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Dear Friend:
Last week was a busy week in Washington. In three short days, I attended five hearing in the Financial Services Committee, which heard testimony from the Secretaries of Treasury and HUD as well as Fed Chairman Bernanke. Overlapping those hearings, I held about a dozen meetings with Georgians that were in Washington.
Please take a minute to read up on the latest news from Congress and the 13th Congressional District.
Committee Action - Financial Services Committee
March 1 - hearing: “Mortgage Finance Reform: An Examination of the Obama Administration’s Report to Congress.” The main witness was Treasury Secretary Timothy Geithner.
March 1 - hearing: "Oversight of the Department of Housing and Urban Development (HUD)." The main witness was HUD Secretary Shaun Donovan.
March 2 - hearing: "Monetary Policy and the State of the Economy." The main witness was Ben Bernanke, Chairman, Board of Governors of the Federal Reserve System.
March 2 - Subcommittee on Financial Institutions hearing on "The Effect of Dodd-Frank on Small Financial Institutions and Small Businesses.” Ten witnesses representing various positions.
March 3 - markup of the following bills:
H.R. 830 - The FHA Refinance Program Termination Act; and H.R. 836 - The Emergency Mortgage Relief Program Termination Act. The Committee passed both bills on a party line vote of 33-22. Congressman Scott opposed these bills. He believes that more effort should be made to help homeowners retain their homes. The programs should be improved and not cut.
You can find further information about these hearings at the Committee webpage.
Recent House Votes
FY 2011 Budget. The House voted for a short-term FY 2011 federal budget that expires in two weeks. Unless a long-term budget can be approved, the federal government remains at risk of a temporary shut down. Given the fragile economic recovery, a shut down could cause major economic reverberations.
Repeal of 1099. The House voted 314-112 in favor of the Small Business Paperwork Mandate Elimination Act - HR 4. Congressman Scott voted for the measure. H.R. 4 repeals a provision from the 2010 health care overhaul law that requires businesses, starting in 2012, to report to the IRS using a 1099 form on any payments to vendors that exceed $600 in a year. The House and Senate have approved different versions of the bill, which will now need to be worked out in a compromise.
Keep track of all House votes at the Clerk's website.
Media Mentions
March 1
- The Hill newspaper ran an article about the Hearing with the Treasury Secretary.
Rep. David Scott (D-Ga.), said he was concerned that the administration was overestimating the ability of private capital to replace the government's role in the mortgage market.
You can read the full article here.
On March 1, the Associated Press also covered the hearing and quoted Congressman Scott. That article also quoted the Congressman.
Foreclosure Events for Homeowners This Weekend
Freddie Mac and Chase Foreclosure event. For full details about this event, click here.
WHO: Borrowers with a Chase, EMC or WaMu mortgage.
WHEN: Thursday, March 3 - Sunday, March 6; 8 a.m. to 8 p.m.
WHERE: Georgia World Congress Center, Bldg. B, Rooms B312-B314, 285 Andrew Young Int'l Blvd., Atlanta
(Free parking in the Red Deck; tell attendant you are there for the Chase event)
Chase Homeownership Centers that help Georgia families every week, including locations at:
- 900 Circle 75 Parkway, Suite 760, Atlanta, 770-690-2800 (open Monday-Saturday)
- 245 Country Club Drive, Suite B, Bldg. 300, Stockbridge, 770-474-4186 (open Monday-Saturday)
NACA Atlanta Save-the-Dream Event:
Location: AmericasMart Atlanta (250 Spring Street Atlanta, GA)
Starts: Thursday March 3rd at 8:00 a.m.
Ends: Monday March 7th at 8:00 p.m.
Hours: 8:00 a.m. – 8:00 p.m. everyday
Georgia will once again become the one stop shop for not only local homeowners, but for people around the nation to take advantage of NACA’s free program.
The program is FREE and open to owner/occupants and non-investors. At risk-homeowners can sign up at www.naca.com or call 888-499-6222. For more about this event, visit the NACA website here.
Social Security 101: What's in it for me?
If you’re a college student or young worker, you need to know that there’s more to Social Security than retirement. To find out more about how the program can help young people, and get answers to questions like “what’s that FICA tax that comes out of my paycheck?” and get tips on saving and planning for your financial future, watch “Social Security 101: What’s in it for me?” This webinar airs on March 10th at 3p.m. EST. You can RSVP and watch the webinar at this link: http://go.usa.gov/g6D. There’s something in it for you!
Thank you for taking time to read my newsletter. If I can be of assistance, please contact me through one of the addresses located at the end of this message. We can also connect via Facebook, YouTube, Twitter or LinkedIn.
Sincerely,
David Scott
Member of Congress
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