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The House and Senate Democrats adopted fiscal 2009 budget resolutions by a narrow margin, with spending bills exceeding President Bush's budget request. Facing a House-Senate conference and a possible presidential veto, they are likely to take further action on the bills only after the general elections when the next president takes office.

The House and Senate are set for a budget debate with both the House and Senate Budget Committees approving separate fiscal 2009 draft resolutions. Although both draft resolutions exceed President Bush's request for domestic spending, they differ on how the one-year 'patch' on the alternative minimum tax (AMT) will be paid.

Sen. Tom George, R-Kalamazoo, surprised many last week when he proposed to grant a subsidiary of Blue Cross Blue Shield of Michigan the right to sell automobile, life and other [...]

State House introduces film-industry stimulus bills A long-brewing package of incentives to boost Michigan filmmaking heads for committee this week. House Bills 5841-5856 are intended to give Michigan the most [...]

WASHINGTON - The economic stimulus package that President Bush and Congress are quickly rolling out should include programs that help both businesses and consumers, especially those with the lowest incomes, [...]

The House late Wednesday approved legislation that would reform the Committee on Foreign Investments in the United States. The bill is now headed to President Bush for his signature. It [...]

The House of Representatives has passed HR 698, legislation that is intended to prevent companies that receive more than 15% of their revenue from 'commercial activities' from owning a Utah [...]

WASHINGTON -- The House was expected to easily pass a bill late Monday that would bar commercial firms from owning industrial loan companies. But the bill, which also would put [...]

WASHINGTON -- Though the House is expected Tuesday to pass a bill to reform the regulation of the government-sponsored enterprises, the legislation's future is cloudier than ever. Lawmakers spent eight [...]

Heads are still shaking in bewilderment over the House's provision in the SAFE Port Act calling for 100 percent inspection of inbound ocean containers. Had they not been listening? Had [...]

Senate leaders began taking steps Thursday to unanimously approve the Financial Services Regulatory Relief Act. The House approved the bill, sponsored by Sen. Mike Crapo, R-Idaho, by a vote of [...]

Pension Reform HR 4 The Senate passed a pension reform bill by a vote of 93 to 5 on Aug. 3. The bill would increase a host of tax-free savings [...]

The House is expected to vote next week on legislation to halt the flow of funds to Internet gambling companies. After weeks of negotiating differences in competing bills introduced by [...]

WASHINGTON -- The Senate Banking Committee is scheduled to vote on a regulatory-relief bill Thursday that appears aimed at avoiding controversial issues raised by similar House legislation. Absent from the [...]

The regulatory relief bill the House passed this month holds particular promise for federally chartered thrifts. The legislation aims to ease the compliance burden for community banks, thrifts, and credit [...]

Last week the House of Representatives passed the Financial Services Regulatory Relief Act by a vote of 415 to 2. The huge margin underscores the overwhelming bipartisan support in the [...]

WASHINGTON -- The House passed legislation 415 to 2 on Wednesday that would ease regulations for banks and thrifts, but it remains unclear if the bill can be enacted this [...]

The House is expected to consider a bill today to ease the regulatory burden on financial institutions. The Financial Services Regulatory Relief Act of 2005 is scheduled to go before [...]

WASHINGTON -- Fannie Mae faces yet another crossroad this week as the results of an investigation into the government-sponsored enterprise's accounting scandal are made public. Depending on what he found [...]

ACTION ON LEGISLATION Budget Reconciliation HR 4241, S 1932 President Bush signed legislation Wednesday that reduces federal spending by $40 billion over five years. Among other things, the law included [...]

WASHINGTON -- Banking industry officials who have pushed for deposit insurance reform for five-plus years might want to keep that champagne on ice until after the New Year. A procedural [...]

WASHINGTON -- A key House lawmaker said deposit insurance reform will be enacted this year while Senate sources are far less certain. Rep. Spencer Bachus, R-Ala., announced Tuesday evening that [...]

WASHINGTON -- Scrutiny of some crucial bank hedging instruments would intensify under a bill the House is scheduled to vote on Wednesday. In an effort to crack down on the [...]

WASHINGTON -- Congressional negotiators are close to a deal on deposit insurance reform -- and it is not expected to include some key industry priorities. Gone are provisions that would [...]

The House is scheduled to vote today on legislation to extend expiring tax cuts and the government's terrorism insurance program. The tax package contains $56.1 billion of cuts, including preserved [...]

WASHINGTON -- Though the holiday season is just starting, pundits are already declaring GSE reform legislation dead for 2006 -- unless of course something else dreadful happens at Fannie Mae [...]

WASHINGTON -- Time is running short for lawmakers to iron out significant differences between Senate and House approaches to terrorism insurance, deposit insurance, student loan guarantees, and tax-cut legislation. With [...]

WASHINGTON -- The Bush administration wasted little time Wednesday in declaring a House bill to revamp the regulation of government-sponsored enterprises dead on arrival. The White House said the bill [...]

WASHINGTON-A House subcommittee on trade is poised to make decisions on whether to include several bills in a trade package that could have significant ramifications for the textiles industry. The [...]

Companies with defined-benefit pension plans are bracing for changes that, if passed into law, would force them to quickly shore up underfunded plans, close loopholes and increase premiums. The good [...]

WASHINGTON -- Sought by creditors since the late 1980s, debated by Congress since 1997, and derided by consumer advocates since its inception, bankruptcy reform legislation cleared its final congressional hurdle [...]

WASHINGTON -- The House is scheduled to vote today on legislation to overhaul the nation's bankruptcy laws. The vote is the final stop on Capitol Hill for the measure the [...]

Amendments the House has approved to a wide-ranging funding bill would boost outlays to fight money laundering and let banks keep accepting Mexican matricula consular cards for identification. A rule [...]

ACTION ON LEGISLATION Banks in Real Estate S 98, HR 111, HR 5025 On Tuesday the Senate Appropriations Committee approved the Treasury Department spending bill, which contains a provision to [...]

NO CAPS, PLEASE. On June 24, the House rejected a measure (H.R. 3973) that would have imposed 'pay-as-you-go' rules on Washington's discretionary spending. In other words, additional funding for certain [...]

US Congressional efforts to reform an export tax break opposed by Europe and ruled illegal by the World Trade Organisation (WTO) have hit a hurdle with the introduction of competing [...]

Proponents of a Senate resolution to overturn the Federal Communications Commission's media ownership deregulation were threatening to force a vote in the House of Representatives on the issue last week-if [...]

The 400-21 vote by the U.S. House of Representatives last week to approve appropriations legislation that would roll back the national TV station ownership cap to 35 percent has added [...]

The House approved legislation Tuesday that would let banks offer interest-bearing corporate checking accounts as early as 2005. The bill, which passed in a voice vote, also would allow banks [...]

The Dow lost 777.68 point which is the worst single session loss in its history while the Nasdaq and the S&P 500 lost 9 and 8 percent respectively. The blow was delivered by the House members who voted down the bailout bill. Warren Buffett invested $5 billion in Goldman Sachs and $3 billion in GE but has shrugged off please to help AIG and Lehman. The U.S. unemployment data is also discussed.

The House passed the HR 2638 stopgap spending bill that would authorize funding until March 6, 2009 and awaits Senate clearance. This covers funding for Defense, Homeland Security and Veterans Affairs (VA) departments and military construction and prevent shutdown of federal agencies.

The HR 3221 bill that relates to the mortgage relief package was rejected in the Senate by a considerable margin and returned to the House. The House is likely to consider revisions before forwarding it for approval again.

The US House of Representatives passed HR 5351, a bill that would redirect $18 billion in tax breaks from major oil companies to alternative and renewable energy programs and energy conservation and efficiency initiatives. Opponents of the bill, however, argue that the bill would actually harm renewable energy programs.

The provisions of the bill HR 5140 that has been approved in the House as well as the Senate are presented. The bill will benefit low-income seniors and disabled veterans.