173, the Fiscal Responsibility and Retirement Security Act of 2011, a bill to repeal the CLASS Act, Obamacare’s long-term care entitlement. The passage was bipartisan with 28 Democrats joining the Republicans in passing the bill. The bill now goes to the Senate.
----------
Today in Washington, D.C. - Feb. 1, 2012:
Behind closed doors the House and Senate leaders reconciled their differences in a bipartisan, bicameral agreement on long-term funding and structural aspects to the Federal Aviation Administration (FAA). Laat Week, both had passed slightly different bills Extending the FAA. Aviation Subcommittee Chairman Tom Petri (R-WI) said, "This legislation will, at long last, provide stable funding and policy direction for the FAA’s safety programs, airport development grants, and operations for fiscal years 2012 through 2015."

The agreement provides approximately $13.4 billion for the Airport Improvement Program, $38.3 billion for FAA Operations, $672 million for Research, Engineering & Development, and $10.9 billion for FAA’s Facilities & Equipment account. The agreement funds of safety programs, NextGen air traffic control modernization, and FAA operations through FY 2015. It provide for stimulating private sector job creation in the unmanned aircraft systems industry (UAS) and established timelines for FAA action on the safe integration of UASs into the national airspace system. Other interesting provisions included major labor reforms of the National Mediation Board (NMB); limits efforts by the Obama Administration to over-regulate the lithium battery industry; stops the most "egregious subsidies" in the Essential Air Service (EAS) program (remember the John Murtha airport); enacts passenger protections to assure airline passengers are treated fairly when traveling; and provides for or requires improved management processes for facilities, environmental reviews, flight path approvals, and other operational issues. The agreement needs to be voted on by the full House and Senate before the current short-term funding extension expires on February 17.

Today, the House is expected to vote on H.R. 1173, the Fiscal Responsibility and Retirement Security Act of 2011, a two-page bill that would repeal the fiscal disaster known as the CLASS Act, Obamacare’s new long-term care entitlement. This entitlement was previously "suspended" by the Obama administration because Health and Human Services Secretary Kathleen Sebelius could not certify that the entitlement was fiscally sustainable. The provision must be repealed because the Congressional Research Service says the courts could force her to implement the new entitlement even though it would expand the the deficit. It's is questionable that Senate Democrats even care and if the bill passes the House, they may block or kill the bill. Fiscal responsibility and sustainability is not a strong suit for Senate Leader Harry Reid.

The Senate resumed debating S. 2083, the STOCK Act, which would prohibit Members of Congress from using nonpublic insider information for trading or personal gain. Many amendments are pending to the bill and roll call votes on amendments are likely today. The STOCK Act is designed to prohibit Members of Congress from using nonpublic insider information for trading or personal gain. Nobody thinks Congress should be above scrutiny, but neither should the administration.

Speaking to reporters yesterday, Senate Republican Leader Mitch McConnell explained the problem: “As you know, we’re now on the STOCK Act. [T]he majority leader has indicated it’s open for amendment. And we certainly hope that the provisions of the bill will equally apply to the executive branch as they do to the Congress. I think that’s extremely important. Most of our members believe that, if there is any insider trading going on in the government, most likely that would be in the executive branch. And we want to make sure that this new law applies equally to both.”

To address this issue, Sen. Rand Paul (R-KY) introduced three amendments to the bill yesterday. One of his amendments seeks to put an end to the revolving door that allows big money contributors to enter the administration and preside over policy that affects their bottom line. If this legislation passes it will ensure that nobody has to worry whether Administration advisers have a financial interest in the companies receiving taxpayer money.

In support of his amendments, Sen. Paul argued, “Currently there are some large donors that have been giving to this Administration who have profited enormously and disproportionately. This will allow this bill to apply to the Administration, and I don’t believe people who are multimillionaires and billionaires should use the apparatus of government as was used in the loans that were given to Solyndra by someone who is profiting off of their relationship and ties to the President, profiting off of people who used to work for these companies now, who are now employed in the administration and using these connections to get taxpayer money to go to private individuals.”

And speaking of Solynda, today, Crossroads Grassroots Policy Strategies (Crossroads GPS) released a new national TV spot focused on the Obama Administration's green energy policies, and its handling of the Solyndra scandal.

---

Tags: Washington, D.C., US House, Us Senate, FAA Extension Bill, reconciliation, CLASS Act, Stock Act To share or post to your site, click on "Post Link". Please mention / link to the ARRA News Service. Thanks!