U.S. Rep. Charles Boustany, who voted against the $700 billion rescue bill Monday, is now on the fence about the revised Senate legislation that overwhelming passed in the upper chamber Wednesday, no thanks to U.S. Sens. Mary Landrieu and David Vitter. Both of Louisiana's senators voted down the legislation, a perplexing decision in light of its tax breaks for hurricane victims and the extension of tax incentives for businesses opening or relocating in Go Zone areas.
In explaining his opposition on KPEL Tuesday morning, Boustany noted that the House version did not have enough oversight for how the money would be spent. He told The Advocate yesterday that he has now moved from the “no” column to being undecided, in large part due to the oversight the Senate wrote into the legislation.
The Senate bill creates an oversight board made up of federal banking regulators and a special inspector general who will watch over the program with a budget of $50 million. If after five years the government has lost money on the program, the president would be required to submit a proposal for recouping the shortfall from firms that benefited from the legislation.
Boustany told The Advocate he is carefully reading through the bill, which also raises the cap on FDIC insured accounts from $100,000 to $250,000 and has more than $100 billion in tax breaks for businesses and individuals.
Though unpopular among many Americans, the measure has been widely embraced by financial experts. They say while the legislation is far from perfect, it is the best way to clear troubled assets from the books of financial institutions reeling from home foreclosures. It would begin the process of busting up our nation's huge frozen credit markets to stem the tidal wave of a deepening recession.
Here's your chance, Chuck. Do the right thing.
(Update: Congressman Boustany today voted for the legislation, known as the Emergency Economic Stabilization package, which passed the House 263-171. "The economic downturn America is beginning to realize is a result of greed and irresponsibility, and now, small businesses, responsible homeowners and Southwest Louisiana families suffer because of reckless decisions by Wall Street," Boustany said in a statement explaining his position.
"After reading this legislation and talking with experts and people across my district, I am convinced inaction at this time would hurt middle-class families. An increase in guaranteed limits for the [FDIC] will help restore public confidence in the safety of their bank deposits, and it is one important change from previous versions of this bill," he continued. "People are anxious about banks being able to honor their commitments, and I acted to provide confidence. Strong oversight of Treasury and sound safeguards will help taxpayers recoup this loan over time; this is a necessary start. While not perfect, this is a better bill that will help Southwest Louisiana keep jobs."
Boustany joined Louisiana Reps. Rodney Alexander, Jim McCrery and Charlie Melancon in supporting the rescue plan; Reps. Don Cazayoux, William Jefferson and Steve Scalise voted against it. Alexander also switched his position.)
Seriously, dude, we do. And since you’re ailing we thought we’d throw you a get-better-soon party.
Boho alive and well in every shape
Three bedroom River Oaks traditional or three bedroom Country Estates traditional home
The feds converge on your office, seizing records on several employees as part of a pay-for-plea investigation. WWYD? If you’re Mike Harson, you give yourself a $12k raise.
Attorney General Buddy Caldwell says he won't approve a Cameron Parish Police Jury resolution to hire outside attorneys for such a lawsuit until the resolution is amended. Caldwell's Sept. 15 letter says the resolution must make clear that those attorneys will represent the parish alone — not the state.
Acadiana's nightlife guide.
It’s football season and after back-to-back winless weekends for the Saints and the Cajuns many citizens are finding it difficult to be civil much less happy. Well, chew on this.
Considering his repeated stays in the local penal system, David Narcisse Jr. should have known that having a semiautomatic shotgun, even one given to him by a friend, wasn’t the brightest of ideas.
A state district judge on Tuesday threw out a last-minute retirement hike lawmakers gave to the state police superintendent, ending a political firestorm over a pension boost passed without public scrutiny on the last day of the legislative session.
The House has passed a bill to increase oversight of veterans' hospitals under construction, following a report that some medical centers take three years longer to complete than estimated and cost an extra $366 million per project.
Wednesday's Blogs from the Bog!
Ads promote moderation; Obama says Ebola security threat; Peterson on exempt list and more national and international news for Wednesday, September 17, 2014.
Michelle D. Lavergne, who worked for the Lafayette law office of L. Clayton Burgess for 13 years, faces up to 10 years in prison.
Sonnier, former media buyer and account exec at Sides, joins Acadian companies as marketing specialist; Maggard, who most recently worked for Potenza, joins Russo as director of media and PR.
New recreation/fitness trend taking over old Crazy Charlie’s on Ambassador Caffery Parkway.
An obvious follow-up question for any Republican politician who accuses Democrats of being science deniers is one about science, to which Jindal bobbed and weaved like a welterweight champ.
The Lafayette City-Parish Council is expected to decide tonight (Tuesday) whether to go along with a proposal City-Parish President Joey Durel made in February’s State of the Parish Address and consolidate taxes for mosquito control and the parish health units into a broader tax program that would also cover animal control.
Jeff Gremillion delivers a touching eulogy, capturing the essence of his longtime friend.
U.S. District Judge Richard Haik has dismissed Greg Davis’ lawsuit against the LPSB, yet in his ruling, the federal judge doesn’t bite his tongue in pointing out the "threat" being posed by certain board members.
Everybody, every style
Four bedroom Broussard Acadian or four bedroom Lafayette French home
Acadiana's nightlife guide.
Of all the political offices being contested throughout Lafayette Parish, the race for Broussard’s top police post has literally become one of the most heated.
A state district judge is deciding whether to issue an injunction against the enforcement of a last-minute retirement hike that lawmakers gave to the state police superintendent.
A new website is up for Louisiana's state government employees and retirees to choose their health insurance plans for next year, a choice they must make by October.
That fact that New Orleans led both games in the final 10 seconds of regulation, and lost each by a field goal or less, is of little solace.
The superintendent will make another go at getting a budget passed for the already commenced fiscal year as the LPSB is slated to meet tonight on the eve of the state’s budget adoption deadline.
A person familiar with the situation says New Orleans Saints running back Mark Ingram has a broken hand.
It seeks an investigation into a $100,000 fund transfer from Vitter's federal campaign account to an independent PAC supporting Vitter's 2015 candidacy for governor.
Landrieu has acknowledged that she improperly billed her Senate office for nearly $43,000 in charter costs that should have been paid from her campaign account.