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| Call Your Representative Today to Protect VAWA! | |
| Your representative needs to hear from you! | |
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As early as tomorrow, the House of Representatives could vote on a bill that would undermine many critical Violence Against Women Act (VAWA) programs and fail to help prevent violence on campus. We need your voice, as do the tens of thousands of victims of domestic violence who rely on these important programs. Call your representative and tell her or him to VOTE AGAINST H.R. 4970, a version of VAWA reauthorization that would weaken the protections of the Violence Against Women Act! H.R. 4970 doesn’t contain the necessary provisions to improve safety on college campuses; it expressly rejects protections for lesbian, gay, bisexual and transgender Americans; and it guts confidentiality rules that help ensure victims of violence who are immmigrants seek the assistance they need. To call your representative, visit AAUW Two-Minute Activist or click on the “Take Action” link in the upper right hand corner of this email. Remember: You can always help strengthen AAUW’s efforts to fight sexual violence and assault by making a tax-deductible donation to AAUW’s Public Policy Fund! |
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By ThinkProgress War Room on May 15, 2012 at 5:24 pm
You’ve probably heard by now that JP Morgan Chase lost a whopping $2 BILLION on a single bad bet in just a matter of weeks. What you may not have heard is that JP Morgan, and its CEO Jamie Dimon, have been among of the most vocal opponents of tougher regulations on Wall Street. The bank has spent nearly $10 million since the beginning of 2011 on lobbying, focusing largely on the Volcker Rule, a regulation that would largely prohibit risky proprietary trading at federally-insured banks (like JP Morgan). The trade that caused JP Morgan’s losses would likely still have been legal under the Volcker Rule, but only because of a loophole that JP Morgan lobbied for.
As the Atlantic’s Derek Thompson points out, just this one losing gamble cost JP Morgan far more – at least four times more – than even what it claimed would be the onerous costs of complying with Wall Street reform:
It’s also worth noting that the “costs” JP Morgan estimated to be associated with Wall Street reform are probably wildly overblown. They also aren’t really compliance costs so much as lower profits due to less risk-taking. It’s true that banks can sometimes make more money when they place riskier bets, but that also means taxpayer-insured institutions like JP Morgan also open up taxpayers to bigger losses when these bets go wrong. Regulations on the financial industry balance out these potential costs and benefits.
JP Morgan claims the loss came as part of a legal “hedging” strategy meant to reduce risk; however, as David Wessel, economics editor at the Wall Street Journal, pointed out this morning, this explanation doesn’t hold up:
Especially from the outside, it’s incredibly hard to tell the difference between a hedge, where you’re offsetting some risk you take in your business, and simply going to the casino and making a bet — in the hopes of making a profit. And there a lot of people outside JP Morgan who said, look, that’s what they were doing.
And, just as a reminder, JP Morgan is a bank with federally-insured deposits (more than a $1 TRILLION worth), meaning risky bets once again threaten to put the taxpayer on the hook in the event of a crisis.
Conservatives’ reactions to the troubling news have been mixed. For his part, the chairman of the Republican National Committee responded that the incident shows we need less regulation of Wall Street, not more. Sen. Bob Corker (R-TN), who voted against Dodd-Frank, has called for a Senate investigation of the $2 BILLION loss. Mitt Romney, of course, believes we should not only repeal Dodd-Frank outright, but also get rid of additional rules that were put in place in the wake of the collapse of Enron and accounting scandals at other large corporations.
The obvious response to clear evidence that Wall Street may be going back to its bad old ways before the economy has even recovered from the last mess they created is that we need tougher rules on Wall Street. And that’s exactly the case President Obama made today on The View:
“JPMorgan is one of the best-managed banks there is. Jamie Dimon, the head of it, is one of the smartest bankers we got and they still lost $2 billion and counting,” the president said. “We don’t know all the details. It’s going to be investigated, but this is why we passed Wall Street reform.”
“This is the best, or one of the best-managed banks. You could have a bank that isn’t as strong, isn’t as profitable making those same bets and we might have had to step in,” Obama said. “That’s exactly why Wall Street reform’s so important.”
Treasury Secretary Tim Geithner also weighed in today, saying the bad bet “helps make the case” for tougher financial regulations:
“The Fed and the SEC and the other regulators — and we’ll be part of this process — are going to take a very careful look at this incident of course, and make sure that we review the implications of what that means for the design of these remaining rules,” Geither said, adding that the review will be “not just for the Volcker Rule, which is important in this context, but the broader set of safeguards and reforms.”
IN ONE SENTENCE: JP Morgan’s loss underscores why we needed to pass Wall Street reform in the first place — and shows why we need to speed up and strengthen its implementation.
Mitt Romney warned of a “prairie fire of debt” sweeping across the nation, but ignored how his own plan would add fuel to the fire with trillions more in unnecessary deficit and debt.
Speaker Boehner floats the idea of taking the entire economy hostage — again.
The entire Spring 2012 issue of the Columbia University Human Rights Review is devoted to the story of how Texas executed an innocent man.
Facebook co-founder Eduardo Saverin renounced his US citizenship to avoid paying capital gains taxes on the fortune heading his way when Facebook files its IPO. Meanwhile, Mark Zuckerberg may never have to pay taxes again.
North Korea has some draconian laws on its books related to people whose ancestors fought for the Japanese. Punishable under these laws? Great Successor Kim Jong-Un.
According to Pat Robertson, gay relationships only bring forth “disease and suffering.”
Scarlett Johansson points out that superheroines can’t merely be objects of consumption.
President Obama laid the groundwork for many others to express their own support for marriage equality.
Republicans want to spend more on defense, unless it’s funding for green energy.
Opposing More Than Just Marriage Equality Over the weekend, a top Republican pollster put out a memo urging Republicans to recognize the magnitude of the rapid change in public opinion about LGBT issues and start supporting a least some rights for gay people. And today, Gallup reported that societal acceptance of gays and lesbians is [...]
A Severely Conservative University As we discussed yesterday, Mitt Romney has a radical anti-gay record and agenda. So it’s fitting that tomorrow he will be giving the commencement speech at Liberty University, a radically conservative, anti-gay Virginia university founded by the late televangelist Jerry Falwell. How radical? This is who the university’s founder blamed for [...]
Mitt Romney’s Extreme Anti-Gay Agenda Following yesterday’s historic endorsement of marriage equality by President Obama, Mitt Romney wasted no time in reminding Americans that he believes that LGBT relationships must be both separate and unequal. Romney reiterated his longstanding opposition to both marriage and civil unions: “Well, when these issues were raised in my state [...]
An Historic Day for Equality “I have to tell you that over the course of several years as I have talked to friends and family and neighbors when I think about members of my own staff who are in incredibly committed monogamous relationships, same-sex relationships, who are raising kids together, when I think about those [...]
H.R. 3578, Baseline Reform Act of 2012
H.R. 4310, National Defense Authorization Act for Fiscal Year 2013
S. 414, International Protecting Girls by Preventing Child Marriage Act of 2011
As ordered reported by the Senate Committee on Foreign Relations
on February 14, 2012
S. 414 would authorize the President to provide assistance to developing countries to reduce the incidence of child marriage and would require him to develop and implement a multiyear strategy to prevent such marriages and promote the empowerment of girls. CBO estimates that implementing the bill would have a discretionary cost of $23 million over the 2013-2017 period, assuming appropriation of the necessary amounts.
May 2012 Newsletter
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Click on the link below for the Video
the Senate Convenes: 9:30amET May 16, 2012
If all time is used, there will be up to 5 roll call votes at approximately 3:50pm today. Those votes will be on motions to proceed to the following Budget resolutions:
- Calendar #357, S.Con.Res.41 (Senator Sessions-his interpretation of the Obama budget);
- Calendar #354, H.Con.Res.112 (Congressman Ryan);
- Calendar #356, S.Con.Res.37 (Senator Toomey);
- Calendar #384, S.Con.Res.42 (Senator Paul); and
- Calendar #395, S.Con.Res.44 (Senators Lee, Paul, DeMint).
3:55pm The Senate began a roll call vote on the motion to proceed to S.Con.Res.41, A concurrent resolution setting forth the President’s budget request for the United States Government for fiscal year 2013, and setting forth the appropriate budgetary levels for fiscal years 2014 through 2022 (Sessions’s interpretation of the Obama budget); Not Agreed to: 0-99
4:22 pm The Senate began a roll call vote on the motion to proceed to H.Con.Res.112, Establishing the budget for the United States Government for fiscal year 2013 and setting forth appropriate budgetary levels for fiscal years 2014 through 2022 (Congressman Ryan); Not Agreed to: 40-59
4:41pm The Senate began a roll call vote on the motion to proceed to S.Con.Res.37, A concurrent resolution setting forth the congressional budget for the United States Government for fiscal year 2013, and setting forth the appropriate budgetary levels for fiscal years 2014 through 2022 (Senator Toomey); Not Agreed to: 42-57
5:01pm The Senate began a roll call vote on the motion to proceed to S.Con.Res.42, A concurrent resolution setting forth the congressional budget for the United States Government for fiscal year 2013, revising the appropriate budgetary levels for fiscal year 2012, and setting forth the appropriate budgetary levels for fiscal years 2013 through 2022 (Senator Paul); Not Agreed to: 16-83
5:25pm The Senate began a roll call vote on the motion to proceed to S.Con.Res.44, A concurrent resolution setting forth the congressional budget for the United States Government for fiscal year 2013 and setting forth the appropriate budgetary levels for fiscal years 2014 through 2022 (Senators Lee, Paul and DeMint); Not Agreed to: 17-82
6:58pm Cloture on the Federal Reserve nominations has been vitiated. At 10:30am tomorrow, Thursday. May 17, there will be 90 minutes for debate equally divided and controlled prior to votes on confirmation of the nominations. Each nomination is subject to a 60-vote threshold.
As a result, at approximately 12:00 noon tomorrow, the Senate will proceed to vote on confirmation of the following nominations:
- Executive Calendar #646, Jeremy C. Stein, of Massachusetts, to be a Member of the Board of Governors of the Federal Reserve System; and
- Executive Calendar #647, Jerome H. Powell, of Maryland, to be a Member of Board of Governors of the Federal Reserve System.
There will be no further roll call votes during today’s session of the Senate.
WRAP UP
ROLL CALL VOTES
1) Motion to proceed to Calendar #357, S.Con.Res.41, A concurrent resolution setting forth the President’s budget request for the United States Government for fiscal year 2013, and setting forth the appropriate budgetary levels for fiscal years 2014 through 2022 (Sessions’s interpretation of the Obama budget); Not Agreed To: 0-99
2) Motion to proceed to Calendar #354, H.Con.Res.112, Establishing the budget for the United States Government for fiscal year 2013 and setting forth appropriate budgetary levels for fiscal years 2014 through 2022 (Congressman Ryan); Not Agreed To: 41-58
3) Motion to proceed to Calendar #356, S.Con.Res.37, A concurrent resolution setting forth the congressional budget for the United States Government for fiscal year 2013, and setting forth the appropriate budgetary levels for fiscal years 2014 through 2022 (Senator Toomey); Not Agreed To: 42-57
4) Motion to proceed to Calendar #384, S.Con.Res.42, A concurrent resolution setting forth the congressional budget for the United States Government for fiscal year 2013, revising the appropriate budgetary levels for fiscal year 2012, and setting forth the appropriate budgetary levels for fiscal years 2013 through 2022 (Senator Paul); Not Agreed To: 16-83
5) Motion to proceed to Calendar #395, S.Con.Res.44, A concurrent resolution setting forth the congressional budget for the United States Government for fiscal year 2013 and setting forth the appropriate budgetary levels for fiscal years 2014 through 2022 (Senators Lee, Paul, DeMint); Not Agreed To: 17-82
LEGISLATIVE ITEMS
Adopted S.Res.463, Designating May 19, 2012, as “National Kids to Parks Day”.
Adopted S.Res.464, commemorating the 70th anniversary of Ellsworth Air Force Base.
Adopted S.Res.465, recognizing that the Governor of the State of Colorado has proclaimed 2012 as the “Year of Water”.
Completed the Rule 14 process of S.3187, Food and Drug Administration Safety and Innovation Act. (Harkin & Enzi)
Discharged the Energy and Natural Resources Committee of H.R.2947, a bill to provide for the release of the reversionary interest held by the United States in certain land conveyed by the United States in 1950 for the establishment of an airport in Cook County, Minnesota and referred it to the Agriculture, Nutrition and Forestry Committee.
No EXECUTIVE ITEMS
—————————————————————————————–
CURRENT HOUSE FLOOR PROCEEDINGS
LEGISLATIVE DAY OF MAY 16, 2012
112TH CONGRESS – SECOND SESSION
-SPECIAL ORDER SPEECHES – The House has concluded all anticipated legislative business and has proceeded to Special Order speeches.7:30:55 P.M. -ONE MINUTE SPEECHES – The House proceeded with further one minute speeches.7:30:28 P.M. -H.R. 4310Committee of the Whole House on the state of the Union rises leaving H.R. 4310 as unfinished business.6:20:16 P.M. -H.R. 4310GENERAL DEBATE – The Committee of the Whole proceeded with one hour of general debate on H.R. 4310.6:20:06 P.M. -H.R. 4310The Speaker designated the Honorable Dennis Ross to act as Chairman of the Committee.6:20:05 P.M. -H.R. 4310House resolved itself into the Committee of the Whole House on the state of the Union pursuant to H. Res. 656 and Rule XVIII.6:19:44 P.M. -H.R. 4310Rule provides for consideration of H.R. 4970 and H.R. 4310. Resolution provides for 1 hour of general debate on H.R. 4970. The amendment in the nature of a substitute recommended by the Committee on the Judiciary, modified by the amendment printed in the report of the Committee on Rules, shall be considered as adopted. Previous question shall be considered as ordered on H.R. 4970, as amended, without intervening motions except one motion to recommit. Resolution provides for 1 hour of general debate on H.R. 4310. No further consideration of H.R. 4310 shall be in order except pursuant to a subsequent order of the House.6:19:39 P.M. -H.R. 4310Considered under the provisions of rule H. Res. 656. H.R. 4310 — “To authorize appropriations for fiscal year 2013 for military activities of the Department of Defense, to prescribe military personnel strengths for fiscal year 2013, and for other purposes.”6:19:21 P.M. -NOTIFICATION OF INTENT TO OFFER MOTION TO INSTRUCT – Mr. Barrow notified the House of his intention to offer a motion to instruct conferees on the bill H.R. 4348. The instructions contained in the motion seek to require the managers on the part of the House at the conference on the disagreeing votes of the two Houses on the Senate amendment to the bill H.R. 4348 be instructed to insist on title II of the House bill, regarding approval of Keystone XL Pipeline.6:17:26 P.M. -H.R. 5740At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed.5:38:37 P.M. -H.R. 5740DEBATE – The House proceeded with forty minutes of debate on H.R. 5740.5:38:32 P.M. -H.R. 5740Considered under suspension of the rules.5:38:13 P.M. -H.R. 5740Mrs. Biggert moved to suspend the rules and pass the bill. H.R. 5740 — “To extend the National Flood Insurance Program, and for other purposes.”5:36:21 P.M. -The Speaker announced that votes on suspensions, if ordered, will be postponed until a time to be announced.5:33:21 P.M. -The Speaker laid before the House a message from the President transmitting a notification declaring a national emergency with respect to the unusual and extraordinary threat to the national security and foreign policy of the United States posed by the actions and policies of certain members of the Government of Yemen and others to threaten Yemen’s peace, security, and stability. – referred to the Committee on Foreign Affairs and ordered to be printed (H. Doc. 112-109).5:32:19 P.M. -H.R. 2621Motion to reconsider laid on the table Agreed to without objection.5:31:32 P.M. -H.R. 2621On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote.5:31:15 P.M. -H.R. 2621Considered as unfinished business. H.R. 2621 — “To establish the Chimney Rock National Monument in the State of Colorado, and for other purposes.”5:30:56 P.M. -H.R. 4970Motion to reconsider laid on the table Agreed to without objection.5:30:55 P.M. -H.R. 4970On passage Passed by recorded vote: 222 – 205 (Roll no. 258).5:22:07 P.M. -H.R. 4970On motion to recommit with instructions Failed by the Yeas and Nays: 187 – 236 (Roll no. 257).4:58:38 P.M. -H.R. 4970The previous question on the motion to recommit with instructions was ordered without objection.4:47:47 P.M. -H.R. 4970DEBATE - The House proceeded with 10 minutes of debate on the Moore motion to recommit with instructions. The instructions contained in the motion seek to require the bill to be reported back to the House with an amendment to ensure that nothing in the underlying bill will eliminate, reduce, or limit any protection currently available that provides confidentiality to victims of domestic violence. This protection includes the prevention of notifying a suspected batterer of a victim’s efforts to seek assistance from law enforcement.4:47:36 P.M. -H.R. 4970Ms. Moore moved to recommit with instructions to Judiciary.4:47:11 P.M. -H.R. 4970The previous question was ordered pursuant to the rule.3:22:54 P.M. -H.R. 4970DEBATE – The House proceeded with one hour of debate on H.R. 4970.3:22:24 P.M. -H.R. 4970Rule provides for consideration of H.R. 4970 and H.R. 4310. Resolution provides for 1 hour of general debate on H.R. 4970. The amendment in the nature of a substitute recommended by the Committee on the Judiciary, modified by the amendment printed in the report of the Committee on Rules, shall be considered as adopted. Previous question shall be considered as ordered on H.R. 4970, as amended, without intervening motions except one motion to recommit. Resolution provides for 1 hour of general debate on H.R. 4310. No further consideration of H.R. 4310 shall be in order except pursuant to a subsequent order of the House.3:22:19 P.M. -H.R. 4970Considered under the provisions of rule H. Res. 656. H.R. 4970 — “To reauthorize the Violence Against Women Act of 1994.”3:22:00 P.M. -H.R. 2745Motion to reconsider laid on the table Agreed to without objection.3:21:57 P.M. -H.R. 2745On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote.3:21:15 P.M. -H.R. 2745Considered as unfinished business. H.R. 2745 — “To amend the Mesquite Lands Act of 1986 to facilitate implementation of a multispecies habitat conservation plan for the Virgin River in Clark County, Nevada.”3:20:05 P.M. -NOTIFICATION OF INTENT TO OFFER MOTION TO INSTRUCT – Mr. Rahall notified the House of his intention to offer a motion to instruct conferees on the bill H.R. 4348. The instructions contained in the motion seek to require the managers on the part of the House at the conference on the disagreeing votes of the two Houses on the Senate amendment to the bill H.R. 4348 to be instructed to agree to sections 1528, 20017 (to the extent that such section amends section 5323 of title 49, United States Code, to provide subsection (k) relating to Buy America), 33007, 33008, and 35210 of the Senate amendment.3:20:04 P.M. -COMMITTEE FILING AUTHORITY – Mr. Aderholt asked unanimous consent that the Committee on Appropriations may have until 6 p.m. on May 25, 2012, to file four privileged reports on bills making appropriations for the Department of Homeland Security; Military Construction, the Department of Veterans Affairs, and Related Agencies; the Department of Defense, and for the Department of State, Foreign Operations, and Related Programs. Agreed to without objection.3:19:03 P.M. -H.R. 4119Motion to reconsider laid on the table Agreed to without objection.3:19:02 P.M. -H.R. 4119On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 416 – 4 (Roll no. 256).3:11:36 P.M. -H.R. 4119Considered as unfinished business. H.R. 4119 — “To reduce the trafficking of drugs and to prevent human smuggling across the Southwest Border by deterring the construction and use of border tunnels.”3:11:19 P.M. -UNFINISHED BUSINESS – The Chair announced that the unfinished business was on the motion to suspend the rules and pass H.R. 4119, as amended, which had been debated earlier and on which further proceedings had been postponed.3:11:09 P.M. -H. Res. 656Motion to reconsider laid on the table Agreed to without objection.3:11:09 P.M. -H. Res. 656On agreeing to the resolution Agreed to by the Yeas and Nays: 235 – 186, 1 Present (Roll no. 255).3:01:06 P.M. -MOMENT OF SILENCE – The House observed a moment of silence for the police officers who serve and protect us each day.3:00:35 P.M. -H. Res. 656On ordering the previous question Agreed to by the Yeas and Nays: 235 – 187 (Roll no. 254).1:20:37 P.M. -H. Res. 656DEBATE – The House proceeded with one hour of debate on H. Res. 656.1:20:07 P.M. -H. Res. 656Considered as privileged matter. H. Res. 656 — “Providing for consideration of the bill (H.R. 4970) to reauthorize the Violence Against Women Act of 1994, and providing for consideration of the bill (H.R. 4310) to authorize appropriations for fiscal year 2013 for military activities of the Department of Defense, to prescribe military personnel strengths for fiscal year 2013, and for other purposes.”1:19:31 P.M. -H. Res. 656On motion to consider the resolution Agreed to by the Yeas and Nays: 239 – 183 (Roll no. 253).12:54:14 P.M. -H. Res. 656At the conclusion of debate on the Moore point of order, the Chair put the question on consideration of the resolution.12:34:09 P.M. -H. Res. 656POINT OF ORDER AGAINST CONSIDERATION – Ms. Moore stated that the provisions of H. Res. 656 violate section 426(a) of the Congressional Budget Act of 1974 and made a point of order against consideration of the resolution. Subsequently, the Chair noted that the required threshold of identifying the specific language in question had been met, and the House proceeded with 20 minutes of debate on the question of consideration. At the conclusion of debate on the question of consideration, the Chair will put the question to wit: Will the House now consider the resolution?12:31:53 P.M. -H. Res. 656By direction of the Committee on Rules, Ms. Foxx called up the resolution, H. Res. 656, and asked for its immediate consideration.12:04:29 P.M. -ONE MINUTE SPEECHES – The House proceeded with one minute speeches, which by direction of the Chair would be limited to 15 per side of the aisle.12:03:02 P.M. -The Chair recognized Mr. Young (IN) for the purpose of introducing the guest Chaplain.12:02:19 P.M. -PLEDGE OF ALLEGIANCE – The Chair designated Mr. McIntyre to lead the Members in reciting the Pledge of Allegiance to the Flag.12:02:15 P.M. -The Speaker announced approval of the Journal. Pursuant to clause 1, rule I, the Journal stands approved.12:01:04 P.M. -Today’s prayer was offered by Reverend Tom Ellsworth, Sherwood Oaks Christian Church, Bloomington, Indiana.12:00:46 P.M. -The House convened, returning from a recess continuing the legislative day of May 16.10:47:28 A.M. -The Speaker announced that the House do now recess. The next meeting is scheduled for 12:00 P.M. today.10:02:00 A.M. -MORNING-HOUR DEBATE – The House proceeded with Morning-Hour Debate. At the conclusion of Morning-Hour, the House will recess until 12:00 p.m. for the start of legislative business.10:01:45 A.M. -The Speaker designated the Honorable Joe Barton to act as Speaker pro tempore for today.10:00:00 A.M. -The House convened, starting a new legislative day.