House

The House on Thursday afternoon rejected an attempt by House Democrats to abandon legislation they say would gut last year's Wall Street reform bill.

Democrats forced a vote on whether the bill, H.R. 1315, should even be considered on the House floor today by arguing that the Republican bill weakens the newly formed Consumer Financial Protection Bureau (CFPB). But as expected, the House voted in favor of continuing on with the bill by a 227-173 vote.

White House spokesman says talks with Speaker John Boehner continue, but there is no deal to raise debt ceiling.

House Minority Whip Steny Hoyer (D-Md.) on Thursday morning warned that cutting back federal spending as Republicans have proposed would seriously hurt the poor and other vulnerable populations in the country, and lead to higher costs for the country down the road.

“My colleagues, I suggest to you that our failure to invest in the welfare of all of our citizens will cost us far greater sums in the long run for the failure to invest in the short run,” Hoyer said on the House floor.

The House Foreign Affairs Committee worked late Wednesday night and into early Thursday morning on the Foreign Relations Authorization Act, and much of the work involved accepting amendments that would significantly limit U.S. foreign aid and improve the transparency of foreign aid programs.

By the time it adjourned at about 2 a.m. Thursday, the committee accepted two amendments that would cut off aid to specific countries. One, from Rep. Connie Mack (R-Fla.), would prohibit the use of funds for any program in Argentina, Venezuela, Nicaragua, Ecuador or Bolivia.

The other, from Rep. Jeff Duncan (R-S.C.), would prohibit any foreign assistance to countries that oppose the U.S. in the United Nations.

The House meets at 10 a.m. for speeches and noon for legislative work, and is expected to start on H.R. 1315, the Consumer Financial Protection Safety and Soundness Improvement Act.

This bill would make it easier for the new Financial Stability Oversight Council (FSOC) to overrule regulations issued by the Consumer Financial Protection Bureau (CFPB). Both entities were created in last year's Dodd-Frank financial reform bill.

Rep. Waters is accused of violating ethics rules by steering TARP funds to a bank in which her husband invested

Members of the House on Wednesday afternoon approved a resolution expressing support for a one-year extension of import sanctions against Myanmar, formerly Burma. The House passed H.J.Res. 66 by voice vote.

The non-controversial measure was brought up under a suspension of House rules, requiring a two-thirds vote.

Rep. Mica said Senate Democrats would be blamed for an FAA shutdown if the Senate doesn't accept the House bill.

The House on Wednesday approved a rule allowing consideration of H.R. 2553, which would extend airport and airway taxes for about six weeks. These taxes help fund the Federal Aviation Administration (FAA) but will expire on Friday unless extended.

The rule for the bill was approved in a 242-178 vote, and members were expected to debate and vote on the extension later Wednesday.

But while the bill is cast as an extension of FAA taxes through Sept. 16, it would also make key changes to the Essential Air Service program (EAS), which subsidizes air service in smaller communities. The EAS program costs about $200 million per year.

Rep. Ted Poe (R-Texas) on Wednesday called on Congress to approve legislation mandating the sale of federally owned land in order to help pay down the national debt.

"It would put the land in the hands of Americans, and Americans would own the land and they would pay taxes," Poe said on the House floor. "They could pay taxes not only to local and state governments, but when they build a business or make a business they would bring in more federal income tax.

"Real property in the hands of real Americans," he added. "What a thought."