October, 01 2008, 04:36pm EDT
Kucinich: Senate Bill Doesn't Fix Underlying Crisis
WASHINGTON
Congressman Dennis J. Kucinich, one of the leaders in challenging the Wall Street bailout plan, reacted to the Wall Street bailout legislation that the Senate will consider later today.
"True American values of fairness, frugality and faith are being sacrificed to greed. The Senate took a dreadful bill that failed on the House floor, made no substantive changes to help homeowners or enact substantive regulatory protections for investors, and instead attached tax provisions that have absolutely nothing to do with the underlying financial crisis. The legislative process is devolving into fraud."
"Among the tax credits are tax credits for banks. Keep in mind the government will have to borrow $700 billion from banks at interest, to give banks a $700 billion bailout, and in return the taxpayers get $700 billion in toxic debt. The Senate "improves" on the bailout by giving banks even more money. It is the height of cynicism to tell homeowners in foreclosure that we are going to help them by giving them a tax break! The problem is that they can't pay the mortgage and their homes are in danger, not that they need foreclosure tax breaks."
The Senate proposes to make one significant change to the original bailout legislation: implementing a temporary increase in the limit on insured banking deposits by the Federal Deposit Insurance Corporation. Kucinich supports such an increase.
Yesterday Kucinich sent a letter to Speaker Nancy Pelosi and Congressman Barney Frank, Chairman of the Financial Services Committee, suggesting a change in the legislation that would empower the Treasury to compel mortgage servicers to rework the terms of mortgage loans so homeowners could avoid foreclosure.
Dennis Kucinich is an American politician. A U.S. Representative from Ohio from 1997 to 2013, he was also a candidate for the Democratic nomination for president of the United States in 2004 and 2008.
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Critics Blast 'Reckless and Impossible' Bid to Start Operating Mountain Valley Pipeline
"The time to build more dirty and dangerous pipelines is over," said one environmental campaigner.
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Environmental defenders on Tuesday ripped the company behind the Mountain Valley Pipeline for asking the federal government—on Earth Day—for permission to start sending methane gas through the 303-mile conduit despite a worsening climate emergency caused largely by burning fossil fuels.
Mountain Valley Pipeline LLC sent a letter Monday to Federal Energy Regulatory Commission (FERC) Acting Secretary Debbie-Anne Reese seeking final permission to begin operation on the MVP next month, even while acknowledging that much of the Virginia portion of the pipeline route remains unfinished and developers have yet to fully comply with safety requirements.
"In a manner typical of its ongoing disrespect for the environment, Mountain Valley Pipeline marked Earth Day by asking FERC for authorization to place its dangerous, unnecessary pipeline into service in late May," said Jessica Sims, the Virginia field coordinator for Appalachian Voices.
"MVP brazenly asks for this authorization while simultaneously notifying FERC that the company has completed less than two-thirds of the project to final restoration and with the mere promise that it will notify the commission when it fully complies with the requirements of a consent decree it entered into with the Pipeline and Hazardous Materials Safety Administration last fall," she continued.
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Russell Chisholm, co-director of the Protect Our Water, Heritage, Rights (POWHR) Coalition—which called MVP's request "reckless and impossible"—said in a statement that "we are watching our worst nightmare unfold in real-time: The reckless MVP is barreling towards completion."
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POWHR and activists representing frontline communities affected by the pipeline are set to take part in a May 8 demonstration outside project financier Bank of America's headquarters in Charlotte, North Carolina.
Appalachian Voices noted that MVP's request comes days before pipeline developer Equitrans Midstream is set to release its 2024 first-quarter earnings information on April 30.
MVP is set to traverse much of Virginia and West Virginia, with the Southgate extension running into North Carolina. Outgoing U.S. Sen. Joe Manchin (D-W.Va.) and other pipeline proponents fought to include expedited construction of the project in the debt ceiling deal negotiated between President Joe Biden and congressional Republicans last year.
On Monday, climate and environmental defenders also petitioned the U.S. Court of Appeals for the D.C. Circuit, challenging FERC's approval of the MVP's planned Southgate extension, contending that the project is so different from original plans that the government's previous assent is now irrelevant.
"Federal, state, and local elected officials have spoken out against this unneeded proposal to ship more methane gas into North Carolina," said Sierra Club senior field organizer Caroline Hansley. "The time to build more dirty and dangerous pipelines is over. After MVP Southgate requested a time extension for a project that it no longer plans to construct, it should be sent back to the drawing board for this newly proposed project."
David Sligh, conservation director at Wild Virginia, said: "Approving the Southgate project is irresponsible. This project will pose the same kinds of threats of damage to the environment and the people along its path as we have seen caused by the Mountain Valley Pipeline during the last six years."
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Others renewed warnings about the dangers MVP poses to wildlife.
"The endangered bats, fish, mussels, and plants in this boondoggle's path of destruction deserve to be protected from killing and habitat destruction by a project that never received proper approvals in the first place," Center for Biological Diversity attorney Perrin de Jong said. "Our organization will continue fighting this terrible idea to the bitter end."
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U.S. workers' rights advocates and groups celebrated on Tuesday after the Federal Trade Commission voted 3-2 along party lines to approve a ban on most noncompete clauses, which Democratic FTC Chair Lina Khansaid "keep wages low, suppress new ideas, and rob the American economy of dynamism."
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Morgan Harper, director of policy and advocacy at the American Economic Liberties Project, praised the FTC for "listening to the comments of thousands of entrepreneurs and workers of all income levels across industries" and finalizing a rule that "is a clear-cut win."
Demand Progress' Emily Peterson-Cassin similarly commended the commission "for taking a strong stance against this egregious use of corporate power, thereby empowering workers to switch jobs and launch new ventures, and unlocking billions of dollars in worker earnings."
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Sandeep Vaheesan, legal director at Open Markets Institute, highlighted that the addition came after his group, SBPC, and others submitted comments on the "significant gap" in the commission's initial January 2023 proposal, and also welcomed that "the final rule prohibits both conventional noncompete clauses and newfangled versions like TRAPs."
Jonathan Harris, a Loyola Marymount University law professor and SBPC senior fellow, said that "by also banning functional noncompetes, the rule stays one step ahead of employers who use 'stay-or-pay' contracts as workarounds to existing restrictions on traditional noncompetes. The FTC has decided to try to avoid a game of whack-a-mole with employers and their creative attorneys, which worker advocates will applaud."
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Democracy defenders on Tuesday hailed a ruling from a U.S. federal judge striking down a 19th-century North Carolina law criminalizing people who vote while on parole, probation, or post-release supervision due to a felony conviction.
In Monday's decision, U.S. District Judge Loretta C. Biggs—an appointee of former Democratic President Barack Obama—sided with the North Carolina A. Philip Randolph Institute and Action NC, who argued that the 1877 law discriminated against Black people.
"The challenged statute was enacted with discriminatory intent, has not been cleansed of its discriminatory taint, and continues to disproportionately impact Black voters," Biggs wrote in her 25-page ruling.
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"It also makes our democracy better and ensures that North Carolina is not able to unjustly criminalize innocent individuals with felony convictions who are valued members of our society, specifically Black voters who were the target of this law," Brown added.
North Carolina officials have not said whether they will appeal Biggs' ruling. The state Department of Justice said it was reviewing the decision.
According to Forward Justice—a nonpartisan law, policy, and strategy center dedicated to advancing racial, social, and economic justice in the U.S. South, "Although Black people constitute 21% of the voting-age population in North Carolina, they represent 42% of the people disenfranchised while on probation, parole, or post-release supervision."
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"Judge Biggs' decision will help ensure that voters who mistakenly think they are eligible to cast a ballot will not be criminalized for simply trying to re-engage in the political process and perform their civic duty."
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As similar battles play out in other states, Democratic U.S. lawmakers led by Rep. Ayanna Pressley of Massachusetts and Sen. Peter Welch of Vermont in December introduced legislation to end former felon disenfranchisement in federal elections and guarantee incarcerated people the right to vote.
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