Small Businesses v. Obamacare
The National Federation of Independent Business, representing the interests of small businesses across America, recently joined more 20 states on the lawsuit challenging the constitutionality of Obamacare. The move is the latest blow to President Obama's post-passage public relations effort.
NFIB's involvement was prompted by the individual and employer mandates, new taxes and onerous paperwork requirements. An accompanying statement said the Patient Protection and Affordable Care Act would devastate small business, threatening their viability.
The Scoop
The lawsuit's two main legal claims involve the unconstitutionality of the individual mandate.
Last month Heritage's John Ligon documented how Obamacare penalizes small businesses: higher health care costs, an ineffective small business tax credit, higher regulation compliance costs, and Medicare taxes on "flow-through" and investment income.
NFIB chief executive Dan Danner said the law simply went too far:
"We want to make it very clear: NFIB has a long history of working on and supporting healthcare reform. We are not part of the 'Just say no' crowd. Small businesses DO need reforms that help to reduce costs and increase choices. We have encouraged reforms that cover pre-existing conditions, help to create effective and affordable national exchanges, provide the ability to buy across state lines, and include liability reform. But this new law resulted in more bad than good for our nation's job creators. And this law is a bridge too far in terms of the future of our constitutional freedoms and liberties."
So what makes the NFIB's involvement important? The fact that small firms represent 99.7 percent of all employers, according to the U.S. Small Business Administration, sends a strong message Obama.
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Thursday, May 20, 2010
Fwd: Small Businesses v. Obamacare
Fwd: Senate Democratic Whip Compares Sealing the Mexican Border to Trying to Keep Drugs Off of I-95
Today's Headlines Thursday, May 20, 2010
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Senate Democratic Whip Compares Sealing the Mexican Border to Trying to Keep Drugs Off of I-95
Washington (CNSNews.com) - Senator Dick Durbin (D-Ill.) said the effort to secure the U.S.-Mexico border is like trying to guarantee that "no narcotics and no guns are going to pass illegally" along I-95, a major East Coast highway. "Imagine the challenge that would pose to any governmental unit trying to enforce it," Durbin said.
Mexican President Denounces Arizona Law Despite Laws Against Illegal Immigration in His Own Country
(CNSNews.com) – At a joint press conference in the White House Rose Garden on Wednesday, President Barack Obama and Mexican President Felipe Calderon criticized Arizona's new law against illegal immigration. In Calderon's Mexico, however, illegal immigration is punished with fines and deportations.
Obama Says Administration Taking 'Very Close Look' at Arizona's Immigration Law for Civil Rights 'Implications'
(CNSNews.com) - President Barack Obama said his administration is taking a "very close look" at Arizona's new anti-illegal immigration law, examining it for any "implications, especially for civil rights." He did not say whether he's read the law.
Sestak Has 'Moral Imperative' to Answer Questions on White House Job Offer, GOP Congressman Says
(CNSNews.com) – Fresh off his win over incumbent Sen. Arlen Specter in the Pennsylvania Democratic primary, Rep. Joe Sestak should still be obligated to answer questions about a job he says the White House offered to him if he agreed not to run against Specter in the primary, a leading House Republican said. "Could the reason why Congressman Joe Sestak refuses to name names is because the very people who tried to bribe him are now his benefactors?" Rep. Darrell Issa (R-Calif.) ranking member of the House Oversight and Government Reform Committee, said in a statement Wednesday.
Accused of Sinking South Korean Ship, North Korea Threatens 'All-Out War'
(CNSNews.com) – Tensions rose on the Korean peninsula Thursday after South Korea accused North Korea of torpedoing its warship in March, drawing a sharp response and threats of "all-out war" from Pyongyang. The U.S. and Japanese governments quickly voiced support for South Korea, with the White House condemning the North Korean "act of aggression."
Ahead of White House Visit, Lebanese PM Meets With Syrian President, Seeks Talks With Hezbollah Leader
(CNSNews.com) – Preparing for his first official visit to Washington next week, Lebanon's U.S.-backed Prime Minister Saad Hariri has held "coordination" talks with Syrian President Bashir Assad and reportedly plans to meet Hezbollah leader Hassan Nasrallah. The U.S. government has listed Hezbollah as a "foreign terrorist organization" since the FTO designation was first established in 1996.
Democratic Leader Hoyer Doesn't Know Whether Obama Administration was Prepared for Oil Spill
(CNSNews.com) – House Majority Leader Steny Hoyer (D-Md.) said he did not know whether the Obama administration was prepared to combat the oil spill disaster in the Gulf of Mexico. Hoyer also said it was "accurate" that the federal government had not been properly checking up on British Petroleum and its oil rigs
.
CNSNEWS.COM VIDEO
OTHER CNSNEWS.COM HEADLINES
National Science Agency Presses for Carbon Tax; Calls 'Global Warming' an 'Urgent Threat'
Some Small Businesses Feel Misled by Obama Health Care Law
North Korea Crisis Looms As Clinton Heads to Asia
Senators Press for National Guard Troops on Border
Elena Kagan's Papers Shed Light on Nominee's Personality
Homosexual Couple Gets Maximum 14-Year Sentence in Malawi
Three Americans Jailed in Iran Meet With Their Mothers
Senate Fails to End Debate on Bank Regulation Bill
Singer Elvis Costello Cancels Concerts in Israel
Paintings Worth Millions Stolen in Paris
UK's Cameron, Clegg Finalize Coalition Deal; Vow 'Close and Frank' Ties With U.S.
China to Train Pandas to Survive in Wild
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NEWSPAPER ROUNDUP:
Costa Mesa declares itself a 'rule of law' community, not a sanctuary city
Low-speed electric vehicles are low-safety, watchdog group warns
Pentagon wants homosexual troops to weigh in on 'don't ask' policy
In the bayou, fish and oil have mixed for decades
Wash Post says Sen. Chuck Schumer (D-N.Y.) is poised to become majority leader
Small businesses' credit card rates now 13.7% higher
Scientist booted off oil panel over his non-PC views on gays, diversity
Louisiana bill would bar government from burdening the free exercise of religion
Switchblade knives now legal in NH
Rhode Island lawmaker files bill that follows Arizona immigration law
Gov. Charlie Crist puts off special session on oil drilling
COMMENTARY
Eric Holder Can't Read?
By L. Brent Bozell III
Liberal reporters always think that the liberal politicians they're covering are the smartest people in the room. In fact, when they're opposing something, they're so smart that they don't have to read the policy they're discussing. They have a clairvoyant sense of how wrong it is. Congressman Ted Poe of Texas exposed this liberal arrogance on May 13 at a House Judiciary Committee hearing when he asked Attorney General Eric Holder if he had read Arizona's new immigration law.
Immigration and Liberty
By Walter E. Williams
Strict enforcement of immigration law, enhanced border security, and modernizing our immigration laws are the best way to deal with a growing problem.
Fwd: Sen. DeMint (R-SC), Sec. Gates Clash Over Missile Defense During START Hearings
Sen. DeMint (R-SC), Sec. Gates Clash Over Missile Defense During First START Hearing
On Tuesday, Sen. Jim DeMint (R-SC) clashed head on with Obama administration officials in the first hearing over a new Strategic Arms Reduction Treaty (START), a proposed nuclear arms control treaty that the White House has submitted to the Senate for ratification. Senator DeMint hammered home the point that the treaty would limit how future presidents could pursue missile defenses. Secretary Gates brushed off the concerns as did the Committee Chair Senator John Kerry (D-MA) dismissing the notion that the White House has come up with anything but the perfect missile defense plan.
Missile Defense News
But others argue the White House plan is inadequate, furthermore in the future conditions and threats may change—why should the United States have to go back to Russia to get permission to defend itself. Senator Kerry has no problem seeking a permission slip from the Russians. As The New York Times reported, Senator DeMint thinks it is a terrible idea: "With his response, Senator Kerry proved why Americans have a hard time fully trusting the left to put American interests first in foreign affairs."
In fact, the administration knows the proposed treaty limits future missile defense program. That's it why it rushed to rewrite the White House fact sheet which first claimed the treaty put no limits on missile defense. The rewrite suggests that treaty won't limit Obama's plans. Even that statement is cold comfort. Obama's plan does not look like it will be adequate to deal with an Iranian threat, let alone the likes of the Russian nuclear force. Under the government's own estimate Iran could have a long-range missile, three years before it gets a missile defense umbrella up and running in Europe.
Get the FAQs on Missile Defense
In an age where conflicts are no longer confined to battlefields, missile defense is crucial. We must continue developing and improving our ability to detect, track, intercept, and destroy the enemy's missiles, whether short-, medium-, or long-range.
The Institute for Foreign Policy Analysis (IFPA) has created a frequently-asked-questions guide to ballistic missile defense. Free of technical jargon, the guide helps the lay reader understand the state of our missile defense, the nature of threats around the world, and what is required for the future.
For example, some Americans wonder if missile defense is too expensive. According to the IFPA:
"Missile defense spending represents a small portion of the total U.S. defense budget: in 2010 just over $10 billion out of a total defense budget close to $700 billion. This means that missile defense comprises approximately one seventieth of what the nation is spending each year for defense. This amount pales in comparison to the devastating consequences of even a single successful nuclear missile attack against an American city. Even during the Reagan administration'sStrategic Defense Initiative emphasizing defenses against missile attacks, the fraction of the DOD budget devoted to missile defense never rose as high as 2 percent. The present investment level in defenses against missile attacks is also miniscule compared with the nearly $800 billion appropriated in the economic stimulus…It is impossible to calculate the cost of a devastating attack on one or more of our major cities that could be prevented by missile defense."
The IFPA considers its guide a "living document," updated as the need arises. Technology is constantly changing, and Americans should be aware of the importance of our current and future ballistic missile defense capabilities.
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Wednesday, May 19, 2010
Fwd: MyHeritage.org: Does the Government consider you a criminal?
May 19, 2010 | By Amanda J. Reinecker
Does the Government consider you a criminal?
In an unusual joining of forces, The Heritage Foundation and the National Association of Criminal Defense Lawyers recently conducted a major study, Without Intent: How Congress Is Eroding the Criminal Intent Requirement in Federal Law. Although our two organizations typically reside on the opposite ends of the political spectrum, we have found common ground in targeting the abuse of the criminal law. Their collaboration led to an event that is even rarer in today's Washington: a bipartisan press conference with Reps. Bobby Scott (D-VA) and Louie Gohmert (R-TX).
"One of the central purposes of the study," writes Heritage senior legal research fellow Brian Walsh, "was to understand how the federal legislative process is creating so many vague, overbroad criminal offenses that lack an adequate guilty-mind requirement."
Dangerously flawed federal criminal laws are putting at risk average Americans who are doing their best to be respectable, law-abiding citizens, as this Heritage video explains. Congress is criminalizing everyday conduct at a reckless pace, neglecting the special expertise of the House and Senate Judiciary Committees -- the designated arbiters of criminal law and justice -- and delegating its authority to pass criminal laws to unelected, barely accountable federal bureaucrats.
For centuries, our law has required the government to prove a defendant acted with criminal intent (a guilty mind or, in legal terms, mens rea) before being punished as a criminal. But this requisite is quickly eroding.
Without Intent reveals that of the 446 criminal offenses proposed by the 109th Congress, 57 percent lacked adequate guilty-mind requirements. Even worse, 23 of these offenses were enacted into law, increasing the risk of an individual being punished for a crime without knowing he committed one.
The authors of the report outline key steps Congress should take to protect our civil liberties. Such recommendations include enacting statutes restoring the guilty-mind requirement and requiring adequate oversight by the House and Senate judiciary committees. "These reforms," Walsh argues, "would strengthen the protections against unjust conviction and prevent the dangerous proliferation of federal criminal law."
How much is Washington willing to tax America?
The Obama administration risks overseeing the largest tax increase in history if it allows the 2001 and 2003 tax cuts to expire at the end of the year. Heritage's budget policy analyst Brian Reidl explains the facts:
Low-income families will see their income tax rate jump five percentage points, while everyone else will see increases of three to 4.6 percentage points. Capital gains and dividends tax rates — currently 15 percent for most investors — will leap to 20 percent and 39.6 percent, respectively. The death tax, which is finally gone, will be re-imposed at a 55 percent rate.
Not only would these increases hurt families during stable times, but they will further devastate our already-wobbling economy. Instead of raising taxes to previous high levels, which Reidl explains will do little to control the rising deficit, "lawmakers should tighten their belts and rein in spending." Tax hikes only encourag more spending and higher deficits.
> Other Heritage Work of Note
- Building upon suggestions made by Heritage energy policy analyst Jack Spencer, the Department of Commerce has created the Civil Nuclear Trade Advisory Committee. The new industry group is tasked with providing the Commerce Secretary with a strategy to open foreign markets to U.S. nuclear suppliers. Spencer worked directly with the Obama administration to develop a blueprint for what to do on nuclear energy. This is a long-awaited and tremendous success for Spencer and the other organizations that worked alongside him to make this happen.
Read all Heritage research on nuclear energy.
- One week after David Cameron became Britain's new prime minister, the "Special Relationship" between the U.S. and the U.K. appears to be back on track, writes foreign affairs expert Nile Gardiner, who directs Heritage's Margaret Thatcher Center for Freedom This partnership, which took a hiatus during Gordon Brown's premiership, is essential to success in Afghanistan and Iran. Gardiner acknowledges, however, that it is still early in the game and there may be "storm clouds ahead." He writes, "While the early signs are positive, there is no guarantee that David Cameron will strike up a successful partnership with the US president." Despite their differences, the two should look ahead and work to advance long-term preservation of the "Special Relationship."
- In a landmark case, the Supreme Court ruled to uphold the constitutionality of life without parole (LWOP) for juvenile killers.And states can continue to sentence appropriate juvenile killers to LWOP. Heritage senior legal fellow Cully Stimson, who co-authored a report on the constitutionality and appropriately rare and judicious application of the LWOP sentence for the worst juvenile offenders, writes:
The Court, by implication, adopted The Heritage Foundation's statistics regarding the number of jurisdictions that allow for juvenile LWOP; 44 states, the federal government, and the District of Columbia. In so doing, the Court soundly rejected the manufactured statistics of the anti-incarceration crowd.
Though the Court misread the 8th Amendment and referenced foreign law to justify its position regarding non-homicide offenses, Stimson explains, the ruling is a step in the right direction toward preserving the constitutionality of this rare sentence for the most heinous juvenile killers.
> In Other News
- Obamacare attempts to reduce the financial burdens on Medicare patients and increase their access to health care. But it pays for this new spending by issuing drastic cuts to doctor reimbursement rates, making the treatment of Medicare patients unaffordable for doctors. As a result, more and more doctors are opting out of the program, reducing care available to seniors. That which it seeks to fix, Obamacare has only made worse.
- Tuesday's primaries suggest the electorate is tired of business as usual in Washington. Pennsylvania Sen. Arlen Specter, who switched to the Democratic Party last year and received backing from the governor and the president, failed to secure his party's nomination. Meanwhile, in Kentucky, Tea Party favorite and political novice Rand Paul won the GOP's nod for November's Senate contest. And Sen. Blanche Lincoln (D-AR) faces a run-off election after failing to fully stave off a challenge from the left.
- The AFP reports, "A suicide car bomber attacked NATO troops in the Afghan capital on Tuesday, killing 18 people, including five US soldiers and 12 local civilians in one of the deadliest strikes on Kabul in more than a year." At least 208 NATO soldiers, 130 of them from the United States, have died in the war so far this year.
- Newt Gingrich predicts Republicans can gain between 40–70 seats in the house this November and possibly win control of the Senate. The former speaker announced a possibility that he will run for President.
- Rep. Mark Souder (R-IN) has announced his resignation from Congress after admitting to an affair with a staffer.
Amanda Reinecker is a writer for MyHeritage.org—a website for members and supporters of The Heritage Foundation. Nathaniel Ward, the Editor of MyHeritage.org, contributed to this report.
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Fwd: American Idol Judge Ellen DeGeneres Asks Female Contestant to Sing Love Song to a Woman
Today's Headlines Wednesday, May 19, 2010
American Idol Judge Ellen DeGeneres Asks Female Contestant to Sing Love Song to a Woman
(CNSNews.com) - American Idol judge Ellen DeGeneres picked a love song written to be sung by a man to a woman for contestant Crystal Bowersox--a single mom with a boyfriend--to perform on the show's semifinal program on Tuesday night. The song, "Maybe I'm Amazed," written by Paul McCartney and dedicated to his now-deceased wife Linda McCartney, includes the repeated lyric "baby, I'm a man" in the chorus.
Democrats' See A 'Significant Blow to the Republican Party' in Tuesday's Elections
(CNSNews.com) – In their post-primary spin, Democrats say they won "the most significant election contest" of the day – the only race to pit a Republican against a Democrat. The Democrat Party's main talking point: "If the GOP couldn't win here, it's not going to have an easy time netting the 40 House seats in November it needs to retake the House."
McCain: 'Insulting' for Obama State Department to 'Compare' Arizona Anti-Immigration Law to China's Human Rights 'Abuses'
(CNSNews.com) - Senator John McCain (R-Ariz.) said it was "outrageous" for a top Obama administration State Department official to "compare" Arizona's anti-illegal immigration law with Communist China's "human rights abuses." He also told CNSNews.com that the official, who "did not read the law," reflects "the liberal elite" that does not know the difference between "a state acting in a constitutional fashion and a regime that's responsible for the deaths of millions of its citizens."
McCain, Kyl Demand Top Obama State Dept. Official Retract Statement and Apologize for Likening AZ Immigration Law to Chinese Human Rights Violations
(CNSNews.com) - Sens. John McCain (R-Ariz.) and Jon Kyl (R-Ariz.) Tuesday called on the top Obama State Department official responsible for human rights issues to "retract and apologize" for telling officials of the Communist government of China that Arizona's new immigration-enforcement law is an example of a "troubling trend in our society" and for portraying Arizona as the moral equivalent of Communist China.
At Previous Human Rights Session, U.S. Responded 'Forthrightly' to China's Concerns About U.S. Practices
(CNSNews.com) – The Obama administration's approach to human rights dialogue with China – "an open discussion where you not only raise the other guy's problems, but you raise your own" – appears to contrast to that of its predecessor. The latest controversy involving remarks by Assistant Secretary of State Michael Posner has focused attention on a forum that has long been dogged by Beijing's hypersensitivity to criticism of its rights record.
Obama Urged to Issue Executive Order on Human Right to Ensure U.S. Compliance With U.N. Treaties
(CNSNews.com) – The U.S. State Department is asking state and local human rights commissions to help it prepare an obligatory report to the United Nations on how the U.S. is advancing the human rights set forth in various treaties. Those state and local groups are now pressing President Obama to issue an executive order establishing a domestic human rights infrastructure that would help the U.S. meet its obligations to "respect, protect and fulfill human rights for all."
Hoyer: No Plans Yet by Democrats To End Fannie, Freddie Bailouts
(CNSNews.com) – House Majority Leader Steny Hoyer (D-Md.) could not say what action Democrats are planning to end the federal bailouts of Fannie Mae and Freddie Mac or when his party planned to take action. Hoyer, speaking to reporters on Tuesday at his weekly press briefing, said only that the House Financial Services Committee was "looking at" what to do with the failed mortgage giants that played a central role in the 2008 economic crisis.
Congress Pushing for Unilateral Gasoline Sanctions Against Iran Despite Progress at U.N.
(CNSNews.com) – "It is my expectation that Congress will soon send its own strong, targeted Iran sanctions bill to President Obama's desk," House Majority Leader Steny Hoyer said on Tuesday. Sen. Christopher Dodd (D-Conn.), cosponsor of the Senate bill, said Congress would not "retreat" from its own sanctions initiative regardless of what the U.N. does.
CNSNEWS.COM VIDEO
Rachael Ray Backs 'Uniform,' 'Level Playing Ground' for Public School Cafeterias
(CNSNews.com) - 'Some of the public schools I've been to, they're eating baked chicken and dark leafy greens and fresh fruits and vegetables, and then other schools, they don't even have the equipment, or the funds, or the ability to offer any of those products,' celebrity chef Rachel Ray told CNSNews.com.
OTHER CNSNEWS.COM HEADLINES
Primaries Results Reflect Anti-Washington, Anti-Establishment Mood
AP: Obama Endorsements Don't Seem to Help Democrats
Sestak, Toomey Race Will Be About Jobs, Economy
Insurgents Attack U.S. Air Base in Afghanistan, One Day After Deadly Attack on NATO Convoy
Immigration Reform Expected to Overshadow Drug Violence When Obama Meets With Calderone
Report Says Nine Hurt in Latest China Knife Attack
Rules Proposed for Avoiding Another 'Flash Crash' -- Before Cause of Crash Is Known
Three Militia Members Released From Jail; Gov't Fighting to Keep Other Six Behind Bars
FEMA Photographer Asked Church Volunteers Not to Wear Religious T-Shirts
Bangkok Burning, As Army Moves Against Anti-Government Protesters
Pakistani Court Orders Gov't to Block Facebook Because of 'Muhammad' Page
Iran Rejects U.N. Sanctions Resolution Draft
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NEWSPAPER ROUNDUP:
With stimulus cash running low, Arne Duncan sounds alarm on education 'emergency'
Head Start rife with enrollment fraud
Senate vote on same-sex benefits for federal employees coming 'within weeks'
Battle looms in Senate over Obama's pick to run Medicare and Medicaid
Guatemalan handyman dies protecting family he worked for from home invaders
Arizona official dares L.A. to stage boycott; City would give up 25% of its electricity
Obama defends stimulus in Ohio despite high unemployment
Police want to limit how long criminal records are accessible to the public
Spy agencies faulted by Senate panel for missing Christmas Day bomb attempt
New interrogation unit aids in questioning Times Square bomb suspect
Pro-immigrant Rep. Luis Gutierrez not invited to state dinner for Mexican president
Mexican town's police force quits after ambush
Virginia wonders what to do with immigrant elk that wandered in from Kentucky
Eradication of smallpox may have set the stage for HIV pandemic, study says
Texas Board of Education will choose the next generation of history textbooks this week
COMMENTARY
Kagan Wants to Impose Her Values on Your Speech
By Terence P. Jeffrey
Supreme Court nominee Elena Kagan has expended a great deal of intellectual energy searching for a rationalization that would preserve freedom of speech for viewpoints she likes while imposing government controls on speech she does not like.
Democrats: Learn to Read
By Ben Shapiro
The literacy rate in the United States is 99 percent. That means that only 1 percent of people in the United States above the age of 15 are incapable of reading and writing. Apparently, all of them are members of the Obama administration. Attorney General Eric Holder admits that he has not read the Arizona immigration law, and neither has Homeland Security Secretary Janet Napolitano or State Department spokesman P.J. Crowley. But that did not stop any of them from criticizing the Arizona law.
The Worst Kind of Lie
By Rich Galen
There is a theory in politics that the best attack is a third-party attack. The best third party is a grand jury. The next best third party is the New York Times. The second-best attacker attacked Connecticut Attorney General Richard Blumenthal – a Democratic candidate for the U.S. Senate -- by investigating his statements, inferences, suggestions, insinuations, and hints that he had served in Vietnam as a member of the United States Marine Corps. Turns out that Blumenthal, in his words, "misspoke." In my words, he "lied."
The U.S. Department of Blame America First
By Michelle Malkin
Obama Democrats have mastered the treacherous art of the pre-emptive global apology. Foggy Bottom is crammed with so many 'human rights' zealots embarrassed by the country they serve that the State Department mission statement should be replaced with a condolence
Fwd: Morning Bell: "We’ve Come to Take Our Government Back"
05/19/2010
"We've Come to Take Our Government Back"
Last month the Pew Research Center reported that only 22% of Americans trusted the government to do the right thing always or most of the time. And that was the good news for incumbents:
Favorable ratings for both major parties, as well as for Congress, have reached record lows while opposition to congressional incumbents, already approaching an all-time high, continues to climb.
Significantly, a majority of Americans (52%) see the members of Congress themselves as the source of their dissatisfaction. Only 38% attribute their frustration to "a broken political system."
Last night's election results in Kentucky, Pennsylvania, and Arkansas seem to bear that out:
- In Kentucky, political newcomer Rand Paul trounced Secretary of State Trey Grayson. As a proxy for Senate Minority Leader Mitch McConnell, Grayson had inadvertently become the Washington insider in the race despite never having been elected to federal office. And, as the son of libertarian presidential candidate Ron Paul, the younger Paul was also a proxy of sorts. He came to embody the desire of voters in the Bluegrass State to send the ultimate outsider to Washington. His mission? Shrink the federal behemoth, balance the budget and reduce the federal debt while exhibiting some long overdue humility from our public servants.
Fwd: Enterprise Update: Deal with Fannie & Freddie Now or We'll Pay Later
Deal with Fannie and Freddie Now or We'll Pay Later
By David John and James Gattuso
What's the main selling point for the financial regulation bill Congress is debating? That it would end taxpayer bailouts. The Senate even added an amendment directly noting that the bill is intended to "prohibit taxpayers from ever having to bail out the financial sector."
But don't breathe a sigh of relief too quickly. Because the bill's many problems include this frequently overlooked fact: It does nothing to fix the problems with Freddie Mac and Fannie Mae, both of which A) played a major role in the meltdown of 2008 and B) are asking for more money.
Ignoring Fannie and Freddie would be a huge mistake. More than a year after going into receivership, they still dominate the housing finance market by buying mortgages from lenders, packaging them into bond issues, and then reselling them to investors worldwide. Last year, the two financed or backed about 70% of single-family mortgage loans. They hold about $5 trillion in their investment portfolios.
>> Click here to read the full report
For more information, visit Heritage's Enterprise and Free Markets webpage, which features research, commentary, blog posts, charts and additional policy resources.
The regulatory burden on Americans continued to surge during 2009, with record increases in costs thanks to both the Bush and Obama Administrations. Given ongoing regulatory initiatives at several agencies, it is very likely that this surge will continue.
Click here for more information
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