Word: congresses
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This is, after all, what Congress decreed in 1980 for producers of actual toxic waste. Under the Superfund law enacted that year, polluters pay for the messes they make. Environmental lawyer E. Michael Thomas sees no reason lawmakers couldn't demand the same of financial polluters and force them to ante up some of the bank-bailout money. "This is a directly parallel policy judgment," he says. "It's beautiful in its simplicity, and it's also beautiful in its justice...
...that clock be turned back? It depends partly on Congress but mainly on financial markets. If they come roaring back over the next few years, the whole clawback conversation will probably be forgotten. If they don't, investment banks and hedge funds will have to reinvent themselves to win back investors. Partnerships will make a comeback. Hedge funds will stop charging investors 20% fees. And clawbacks will be everywhere...
...past year, Jones has been holed up at the U.S. Chamber of Commerce, where he led a program to redefine America's energy policy. At the same time, Congress asked Jones to assess the training of Iraqi forces, a key to the withdrawal of U.S. troops from the country. By last summer, says a close Obama aide, "General Jones was already under consideration for a top job in the Administration...
...Democrat." But these are serious times: the same day the Senate convened with two Democratic seats unfilled (comedian Al Franken's microscopic margin of victory is being contested in Minnesota), Obama announced that the nation could soon face a trillion-dollar deficit. Instead of serious leadership, Congress gave us the Burris showdown--in which gall challenged sanctimony while insincerity vied with incompetence...
...specifically to LIHEAP, the federal Low Income Home Energy Assistance Program. It is supposed to provide about $5 billion in home-heating-fuel aid, but in recent years it has seen only half that. President Bush even tried to reduce fiscal 2009 LIHEAP funding to about $2.14 billion, but Congress, in the face of stratospheric fuel costs in 2008, authorized $4.5 billion instead. (ExxonMobil insists it has lobbied for full LIHEAP funding...