Posted on 11/08/2015 8:53:30 AM PST by Lorianne
It seems bizarre that financial policy would get decided in a bill to repair roads and bridges and mass transit, but that’s the whole point of the Christmas tree strategy: If a bill is deemed “must pass,†then adding ornaments to it comprises a good strategy for getting things into law that otherwise might not receive a vote.
Ryan touted this process as a positive example of new leadership. In recent years, House bills written in secret sped to the floor without the ability for alterations. But on the highway bill, over 80 amendments got a vote on the House floor, out of hundreds offered.
The shortfall forced Republicans to search for extra revenue to fully fund the bill. The Senate hit on a great idea: cutting $16.3 billion from a 102-year-old risk-free giveaway to banks.
Member banks, in exchange for access to the Federal Reserve’s payment services and borrowing facilities, must purchase stock in the regional Fed banks. That stock cannot lose value or be sold — and it carries a 6 percent dividend. The stock operates like a membership fee, only it’s not a fee: The member banks get all of their money back within 17 years and then start earning profit on it. Most of the dividends are exempt from taxes. And nationally chartered banks have to join the Fed by law anyway, while all banks must conform to the rules of membership, so offering a dividend to give them an incentive to join the Fed — the original purpose of the scheme — has no relevance today.
Fed Chair Janet Yellen, the banking industry and its minions in Congress attacked this dividend cut, but it covered such a big chunk of the shortfall — in the Senate’s bill, it paid for one-third of it — that it appeared banks would lose their subsidy. But at the last minute, Republicans Randy Neugebauer of Texas and Bill Huizenga of Michigan devised a way to save it, by amending the bill to instead liquidate something called the Federal Reserve capital surplus account.
I saw their scheduled for 2016 and how many days they are working. I hope they don’t hurt themselves......./sarc. Not even 1/2 the year. And they complain about teachers. How absurd and hypocritical.
Yes. The Big Goys get a Six Percent spiff to be in The Club.
The Made Guys of America.
Except most of them aren’t from America. Just more internationalist “bankers”.
Need to be rid of the Ryan as quickly as possible.
How was he able to convince enough HFC members to lie down is a mystery. Of course he made promises, but he has no credibility so his promises aren’t worth anything.
real conservatives love free enterprise....not crony capitalism......
Does he even HAVE a Primary Opponent?
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