• Senate Democrats successfully pushed a $410 billion fiscal 2009 omnibus spending bill through their chamber.
• It passed after clearing the 60-vote threshold required to invoke cloture and end debate.
• The measure contains funding for nearly all domestic agencies for the rest of the year.
• The House passed its version of the measure in late February. House Speaker Nancy Pelosi (D-CA) said she has no interest in revisiting the spending bill, and Senate Democrats are therefore trying to move the measure without any changes.
• The most recent continuing resolution had given Congress until today to approve the bill if it is to avoid shutting down government operations.
• Meanwhile, Speaker Pelosi said she is open to another stimulus package, given the severity of the economic crisis.
• She said, "We have to keep the door open." However, she said House Democrats want to see what effects last month's $787 billion stimulus package has on the economy.
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• On Tuesday Senate Majority Whip Richard Durbin (D-IL) and Sen. Charles Schumer (D-NY) introduced a measure that would create a consumer protection agency responsible for regulating financial products.
• Sens. Durbin and Schumer argue that the bill is necessary to protect consumers from predatory mortgage loans and abusive credit card practices.
• Sen. Schumer said banks and other lenders "have found ways to basically dupe consumers...Disclosure doesn't work."
• The bill would establish a five-member Financial Product Safety Commission (FPSC) appointed by the president and confirmed by the Senate.
• The new regulator would by able to make rules that ban unfair or deceptive offerings.
• The measure would not preclude states from setting stricter standards.
• The measure will probably be incorporated into a planned financial regulatory overhaul being prepared by lawmakers.
• Lawmakers are discussing provisions to expand the Federal Reserve's authority and making it the chief regulator for systemic risk over the entire financial sector.
• There is a general consensus amongst policymakers that the Fed should have more power to oversee firms outside the banking system, such as hedge funds and private equity firms.
• Congress will also take up measures such as the Durbin-Schumer plan that reorganize agencies and boost consumer protection.
• Democrats may also try to incorporate a bill that would expand the Commodity Futures Trading Commission's (CFTC) oversight of futures markets.
• President Obama is urging Congress to pass a financial regulatory overhaul before he attends a G-20 summit in London this April.
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• The Environmental Protection Agency (EPA) has unveiled a proposed rule that would require industries to report greenhouse gas emissions.
• The rule would apply to upstream suppliers of fuels and direct emitters such as power plants. It covers utilities, coal mines, automakers, and refineries.
• Most reporting would occur at the facility level. However, automakers and "certain suppliers of fossils fuels and industrial gasses" will report at the corporate level.
• The EPA said the rule would help inform future emissions control programs.
• The EPA said the rule "would provide the EPA, other government agencies, and outside stakeholders with economy-wide data on facility-level greenhouse gas emissions."
• The rule would require the first annual reports to be submitted in 2011 for the 2010 calendar year. Automakers would begin reporting with the 2011 model year.
• The agency will seek comment on the measure for at least 60 days before a final rulemaking.
• Congress has turned its focus to a carbon regulation measure that is expected to be attached to a comprehensive energy bill. The measure will contain a cap-and-trade scheme, renewable electricity mandate, and energy efficiency provisions.
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Events Next Week
March 16 - March 20