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New Direction for Energy Independence, National Security, and Consumer Protection Act
Americans for Democratic Action 2008 Senate Scorecard description Reid (D-NV) motion to accept a House bill Reid (D-NV) motion to accept a House bill to grant authority to the Treasury Department to extend new credit and buy stock in Fannie Mae and Freddie Mac. It would create an independent regulator for the two mortgage giants and the Federal Home Loan Bank System, overhaul the Federal Housing Administration, allowing it to insure up to $300 billion worth of new, refinanced loans for struggling mortgage borrowers. It also includes a $7,500 tax credit for some first-time homebuyers, higher loan limits for FHA-backed loans, a standard tax deduction for property taxes and revenue-raisers to offset part of the costs. It also would authorize $3.9 billion in grants to states and localities to purchase and rehabilitate foreclosed properties, and increase the federal debt limit to $10.6 trillion. the federal debt limit to $10.6 trillion.
Americans for Democratic Action 2008 Senate Scorecard position Aye +
Americans for Democratic Action 2008 Senate Scorecard source Http://www.adaction.org/pages/publications/voting-records.php +
Bill of vote Federal housing and mortgage legislation (U.S.) + , New Direction for Energy Independence, National Security, and Consumer Protection Act +
Chamber 111th United States Congress + , U.S. Senate +
Congress number 110th +
Drum Major Institute 2008 Senate Scorecard description The federal government and the mortgage in The federal government and the mortgage industry’s failure to address the subprime mortgage and foreclosure crisis adequately could result in as many as 1.9 million Americans losing their homes in 2008 and 2009. Already foreclosure filings have increased 60% from February 2007 to February 2008. Extending the same bankruptcy protections to primary residences that currently apply to luxury yachts and vacation homes is not only fair, but would prevent 600,000 families from losing their homes to foreclosure. Strengthened bankruptcy protection is also beneficial to middle-class families who are not themselves facing foreclosure: protecting these 600,000 families from foreclosure would save neighbors of foreclosed properties $72.5 billion in wealth that would otherwise be lost to reduced property values. Because the Helping Families Save Their Homes in Bankruptcy Amendment restricts eligibility for bankruptcy mortgage restructuring to homeowners who are unable to afford currently existing mortgages, the measure is unlikely to cause an increase in mortgage interest rates: only homes in danger of foreclosure will qualify and the risk of foreclosure is already calculated into current interest rates. dy calculated into current interest rates.
Drum Major Institute 2008 Senate Scorecard position Nay +
Drum Major Institute 2008 Senate Scorecard source Http://www.drummajorinstitute.org/library/report.php?ID=87 +
Modification date
National Journal 2008 Senate Scorecard description Kill an amendment allowing bankruptcy judges to adjust mortgage terms
National Journal 2008 Senate Scorecard position Aye +
National Journal 2008 Senate Scorecard source Http://www.nationaljournal.com/njmagazine/cs 20090228 4813.php +
Roll call number 827 + , 88 + , 186 +
Scorecard vote U.S. Chamber of Commerce 2007 House Scorecard + , Drum Major Institute 2008 Senate Scorecard + , National Journal 2008 Senate Scorecard + , Americans for Democratic Action 2008 Senate Scorecard +
Session number 1 + , 2 +
U.S. Chamber of Commerce 2007 House Scorecard description Despite the Chamber’s strong opposition, t Despite the Chamber’s strong opposition, the House approved 220-190 an amendment to H.R. 3221, New Direction for Energy Independence, National Security, and Consumer Protection Act, to establish an unworkable 15 percent nationwide renewable electricity mandate. A requirement that 15 percent of electricity in every state come from renewables (wind, solar, biomass, geothermal, ocean, tidal, and incremental hydropower) is unworkable. Such a mandate would have ignored clean energy sources such as nuclear energy and clean coal and would have resulted in a wealth transfer from states without capacity for renewable energy to states abundant in renewable resources. A similar mandate was rejected by the Senate, and it was not included in the energy legislation that became law. in the energy legislation that became law.
U.S. Chamber of Commerce 2007 House Scorecard position Nay +
U.S. Chamber of Commerce 2007 House Scorecard source Http://www.uschamber.com/issues/legislators/07htv house.htm +
Categories Congresspedia  + , Economic Policy (U.S.)  + , U.S. legislation  + , Record votes  +
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New Direction for Energy Independence, National Security, and Consumer Protection Act + , U.S. Senate record vote 186, 110th Congress, Session 2 + Bill of vote
 

 

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