Tonight, Republicans in the House might use the MTR to add all sorts of nasty stuff to the bailout. Below is an email circulating in the House about what they might do. Right now, the only amendment the Rules Committee authorized for a vote is one that adds oversight to the TARP program, but as you'll see, there's ample opportunity for Republicans to get very nasty if they can rustle up the votes from wayward Democrats (probably Blue Dogs).
The Rules Committee reported out a structured rule for the auto bailout bill. There is one hour of general debate on the bill, and the rule provides for an MTR (more on that below).
One amdt from Mr. LaTourette was made in order that was fully supported by the Rules Committee. The amdt text is attached. The amdt adds oversight to TARP. It stipulates that a company getting TARP money must report how much new lending it did. It is specifically aimed at the problem where lenders are taking TARP money and not using it for the intended purpose of lending, but instead are using the TARP funds to buy other banks, claim their assets, and say they are lending more money now (and in some cases laying off employees from the acquired bank in the process).
LaTourette amdt - the amdt requires that any lending assistance provided under TARP or EISA to an insured depository institution shall report the amount of any increase or decrease in new lending attributed to the TARP or EISA assistance. If the institution cannot provide an accurate report, the institution shall report the total amount of increase or decrease in overall new lending in its quarterly reports (10 minutes debate).
Please be advised that the MTR could be especially nasty - it is going to depend on how much trouble the Rs who oppose this wish to cause. The scope of this bill is very, very wide. And the Rs are really upset about a number of things right now. If the Rs wish to stir up an immense amount of trouble, the MTR could be things such as emissions standards, CAFÉ, the Columbia FTA (it is germane to the bill), anything transportation-related (due to the guarantee provision for mass transit entities), something immigration-related (the bill includes a COLA for judges, which opens the scope of Judiciary Cmte), and more. It is assumed the President will work to keep their Rs in line on this so they do not torpedo the bill, but there are no guarantees and no assurances. Wanted to be sure you are aware of this in the event things start spinning out of control.
Finally, the Senate will not be taking this up today, so we will be playing the waiting game. It is hoped the Senate will simply pass our bill tomorrow, pass it, and send to the President. But if recent history is any indicator, what is more likely to happen is we will pass the bill tonight; the Senate will take up the bill tomorrow, make changes to it, and stuff it down our throat; and we will then pass whatever the Senate passed. Stay tuned.
Tonight's Schedule (subj to change of course):
Debate on same day rule - 1 hour. We are now debating the same day rule
Vote on same day rule
Debate on the auto rule - 1 hour
Vote on the rule
General debate on the bill - 1 hour
Debate on the LaTourette amdt - 10 minutes
Vote on amdt (possibly voiced)
MTR debate - 10 minutes
Vote on MTR
Final Passage
We are going to be here for a while. Guessing 7:30pm-8pm; could be earlier or later depending on if time is yielded back or something is voiced.
