By Andy Sullivan
WASHINGTON (Reuters) – A $447 billion bill that would boost financial oversight and high-speed rail, encourage needle exchanges for drug addicts, and advance other Democratic priorities won final U.S. congressional approval on Sunday.
On a 57-35 vote, the Senate passed the measure, previously approved by the House of Representatives. It would allow the Securities and Exchange Commission to hire 420 workers to oversee investments and the financial markets.
The legislation funds dozens of federal agencies, including the departments of Justice and State, for the rest of the 2010 fiscal year, which ends next September 30. President Barack Obama must sign it into law by Friday or extend a temporary measure to keep the government running.
The measure would boost lending programs for small businesses, which the administration has identified as a way to bring down the nation's 10 percent unemployment rate.
linkUpdated to add:
FACTBOX-Highlights of $447 billion US spending billFollowing are details on some items in the legislation.
* Includes $1.11 billion, a 14 percent boost, to allow the Securities and Exchange Commission to hire 420 workers to oversee investments and financial markets. The agency has faced questions about its effectiveness after it failed to catch a $65 billion scheme perpetrated by Bernard Madoff.
* Provides $824 million for the Small Business Administration, a 26 percent increase, to support new lending to small businesses. Further efforts to encourage small-business growth could pass Congress in the coming weeks as part of an effort to bring down U.S. unemployment, which stands at 10 percent nationally.
* Requires General Motors Co and Chrysler to submit to binding arbitration to determine whether auto dealerships they have tried to close should be reopened.
* Includes a 50 percent increase to fight fraud in entitlement programs such as Social Security and Medicare. Lawmakers say this could save $48 billion over the next 10 years.
* Provides $2.5 billion for high-speed rail intercity rail projects, on top of $8 billion signed into law earlier this year as part of the economic stimulus bill.
* Includes nearly $1.5 billion for new nonmilitary aid to Pakistan, proposed by Obama as one tool to combat extremism there.
* Has no money for an infrastructure bank requested by the Obama administration to finance large-scale transportation projects. Lawmakers said the $5 billion project was too complex to handle through a spending bill.
* Reduces economic, governance and security aid to Iraq by 30 percent; keeps levels to Pakistan and Afghanistan roughly the same.
* Prevents the government from doing business with U.S. companies that have moved headquarters overseas to reduce their tax bills.
* Prevents the Export-Import Bank from providing loans to oil companies that do business with Iran.
* Limits U.S. participation in an International Monetary Fund program designed to prevent future financial crises to 20 percent of the total. It requires the United States to oppose allowing nations that have supported terrorism to withdraw hard currency such as U.S. dollars or euros from the IMF.
* Eases a ban on federal funding for needle-exchange programs for drug addicts. The new guidelines would allow local health or law enforcement officials to block funding for programs in locations they deem inappropriate.
* Lifts a restriction that prevents Washington, D.C., from using public money to pay for abortions. Also would allow Washington residents to vote on a medical marijuana referendum, which has been blocked in Congress since 1999.
Printer-friendly format
Email this thread to a friend
Bookmark this thread
(1000+ posts)
Send PM |
Profile |
Ignore
