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Donna Edwards, Elijah Cummings cosponsor alternative bailout bill

by: MurlandGuy

Tue Sep 30, 2008 at 04:33 PM EDT

( - promoted by Isaac Smith)

UPDATE: I finally got into Donna Edward's {house.gov} Website, as well as Elijah Cummings'; hopefully the House server continues to stay up. Here is a statement Edwards released yesterday on the bailout, and Elijah Cummings also released a statement yesterday; although relevant, they are separate and distinct from today's just-announced DeFazio bill these two MD Dems are cosponsoring (see below). Both announcements have been inserted in this post - after the jump, at the bottom...
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There has presumably already been a press conference on this (scheduled for 3pm today, according to Stoller), but I am TV-less, so here is the information from SEIU's Website:

New Plan Would Protect Taxpayers, Tighten Regulatory Safeguards

WASHINGTON, DC - The two million-member SEIU (Service Employees International Union) is backing the plan announced today by Rep. Peter DeFazio and other Members of Congress to restore confidence in the financial markets. The new bill, called the "No BAILOUTS Act" (Bringing Accountability, Increased Liquidity, Oversight, and Upholding Taxpayer Security), is being introduced by Rep. DeFazio (OR-04), with Rep. Kaptur (OH-09), Rep. Scott (VA-03), Rep. Cummings (MD-07), Rep. Doggett (TX-25), Rep. Holt (NJ-12), Rep. Edwards (MD-04) and Rep. Hirono (HI-02).

[continued...]

The rest of SEIU's announcement is after the jump (along with Edwards' and Cummings' press releases from yesterday)...

MurlandGuy :: Donna Edwards, Elijah Cummings cosponsor alternative bailout bill

[...SEIU/DeFazio announcement, continued]

"We finally have a plan that will restore confidence in the financial markets without writing a blank check to the same Wall Street banks and CEOs who got us into this mess," said SEIU President Andy Stern. "This is an important, short-term solution that protects taxpayers and their savings accounts. To revive the economy over the long-term, we must address rising unemployment, stagnant wages, the healthcare crisis, and a tax system that is tilted in favor of the wealthy."

SEIU is calling on Congress to address the broader economic crisis facing working families as it moves to alleviate the crisis in the financial markets.

As a first step, SEIU is calling on the Senate this week to pass the economic stimulus plan approved by the House. Last week, the House of Representatives passed a $61 billion package to aid working families and stimulate the economy that included investment in American infrastructure, increased aid to workers in the form of unemployment and food stamp benefits, home heating assistance, and Medicaid funding to cash-strapped states. Republican Senators however, blocked the bill.

SEIU members are making 150,000 calls this week to Senators running for reelection, including Sen. John Sununu (R- N.H.), Sen. Mitch McConnell (R- KY), and Sen. Roger Wicker (R- MS), criticizing them for failing to take action on a stimulus package to ease the economic pain of working families.

Game back on, so to speak. FYI/FWIW, tried to get into the House of Representatives' Website (house.gov), but no dice. Hopefully they took it down for an upgrade, after yesterday's problems. The Clerk's site (clerk.house.gov) works, but I couldn't find a bypass from there to individual members' sites; only links to committees available.
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From Donna Edwards (MD-04) on Monday, 29-SEP-2008 (link):

Congresswoman Edwards: No Bailout for Wall Street Without Real Protections for Middle Class

Washington D.C. - Congresswoman Donna F. Edwards (D-MD) today released the following statement after voting "no" on the $700 billion bailout legislation. The measure failed in the House with a vote of 205-228.

"This legislation would have done little to help the hard working people in my district. After careful consideration, I could not support this bailout. While we must restore confidence in our financial markets, this was not the solution to solving our country's financial problems. We must take steps that do not burden the taxpayers such as putting more regulation on the market, restoring a sensible accounting system, valuing these toxic assets with their value today and restraining short sellers who are just trying to make a quick profit. This bill did not do any of those things.

"This bill was vague and contained more dressing than substance for working Americans. It gave the Secretary of the Treasury unparalleled purchasing power of any financial instrument without adequate, enforceable oversight. There were no guidelines in this bill directing the Secretary as to how or which troubled assets to buy. The bill did not address how or when the government would sell the purchased assets back in the market. Despite the positive provisions of this bill that help tenants, the provisions to help homeowners were not mandatory; they were discretionary. Finally, the Economic Stimulus bill which passed the House and included real benefits to working Americans such as extending unemployment benefits, providing additional food stamp assistance, and investing in infrastructure to create good-paying jobs is effectively dead.

"The $700 billion allocated in this bill would have constrained us from addressing the real needs of this country such as implementing universal healthcare coverage, a clean, secure energy future, and quality education for our children. I look forward to working to strengthen our financial markets by bringing strong regulation and oversight back to the markets. I will work to regulate hedge funds and the credit industry. I will fight to give bankruptcy and real foreclosure protection to homeowners.

"I commend my colleagues for their hard work during these difficult times. We were handed a set of bad ideas from the President and Treasury Secretary Paulson and good people have tried to make the best of it �this was not the best we could do for taxpayers, homeowners, or small businesses.

"This bill did little to rein in the irresponsible practices of the Wall Street executives. If anything, it encouraged their reckless decisions by bailing them out and punishing the hardworking taxpayers that are already struggling to buy their groceries and keep their houses. Despite our best efforts, this bill was like the Thanksgiving turkey without the stuffing. It looked good on the outside but there was nothing inside. At the end of the day, my obligation is to serve the interests of the people of the 4th Congressional District. I thank my constituents who took the time to contact me to share their views regarding this measure."

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From Elijah Cummings (MD-07), also on Monday 29-SEP-2008 (link):

Cummings Statement Against Wall Street Bailout

Washington, D.C.- Today, Congressman Elijah E. Cummings, a member of the Joint Economic Committee, released the following statement in opposition to the federal bailout package for Wall Street:

"When I leave my home in Baltimore every morning to drive to D.C., I am struck by the disastrous effects of the last 8 years of Bush-McCain economic policy. Homes that were once occupied by families living the American Dream are now boarded up because of foreclosures. Neighborhoods are falling apart. Individuals are suffering at the gas pumps, at the grocery stores, and in line at the unemployment office.

"Now, we face the largest financial crisis since the Great Depression. There is no doubt that a strong federal response is necessary, but any response must contain strong oversight and accountability measures, assistance for the families who are in jeopardy of losing their homes due to predatory lending, and safeguards against golden parachutes for Wall Street executives. Congress simply cannot bail out Wall Street while at the same time bailing on Main Street.

"I do not believe that we have explored or exhausted all possible options to directly ease the pressure on financial markets without causing an undue burden to taxpayers. This legislation just does not provide enough relief and protection for the hardworking men and women who are trying to make ends meet.

"In addition to the acquisition of some of the financial system's sound assets, any federal initiative should include federal capability to restructure mortgages for the men and women who are trying so desperately to keep their homes and salvage their families' dreams. It must also include a substantial allocation toward initiatives that are proven to directly stimulate our economy-such as extended unemployment and food stamp benefits.

"I am deeply concerned that there is no requirement that Wall Street take responsibility for the mess it helped to create. There is no meaningful limitation on golden parachutes for executives-who are still making millions of dollars a month even as average Americans continue to struggle to stay afloat. I am concerned that the board created to oversee this bailout is not offered the power to stop any irresponsible or questionable action. I am concerned that there are no safeguards against taxpayers being overcharged to buy these assets-or any guarantees that they will profit from these investments in the future.

"While the federal government must act to keep our economy out of jeopardy, I am concerned that this proposal is lacking key provisions to protect taxpayers. Any measure we adopt must include strict oversight and safeguards against giving blank checks to corporate executives whose poor judgment has led us down this road, and that provides substantial relief to the millions of Americans who continue to suffer under the overbearing burden of our current economic state."

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Donna Edwards, Elijah Cummings cosponsor alternative bailout bill | 3 comments

Is this new (0.00 / 1)

plan for the same SEIU as this one? It figures Cummings is on board with them. It MUST have more pork for the union to continue the theft of dues from their members to pay for their cronies and wives and husbands. What a corrupt group the congressman AND the union is.

"
Union paid millions to companies with family ties
An SEIU spokeswoman says there's nothing improper about the payments.
By Paul Pringle, Los Angeles Times Staff Writer
September 26, 2008
The Service Employees International Union's headquarters has paid millions of dollars to consulting firms, political nonprofits and individuals with family ties and other personal connections to some of the labor organization's top officers, records show.

One company partly owned by a union director also received more than $1 million in SEIU consulting fees.
The nation's fastest-growing union, the SEIU bills itself a standard-setter in the drive to reform and modernize the labor movement. It has adopted a code of ethics that bars officers from directing business to their relatives, although a spokeswoman said no competitive bidding process is required when such contracts are awarded.

Labor Department https://cslxwep1.dol-esa.gov/D... from 2003 through last year show that:

* The SEIU and its political affiliate contributed $3 million to America Votes, an advocacy organization that was headed by Cecile Richards, wife of an aide to SEIU President Andy Stern, at the time the payments were made.

* Melissa Mullinax was an SEIU political director when the political consulting firm she held a 20%-to-25% stake in, The Edison Group, was paid more than $1 million, including expenses. In addition, the SEIU has spent about $41,000 on a graphic design company owned by Mullinax's husband, Jason Abbott.

* The union paid about $520,000 to a consulting firm co-founded by Democratic Party and labor strategist Steve Rosenthal, the husband of another SEIU director, Eileen Kirlin. Rosenthal, a longtime friend of Stern, also headed America Coming Together, a get-out-the-vote nonprofit that received $23 million from the union.

* Pamela Kieffer, wife of a third union director, David Kieffer, has received about $70,000 in consulting fees and in separate payments from a firm that provided recruitment services to SEIU.

In addition, the SEIU and an associated nonprofit paid roughly $210,000 in consulting fees over four years to Don Stillman, husband of the union's outside legal counsel, Judith Scott. Stillman helped edit a 2006 book written by Stern, a publication that has generated controversy because of how the union president profited from it.

Although she is not an SEIU staffer, Scott disclosed her husband's relationship with the union on U.S. Labor Department disclosure forms filed by officers.

SEIU spokeswoman Michelle Ringuette said there was nothing improper about any of the payments, which also were reported in the union's annual financial filings with the Labor Department.

She said the expenditures comply with rules against nepotism and self-dealing that the union adopted in 2005. The officers had no input in the hiring of spouses or in their compensation, she said.

"They did not work for, nor were they retained by, their spouses, and they did a good job," Ringuette said.

The SEIU represents about 2 million healthcare workers, government employees, janitors and others in the private and public sectors. Ringuette said the union received excellent services from Rosenthal's organizations, America Votes, the consulting firms and the individuals, Mullinax among them.

"She is a respected political consultant," Ringuette said.

She said the money paid to America Coming Together was particularly well spent, considering the group's widely applauded efforts to turn out Democratic voters in the 2004 presidential election. Ringuette added that Rosenthal more than earned the $520,000 that his consulting firm received for political work.

Rosenthal said any criticism of his relationship with the union would be "almost stunning." "I hold the work I do up to anybody's," he said.

And Richards, now president of Planned Parenthood, said in a statement that America Votes is a coalition of more than 40 groups, and that its financial records are "transparent."

Richards is the wife of former Stern chief of staff Kirk Adams, now a union director.

Attempts to reach other officers and their spouses were unsuccessful.

The SEIU's policies also require transparency in decisions to give union business to relatives. But the number and size of the SEIU payments were unusual, said a leader of a labor reform group.

"This is very uncommon in unions," said Ken Paff, national organizer of Teamsters for a Democratic Union. "We've had a lot of that in the Teamsters. . . . It's a bad indicator about a union when you have a pattern of husband and wife in that kind of role."

The SEIU has come under scrutiny recently by federal criminal authorities, following Times reports last month that its largest California local and a related charity paid hundreds of thousands of dollars to firms owned by the wife and mother-in-law of the local's president, Tyrone Freeman."
http://www.latimes.com/busines...

by: joesgarage @ Tue Sep 30, 2008 at 16:01:02 PM CDT

Edwards and Cummings (1.00 / 1)

both changed their minds when promised more pork for their already bloated bellies. Who'da thunk that these two would flip for cash? Disgraceful.
"Rep. Elijah Cummings and Donna Edwards, both Maryland Democrats, were among them. They said Obama had pledged if he wins the White House that he would help homeowners facing foreclosure on their mortgages. He also pledged to support changes in the bankruptcy law to make it less burdensome on consumers.

"It's not too often you get the future president telling you that his priority matches your priority," said Cummings. "

Not too often you see Cummings turn down more fat.
Now those of us who work hard and are RESPONSIBLE with our budgets and who live within our means will be forced to help those who are not, pay for their mortgages. What a country.
Privatize the profit, socialize the risk.

by: joesgarage @ Fri Oct 03, 2008 at 13:31:29 PM CDT

I actually heard Edwards (1.00 / 1)

say, "This is not enough". HUH!!!!
As I suspected, she asked the man? partly responsible for this mess, Barney Frank, if some of this money would go directly to those homeowners who are facing foreclosure. Frank said yes indeed. Great. For those of us who bought homes we could afford, and are living responsibly, we are now on the hook for those who thought they could make a few bucks in the housing market and borrowed too much. We now must subsidize THEIR mortgages. The foreclosure maps available on the web show that the majority of foreclosures are in Edwards and Cummings districts. I give her credit fro getting the pork for her constituants but I just want to know when I stop paying MY mortgage and who I call for MY bailout.
This is nothing more than socialism.
I can see the future when this plan fails and neither Edwards or Cummings take responsibility. Just as Cummings and Barney Frank have refused to accept responsibility for the mess in the first place.

The sheeple are responsible for electing these people over and over again. THEY CAUSED this problem and now they are wanting us to trust them to fix it. What was that old saying? Burn me once your fault, burn me twice MY fault.

This is a sham on the taxpayers of America.

by: joesgarage @ Fri Oct 03, 2008 at 18:03:48 PM CDT