The Leader's Ledger

Posted by Brian Patrick on

Good morning,

Today, the House will vote on the Expedited Legislation Line-Item Veto and Rescissions Act. The President’s failed policies have led to overspending, trillion dollar deficits and harmful regulatory policies; all of which are hindering job creation and economic growth. The line-item veto bill gives the Executive Branch a much-needed tool to cut unjustified spending in appropriations bills, and makes certain Congress maintains its constitutional power of the purse. This is the third common sense budget reform the House will advance, and we will continue to work in a bipartisan manner to ensure that Washington is accountable to hardworking taxpayers.

Today In History: In 1986, Spud Webb, who at 5’7” was one of the shortest players in the history of professional basketball, won the NBA slam dunk contest, beating his Atlanta Hawks teammate and 1985 dunk champ, the 6’8” Dominique Wilkins.

Birthdays: Rep. Gus Bilirakis, Seth Green, John Williams, John Grisham, Vince Neil, Jack Lemmon, and Jules Verne

Here is what’s in today’s Ledger …

State Of Play: House Republicans Unveil Strengthened STOCK Act

Leader Cantor Statement On STOCK Act: We will introduce a strengthened and expanded STOCK Act, and remove provisions that would have made the bill unworkable or raised more questions then they answered. Our measure ensures that no Member will profit from insider trading and expands provisions to fully cover the Executive Branch. Further, it will ensure that Members convicted of a crime do not receive taxpayer funded pensions, and prohibit Members of Congress, Executive Branch officials and their staffs from receiving special access to Initial Public Offerings due to their positions. Press Release

• View The House Amended STOCK Act HERE

House Republicans Strengthen STOCK Act By Adding The “Pelosi Provision.” A senior House Republican aide said on Tuesday the so-called "Pelosi Provision" would strengthen the Stop Trading on Congressional Knowledge (STOCK) Act passed by the Senate last week. The bill, scheduled for a House vote on Thursday, aims to prevent lawmakers from using inside knowledge gained through their positions to profit in the stock market by subjecting them to new trading disclosure requirements. The provision, one of a number of changes drafted by House Majority Leader Eric Cantor, aims to shine a spotlight on Pelosi's husband's purchase of shares in the 2008 initial public offering by Visa Inc as Congress was considering new credit card regulations. … Within two days of the Visa offering, the 5,000 shares purchased by Paul Pelosi had risen $20 each. … "The Pelosi provision prohibits members of Congress, executive branch officials and their staffs from receiving special access to initial public offerings because of their position," the senior House Republican aide said. Reuters

60 Minutes’ Steve Kroft: The Pelosi Provision Is A “Great Addition To The Bill.” Speaking Wednesday to "CBS This Morning" co-host Charlie Rose, Kroft predicted that the so-called Pelosi provision would be added to the bill, and pass. "It's a great addition to the bill," said Kroft. CBS This Morning

FLASHBACK November 2011: Reporter: Sweetheart deals. Insider trading. Loading up in IPOs. It defies belief that Nancy Pelosi and her husband can own a ton of Visa stock while she is legislating on credit cards. I can’t own Visa stock while I am writing about credit cards. What is wrong with our country? MarketWatch

State Of Play (2): Senate Democrats Continue To Bog Down Payroll Tax Extension, Threaten Tax Hike On 160 Million Americans

Speaker Boehner: We Have Significant Concerns Regarding Senate Democrats On Payroll, They Have Never Come To The Table With A Plan To Offset Spending. “We have significant concerns about whether Senate Democrats are really willing to step up and work with House Republicans on the payroll tax cut bill,” House Speaker John Boehner, R-Ohio, said. ”We’ve been in conference trying to work out our differences, but what’s pretty clear is that Senate Democrats have never come to the table with a plan to offset this new spending that they’re all for.” ABC News

Democrats Come Out Against Every GOP Pay-For, Including Ideas Dems Have Supported In The Past. Sen. Jon Kyl, R-Ariz., a veteran of the failed budget "supercommittee" and deficit talks last year involving Vice President Joe Biden, said the ideas had been all but agreed to in negotiations last year. "We're hearing 'no' for the sake of hearing 'no,'" said Rep. Kevin Brady, R-Texas. Negotiators also split over whether people who receive health insurance subsidies under the Obama's new health care law should have to repay a greater portion of overpayments they may receive. It's a complicated topic, but Democrats have supported the idea in previous legislation. Democrats came out in opposition to each idea saying it would be unfair to make spending cuts … The Associated Press

Senator Reid and Senator Schumer Are More Interested In Scoring Political Points Than Preventing A Tax Hike On 160 Million Americans. Democrats, smelling a political victory, seemed uninterested in speeding along the process. The New York Times

Reminder: House Republicans Have Passed The Only Yearlong Extension Politico


Regulatory Row

Bernanke: Uncertainty On Taxes, Regulations, and the Democrats’ Failure To Pass A Budget Has A Negative Impact On Growth. Federal Reserve Chairman Ben Bernanke told members of the Senate Budget Committee on Tuesday that uncertainty — with respect to taxes, regulations, as well as the failure of Senate Democrats to pass a budget — is having a negative impact on economic growth. … Is uncertainty about the future of the tax code, government programs and so on a negative for growth? I think it is. Free Beacon

• Watch Bernanke’s Remarks HERE

America’s Other Trillion-Dollar Deficit – The Cost Of President Obama’s Regulatory Red Tape. Well, we'll get to that; but with regulations purported to cost well in excess of a trillion dollars, and with the Congressional Budget Office's brand-new 2012 deficit projection of $1.1 trillion, recognizing the virtue of restraint is a good thing. … How to deal with thousands of annual rules? Since Congress can't cut spending, it at least ought to liberalize, and avoid regulating frontier sectors like Internet, biotech, nanotech, and modern manufacturing and energy. … The House did pass the Regulations from the Executive in Need of Scrutiny Act (Reins Act) to do this, in late 2011; now, the Senate should do so. Investor’s Business Daily

Committee Check

Keystone Jobs and Energy Security Bill Passes With Bipartisan Support Out Of Energy and Commerce. The House Energy and Commerce Committee on Tuesday approved legislation that would reverse President Obama’s rejection of the Keystone XL oil sands pipeline. … Rep. Lee Terry’s (R-Neb.) bill — which passed the powerful committee in a 33-20 vote — is likely heading for the House floor next week as part of wider transportation and energy legislation. It would instruct the independent Federal Energy Regulatory Commission to issue a permit for TransCanada Corp.’s proposed pipeline within 30 days, taking the issue out of the State Department’s hands. Three Democrats voted with Republicans for the bill: Reps. Jim Matheson (Utah), John Barrow (Ga.) and Mike Ross (Ark.). Rep. Charlie Bass (N.H.) was the lone Republican who opposed it. The Hill


Oyster Industry Growth Creates Economic Boost, Jobs In Virginia. Finally, there's some sweet news about the Chesapeake Bay oyster. Virginia's harvest of the tasty creature increased tenfold over the past decade, Gov. Bob McDonnell announced Tuesday. The catch rose from about 23,000 bushels in 2001 to 236,000 in 2011, officials said. The dockside value of the harvest during that time increased from $575,000 to $8.26 million. "I applaud the actions of previous gubernatorial administrations which have helped Virginia oysters to make such a vigorous comeback, and we are committed to furthering the growth of this local industry in the years ahead," McDonnell said in a statement. … Oyster scientist Tommy Leggett of the Chesapeake Bay Foundation, an environmental group, urged the state to keep providing money for oyster replenishment, oyster farming and sewage-treatment plant improvements. "To continue to grow Virginia's economy and create jobs, it is critical that the commonwealth continue efforts to restore oysters and to improve water quality," Leggett said. Richmond Times-Dispatch

GOP Health Care Reforms