The president of the National Petrochemical & Refiners Association blasted Senate Democratic leaders for including a tax increase for an oil spill trust fund in the so-called extenders bill while simultaneously easing the tax for investment fund managers.

"This proposal amounts to an effort to pay Wall Street by robbing Main Street," Charles Drevna said in prepared remarks. "This tax increase will raise the cost of gasoline, diesel fuel and other products for American families, all in the name of giving more tax breaks to bankers and hedge fund managers."
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Congress is in the final stages of approving legislation that seeks to prevent future taxpayer-funded bailouts of financial firms.

The U.S. economy grew in April and May for the first time in more than two years, bolstered by increases in consumer spending, real estate sales and manufacturing, the Federal Reserve said Wednesday in a business report. 

"Economic activity continued to improve since the last report across all 12 Federal Reserve Districts, although many Districts described the pace of growth as 'modest,'" the Fed said in its Beige Book on Wednesday. The survey of businesses is published throughout the year, two weeks before the Federal Open Market Committee (FOMC) meets to set monetary policy. 

Consumer spending improved from the last report but spending was still concentrated in necessities instead of discretionary big-ticket items. Retail sales were up in the two months covered by the report, although gains were reported as "uneven across months," the report said. 

House leaders announced their conferees for the House-Senate conference to work out final details on a financial regulatory reform bill set to begin Thursday afternoon. 

The conference can be watched on C-SPAN3 or C-SPAN.org. It also will be webcast on the House Financial Services or the Senate Banking, Housing and Urban Affairs websites. 

Speaker Nancy Pelosi (D-Calif.) announced the Democrats from the House Financial Services Committee: Chairman Barney Frank (Mass.); Reps. Paul Kanjorski (Pa.); Maxine Waters (Calif.); Carolyn Maloney (N.Y.), Luis Gutierrez (Ill.); Mel Watt (N.C); Gregory Meeks (N.Y.); Dennis Moore (Kan.); Mary Jo Kilroy (Ohio) and Gary Peters (Mich).

In addition, several members were named to oversee specific sections of the bill. 

House Agriculture Chairman Collin Peterson (Minn.) and Rep. Leonard Boswell (Iowa); House Energy and Commerce Chairman Henry Waxman (Calif.) and Rep. Bobby Rush (Ill.); House Judiciary Chairman John Conyers (Mich.) and Rep. Howard Berman (Calif.); House Oversight and Government Reform Chairman Edolphus Towns (N.Y.) and Rep. Elijah Cummings (Md.); House Small Business Chairman Nydia Velazquez (N.Y.) and Rep. Heath Shuler (N.C.).

House Minority Leader John Boehner (R-Ohio) announced his conferees on Wednesday. 

Reps. Spencer Bachus (Ala.); Joe Barton (Texas); Sam Graves (Mo.); Darrell Issa (Calif.); Frank Lucas (Okla.); Lamar Smith (Texas); Ed Royce (Calif.); Judy Biggert (Ill.); Shelley Moore Capito (W.Va.); Jeb Hensarling (Texas) and Scott Garrett (N.J.). 

The conference, which begins at 2:15 p.m. Thursday, is expected to last between six and eight days. After opening statements are completed in the first meeting, members will meet on the House side from Tuesday through Thursday of next week. After that, the conference is likely to move to the Senate side the week of June 21 for three days — Tuesday through Thursday again. If necessary the conference could extend into Friday and Saturday. 

Sen. Bernie Sanders (I-Vt.) on Wednesday introduced an amendment to the so-called tax extenders bill that would repeal $35 billion in tax breaks for oil and gas companies. He reasoned that rescinding these breaks would not only end a subsidy for a very profitable industry, but also help Congress reduce the deficit. 

Federal officials are concerned that BP is allowing an unacceptable lag on large loss claims, too many pending claims and aren't calculating payments correctly for those affected by the oil spill in the Gulf of Mexico. 

National incident commander Coast Guard Adm. Thad Allen relayed those concerns Wednesday during the first in a series of meetings with BP claims officials. 

Allen directed BP to provide more information about BP's plan for paying monthly loss-of-income claims, the mediation program and how BP's claims liaisons will coordinate with local officials. 

"BP, as a responsible party, is accountable for making the communities, individuals and business impacted by this spill whole again," Allen said in a release. "We need more detail and openness from BP to fulfill to our oversight responsibilities to the American people and ensure that BP is meeting its commitment to restore the Gulf Coast."

BP says it has paid $84 million to 14,000 individuals and businesses so far for loss of income or net profit through June, according to a company release. 

Broken out by state, Louisiana has received $50 million, Alabama $16 million, Mississippi $10 million and Florida about $8 million. 

Meetings with National Incident Commander representatives and BP officials will be held in the four states affected — Louisiana, Mississippi, Florida and Alabama — June 11-13. 

Sen. Orrin Hatch (R-Utah) on Wednesday criticized Senate Majority Harry Reid (D-Nev.) for not passing the so-called tax extenders bill back in March when the legislation first had bipartisan support.

"The majority had ample opportunity before now to take up and pass the tax extenders bill but political games got in the way," Hatch said on the Senate floor. 

An amendment by Sen. John Cornyn (R-Texas) to increase the transparency on foreign holders of U.S. debt avoided being tabled Wednesday by a 38-61 vote. 

Cornyn looks to add his provision to the so-called tax extenders bill, which resuscitates several expired tax breaks and spending initiatives.

By a vote of 58-41, senators agreed to an amendment by Finance Chairman Max Baucus (D-Mont.) that requires fuller disclosure of foreign governments that hold U.S. debt. 

The amendment was added to legislation extending several tax and spending measures. 

The impetus behind the proposal is to better assess any potential risk with countries holding U.S. debt. 

The Treasury Department would submit its threat assessment on the potential risks to Congress no later than March 31 of each year. 

By this same date, the Comptroller General would also be required to submit its assessment on how the federal debt might affect the United States.