Once a week, our research staff compiles the top cited federal and regional examples of issues related to FEN's initiatives.
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Week ending July 23, 2010
Federal:
Financial reform is now law
President Obama officially signed the financial reform bill into law. The law was created in response to the financial crisis that spurred the recession, and increases regulatory oversight of complex financial products, such as derivatives, and creates a consumer protection agency that will oversee financial products such as credit cards and mortgages. Read more...
Unemployment benefit extension approved by Congress
The bill extending the deadline to apply for federal unemployment benefits was passed in both chambers of Congress, and now goes to the President for his signature. The benefits will be retroactive to June 2, and restores benefits to nearly 3 million Americans. Read more...
Government support for financial and housing markets hits $3.7 trillion
The latest report on the Troubled Asset Relief Program (TARP) said that while the program is winding down, government support for financial companies and the housing market continues to rise. The total amount is up 23% to around $3.7 trillion from $3 trillion the previous year. Read more...
Northeast:
RI firefighter compounded COLA could set a costly example
The latest contract for city firefighters is held up in a committee because some claim it will cripple the city’s pension system and allow unions to go after more costly benefits. The contract allows firefighters a 3 percent compounding cost-of-living adjustment. One fire chief, who retired in 1991 at a salary of $54,616, already receives a 6 percent compounded COLA and is one of the state’s top pensioners at $165,247, but in another five years, his pension is expected to increase to $221,139. Read more...
Pittsburgh parking privatized for the sake of public pensions
Meetings are set to discuss a plan that will privatize parking garages to pay for the municipal pension system. The plan is to lease 12 garages and 9,000 parking meters to bring in a one-time lump sum of $200 million and transfer it into the pension system and another $105 million for the Parking Authority. Read more...
South:
GA state health plan losing financial ground
Georgia’s State Health Benefit Plan could go broke by next spring. Consequently, state workers will see their contributions increase by ten percent for a second time in two years. The state Legislature has already shifted $33 million from the state treasury, and is applying for $100 million in federal money, to meet their obligations for these benefits. Read more...
Central:
Biz bankruptcies up 3.8% in St. Louis
The number of business bankruptcy filings in St. Louis increased 3.8% in the second quarter. There were 110 individual cases which is a new high. Business bankruptcies are up 13% over the last 12 months. Read more...
Omaha mayor proposes controversial 4% tax on restaurant, bar and catering bills
Omaha Mayor Jim Suttle’s new 4% tax proposal for restaurant, bar and catering bills is not too palatable for local restaurant owners and industry leaders. If the tax is passed, Omaha restaurant or bar patrons will be paying 11% on their bills in taxes. Read more...
West:
Oakland’s next target will be taxes
Oakland lawmakers may put a handful of new taxes on the November ballot, including an increase on marijuana businesses, from 1.8 percent to 8-10 percent, a 7.5 percent tax on garbage and water services, a parcel tax of $360 per home to help pay for police services, and an increase in the sales tax by .25 percent. The city is struggling with a $50 million deficit. Read more...
Former L.A. mayor says in two years the city could forgo libraries and parks for pensions
The former mayor of Los Angeles told a group of activists, L.A. Clean Sweep, that unless lawmakers address the rising costs of pensions the city will have to close public parks and libraries within the next two years. The Los Angeles Times goes on to say that the mayor has already laid off nearly 100 library workers, cut library hours, and sent out layoff notices to child care workers at local parks. Read more...