Economy

Legislation passed by the House Wednesday would name all lobbying law violators for the first time.



In addition, the bill — sponsored by Rep. Mary Jo Kilroy (D-Ohio) — would set up a Justice Department taskforce to investigate cases referred to it by the House Clerk for potential violations of the Lobbying Disclosure Act (LDA).



“When Americans on Main Street try to cheat or break the law, there are repercussions; but for years, there was no way to hold lobbyists accountable for games they play with their disclosures,” Kilroy said in a statement Wednesday. “The Lobbying Disclosure Enhancement Act establishes a task force that will go after lobbyists who engage in shoddy reporting practices and hide behind ignorance of the law.”



Under current law, the lobbyists and firms in LDA cases are never disclosed to the public. If Kilroy’s bill becomes law, all of the lobbyists and firms referred to federal investigators would be named. 



Under Kilroy’s bill, the Justice task force would also study the feasibility of collecting funds from lobbyists to help with LDA enforcement. In addition, they task force may propose legislation to lawmakers on how to toughen up the lobbying law. 



Originally, the bill would have charged lobbyists new fees to improve enforcement of the law. Instead, the taskforce has been authorized to receive funding and will have to find it through the normal appropriations process. 



The original fee provision was removed because of concerns by the House Clerk on how the office would administer the new fee system, according to a Kilroy aide. 

The bill passed the House on a unanimous voice vote Wednesday. 



Lobbyists often run afoul of the LDA, filing late forms or simply not understanding the act’s requirements. According to the Senate Secretary, the office has referred 8,729 cases of potential LDA violations to the U.S. Attorney for the District of Columbia. 

New claims for unemployment benefits fell last week, signaling an easing of layoffs but still reflecting a weak job market. 

First-time claims dropped by 11,000 to a seasonally adjusted 457,000, as the economy continues its slow recovery, the Labor Department said Thursday.

During the past few weeks, claims hit their lowest level since September 2008 as factories remained open during the summer months. 

General Motors and other manufacturers had reported fewer temporary layoffs but those changes have evaporated from the data, according to a Labor Department analyst.

At an event celebrating the 75th anniversary of the Social Security Act, Speaker Nancy Pelosi (D-Calif.) blasted Republicans for trying to privatize the fund, saying the change would have resulted in the trust fund incurring a massive loss because of the recent downturn in the stock market.  

Senate Majority Leader Harry Reid (D-Nev.) on Wednesday said he would try to amend the small-business jobs bill with a provision rectifying the federal government’s mishandling of Native Americans’ land trust accounts. 

Reid also indicated that he would address a long-standing discrimination case against black farmers.

The U.S. government’s unprecedented response to the financial crisis staved off another Great Depression, according to a new study released Wednesday.

Titled “How we ended the Great Recession,” the paper by Moody’s Analytics Chief Economist Mark Zandi and Princeton professor Alan Blinder argues controversial policies enacted by the Bush and Obama administrations, the Federal Reserve and Congress increased GDP growth and saved 8.5 million jobs. 

Sen. Sherrod Brown (D-Ohio) has urged executives of the nation’s four largest banks to help homeowners avoid foreclosure. 

In a letter Tuesday, Brown stated that a number of constituents have contacted his office saying banks are offering limited assistance in helping them restructure their home loans. The senator used the letter to call on banks to do more to help these individuals. 

Not since the mid-1990s have voters been so concerned about the federal budget deficit, according to polls.

A House Democrat said Tuesday it might take a hurricane to generate momentum for a stalled bill he is pushing for.

Sen. Chuck Grassley (R-Iowa) is urging the Treasury Department to set measurable goals for a housing assistance program that government oversight groups argue has failed to address the foreclosure crisis.

Grassley, ranking member of the Senate Finance Committee, sent a letter to Secretary Geithner on Friday calling on Treasury to establish specific benchmarks for its Home Affordable Modification Program (HAMP).

“Treasury needs to comply with the recommendations of the oversight witnesses … by setting performance goals and measurable benchmarks,” Grassley wrote. “I urge the Department to stop ignoring this simple recommendation and immediately work to make the taxpayer investment in HAMP worthwhile. … You can be sure that I intend to keep a watchful eye over the Department until it is done.”

Home prices increased 4.6% in May across 20 cities from the same time in 2009 because of a tax credit.