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June 15, 2010, 1:53 pm
By
Jay Heflin
The League of Women Voters, Public Citizen, and Common Cause advocacy groups on Tuesday joined the Campaign Legal Center and Democracy 21 in urging lawmakers to support the Disclose Act sponsored by Rep. Chris Van Hollen (D-Md.). "We strongly urge you to vote for H.R. 5175 and the Manager's Amendment that accompanies the legislation, and to oppose any amendments to the bill that would weaken, undermine or gut the legislation," the groups stated in a letter to lawmakers. The bill is in reaction the Supreme Court's decision in the Citizens United v. Federal Election Commission case that essentially removed campaign funding limits for corporations.
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Archived under:
Corporate Governance
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June 15, 2010, 1:45 pm
By
Vicki Needham
BP is speeding up payments of damage claims to those affected by the Gulf of Mexico oil spill, with an aim to pay out an additional $22 million by the end of the week. The oil giant announced Tuesday that it has approved initial payments "toward 90 percent of commercial large loss claims" that have been filed, "[u]sing an accelerated process to approve payments of 337 checks for a total of $16 million to businesses that have filed claims in excess of $5,000." Through Monday, BP had paid out $63 million on more than 26,000 claims, expected to reach $85 million by the week's end, according to a release. The announcement comes on the heels of comments by the White House Tuesday morning that BP will be removed from the claims payment system. "The best way to prevail on BP is to take the claims process away from BP," White House spokesman Robert Gibbs said on CBS's "The Early Show" on Tuesday morning. President Barack Obama is expected to discuss the claims process, among other topics, with BP's top executives Wednesday at the White House. The remaining outstanding commercial large loss claims are awaiting documentation and are continuing through the process, the release said. "We hope that these changes will help those whose businesses and livelihoods have been hurt by the oil spill," said Darryl Willis, head of BP's claims team. "We are working hard to fine-tune our claims process so that it's as simple, straightforward and effective as possible. We will keep doing everything we can to address the impact of the oil spill in the Gulf region."
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Archived under:
Corporate Governance
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June 15, 2010, 12:59 pm
By
Jay Heflin
Centrist senators in both parties remained skeptical of legislation extending several tax breaks ahead of a key Wednesday vote.
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Archived under:
Domestic Taxes
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June 15, 2010, 12:57 pm
By
Vicki Needham
A majority of Americans want BP to pay for all costs associated with the Gulf of Mexico oil spill even if it drives the company out of business. Of those surveyed, 59 percent said BP should pay for all financial losses related to the oil spill, including wages for workers affected, in a Gallup/USA Today poll released Tuesday. Another 38 percent say they want BP to pay for as much as possible while remaining viable. BP has spent $1.6 billion on the costs of containment, cleanup, relief well drilling and payment of claims to affected individuals and businesses along the Gulf Coast. So far, $62 million has been paid out to more than 26,000 claims, according to BP's accounting. The oil giant is likely to lose control over the payment of those claims as federal officials seek an independent entity that can streamline and speed up the process. Congressional Democrats and President Barack Obama are asking BP to set up a $20 billion escrow account to ensure all costs are covered.
Archived under:
Corporate Governance
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June 15, 2010, 10:35 am
By
Jay Heflin
House Republican Conference Chairman Mike Pence (Ind.) on Tuesday said demand will stimulate economic growth, and not the small-business bill the House is set to debate later today. "My constituents, small business owners, tell me whether it's the tax credit for hiring or whether it's the current proposal to borrow more money to make more loans available — they say the issue for them is demand for their goods and services," Pence told reporters.
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Archived under:
Domestic Taxes
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June 15, 2010, 9:52 am
By
Vicki Needham
BP will probably need to relinquish control to an independent authority over the claims process paying individuals and businesses along the Gulf Coast for damages caused by the oil spill. "The best way to prevail on BP is to take the claims process away from BP," White House spokesman Robert Gibbs said on CBS's "The Early Show" on Tuesday morning. "The president possesses the legal authority and will use it to make this claims process independent, to take it away from BP, and to ensure that those who have been harmed economically have their claims processed quickly, efficiently, transparently, and that they're made whole again for the disaster caused by BP," Gibbs said.
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Archived under:
Corporate Governance
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June 15, 2010, 9:30 am
By
Vicki Needham
The House-Senate conference working out the details on financial regulatory reform will focus on derivatives and the proposed consumer protection agency during its second week of meetings. House Financial Services Committee and conference Chairman Barney Frank (D-Mass.) and Senate Banking Committee Chairman Chris Dodd (D-Conn.) will meet at 11 a.m. this morning, Wednesday and Thursday of this week, according to a release. On Tuesday's agenda are credit rating agencies, private funds, insurance and the merger of the Office of Thrift Supervision and Office of the Comptroller of the Currency.
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Archived under:
Banking/Financial Institutions
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June 15, 2010, 9:29 am
By
Jay Heflin
A diverse group of 50 organizations ranging from the 60 Plus Association to Concerned Women for America and CatholicVote.org have come out opposing the Disclose Act championed by Rep. Chris Van Hollen (D-Md.) and Sen. Charles Schumer (D-N.Y.). The group contends the bill threatens free speech because it requires the names of chief supporters for political ads to be disclosed.
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Archived under:
Corporate Governance
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June 14, 2010, 6:47 pm
By
Jay Heflin
House Financial Services Chairman Barney Frank (D-Mass.) on Monday disagreed with Republicans who dubbed legislation providing loan assistance to small businesses "TARP Jr." "This is very different than TARP," he said, adding, "I will say this, if the banks in this program repay as great as the TARP banks repaid, than we'll make money on it." The exchange between Frank and Republicans occurred during the Rules Committee debate on the bill. The House is expected to vote on the legislation later this week, assuming it passes out of committee.
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Archived under:
Economy
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June 14, 2010, 5:12 pm
By
Jay Heflin
Rep. Peter Welch (D-Vt.) is circulating a letter to lawmakers that urges BP CEO Tony Hayward to divert the company's proposed dividends into the escrow account being created to pay for damages caused by the oil spill in the Gulf of Mexico.
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Archived under:
Economy
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