Unfinished Business Left By Pelosi and Reid

Harry Reid and Nancy Pelosi

House Speaker Nancy Pelosi (D-Calif.) and the rest of her cohorts have closed up shop and left town, Joining her on the cruise to nowhere, Majority Leader Harry Reid (D-N.V.) announced the Senate will adjourn on Friday.

That leaves us with an absentee Congress, Pelosi and Reid promised much would be accomplished this year, but ended with not even completing the major spending and tax legislation needed to help the faltering economy.


The top 10 unfinished business left by Pelosi and Reid include:

1. Extend Tax Rates: The largest tax increase in American History is still scheduled to take effect on January 1st.
2. Create Jobs: President Obama’s $862 stimulus bill was supposed to jumpstart the economy but unemployment in the U.S. remains over 9%
3. Pass A Budget: The congressional Democrats and President Obama have not passed a budget this year to determine government spending.
4. Appropriations Bills: The Congress has not passed any of the 12 annual appropriations bills for fiscal 2011. Instead, they have passed continuing resolutions,
5. Trade: The Chamber of Commerce is urging Congress to renew the GSP and the ATPA before they expire at the end of the year. GSP boosts the competitiveness of U.S. manufacturers and lowers the cost of consumer goods for American families. 
6. Stop the EPA: The EPA is planning to bypass Congress and dictate rules to curb carbon gas emission. Prominent Democratic Senators co-sponsored a bill to stop the renegade EPA But their leader, Harry Reid, has not scheduled a floor vote on the bill. 
7. Repeal ObamaCare's Tax Burden: Small Business will be burdended by an Obamacare mandate to file a 1099 tax form to any vendor paid over $600 in a year.
8. Secure Our Borders: Reid has made immigration reform a top priority of his leadership in the Senate and has accomplished nothing.
9. Pork Spending Reform: Pelosi promised transparency and openness in the budget process including earmarks.” Reid concurred and instead they have done nothing. 
10. Ethics Trials for Rangel and Waters: Rep. Charlie Rangel (D-N.Y.) has been charged with 13 ethical violations. Rep. Maxine Waters (D-Calif.) with three counts of ethical charges. Neither trials have been scheduled.
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E-VERIFY SYSTEM NOW IN EFFECT

Federal contractors are required to use Department of Homeland Security website to verify employment eligibility of all new hires

On September 8, 2009, the Department of Homeland Security (DHS) will began implementing a rule requiring federal contractors to validate the employment eligibility of employees through the E-Verify system.  The rule applies to all contractors and subcontractors on federal contracts over $100,000 in total value and applies to new hires as well as current employees hired in accordance with pre-existing rules and standards who are working on federal contracts. 

The E-Verify program is an Internet-based system, run through the DHS's U.S. Citizenship and Immigration Service, that compares employer provided information with the records in the Social Security Administration (SSA) database. 

The DHS also issued a new regulation rescinding the "safe harbor" portion of the Executive Order 12989.  The "safe harbor" language was intended to provide employers who received a "no-match" letter from the SSA, meaning information submitted through E-Verify did not match existing records, a process to follow in order to avoid a finding that they have constructive knowledge of a worker's illegal status yet have failed to act properly.  In lieu of a similar process being announced, Contractors that receive a "no-match" letter should follow the letter instructions and contact their attorney.

Obama Scheduled To Sign $42 Billion Small Businesses Bill Today

Small Business Bill

Obama is scheduled to sign a $42 billion bill to aid small businesses today. The bill will offer about $12 billion in tax breaks and is expected to create 500,000 jobs, according to a summary of the bill from the Senate.

The Bill would authorize the creation of a $30 billion fund run by the Treasury Department that would deliver ultra-cheap capital to banks with less than $10 billion in assets.

The theory is community banks do the majority of lending to small businesses, and infusing funds into them will get money in the hands of Small Businesses.

• 500,000 new jobs are expected
• The Treasury Department would run a $30 billion fund to help deliver capital to small banks
• The goal is for community banks to make credit more available to small businesses

One possible flaw in the bill is that this is not the first time money is going to banks in the hope that they will loan to small business. Businesses have had their credit lines drastically reduced or canceled over the last two years. The jury will remain out on the effectiveness of this bill until the money begins to flow out of the banks and into the hands of small businesses

Banks Take On Small Business Bill
Meanwhile some community banks and small businesses say the $30 billion lending program will do little to help them because small firms have put off expansion plans in the down economy. Many banks remain reluctant to use the federal program, fearing it will come with too much oversight. Read More

Credit Unions

On another note Credit Unions were bailed out in the dead of night over the weekend to the tune of $30 Billion Dollars. The claim is that none of the money will come from taxpayers. However, the money is insured by the FDIC which could put taxpayers on the hook for the money. Read More

AIG

Discussions are ongoing to convert the outstanding Government Bail Out to AIG to Common Stock. That would mean that the Government would own 90% of AIG which will effectively Nationalize the Company. Read More

You Can Help Shape the Next Congress

NJECPAC encourages our members to donate to the IEC Pride PAC, NJECPAC is a State PAC and as such can not donate to federal elections or candidates. that is where IEC Pride PAC steps in and works behalf of Electrical Contractors across the country

Support The IEC PRIDE PAC

You Can Help Shape the Next Congress

With Election Day only 40 days away, there are almost 100 competitive House and Senate races, across the country, that will determine whether the 112^th Congress works for you, or you work for them.

What Is PRIDE PAC?

PRIDE PAC is the federal political action committee set up by the Independent Electrical Contractors, Inc. PRIDE PAC is funded entirely through personal donations. These contributions are grouped together for greater impact and given to Members of Congress, Congressional candidates and federal leadership PACs to support the electrical and systems industries and the merit shop philosophy upon which IEC was founded.

Click Here To Read More About IEC PRIDE PAC

Click Here for IEC PRIDE PAC Authorization Form

To learn about what IEC is doing to play an active role in the year’s biggest races, and how you can help, contact Steve Hinton at shinton@ieci.org or 703-650-0054.

See what IEC is Doing For You And Your Business in Washington