Hill Update
Housing Package Awaits Approval by House
Last week, House lawmakers slowed down the action on the Foreclosure Prevention Act of 2008 (H.R. 3221). The Senate passed a version of the act on July 11, while the House version was passed last year. The bill would permanently create a national housing trust fund with a dedicated revenue source. The package was set to move quickly through the House, until the White House announced a plan on July 13 to allow the Treasury Department to increase the government's line of credit to Fannie Mae and Freddie Mac. The President asked Congress to, among other things, grant the Treasury Department the authority to buy an equity stake in the companies in order to keep them financially sound. Under the President's proposal, the Treasury could essentially offer an unlimited line of credit to Fannie Mae and Freddie Mac. Some lawmakers argue that there should be a cap on the amount of money the government can give to the two companies. The revised bill, which will incorporate the bulk of the President's proposal, is expected to reach the House floor tomorrow, July 23, and then be sent back to the Senate. Senate Banking Chairman Christopher J. Dodd (D-CT) has said he hopes that the Senate will be able to quickly approve the House-passed bill and get it to the president, possibly by the end of this week.
Senate Appropriations Committee to Consider Supplemental Appropriations Bill
This Thursday, July 24, the Senate Appropriations Committee is scheduled to mark up draft legislation designed to make supplemental domestic FY 2008 appropriations. One candidate for additional funding is the Low Income Home Energy Assistance Program (LIHEAP), which helps low-income people with heating and cooling costs for their homes. Senator Jack Reed (D-RI) has asked appropriators to include $2.5 billion in funding for LIHEAP.
Legislative Updates 
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