From Senator Maria Cantwell's office:

Republican Leadership Continues to Block Tax Relief for American Families and Businesses

Last week, I expressed disappointment with the Republican leadership’s decision to block the Renewable Energy and Job Creation Act of 2008 that would have lowered taxes on working American families, lowered the costs of research and development in the United States, and preserved jobs and investments in renewable energy industries.

With the price of oil hovering at $140 a barrel and consumers feeling pinched by higher costs and stagnant wages, Congress must act on a clean energy and tax extenders package that will bring significant positive benefits to the U.S. economy. With their actions last week, the Republican leadership stood in the way of real tax relief for American consumers and businesses. Layoffs are accelerating, gas and home heating prices are skyrocketing, and stock markets here and abroad have seen some of their biggest declines. Failure to act on this important energy and tax extender legislation will have significant negative consequences for the U.S. economy. Most of the provisions in this bill enjoy broad bipartisan support. In April, 88 Senators voted to extend this package of clean energy tax incentives. It should be the highest priority of this Congress to move forward with fiscally responsible tax relief that creates jobs and moves this country in the direction of energy independence. I am going to continue to push to make sure consumers see relief and the clean energy industry can and will remain strong.

This bill contained a robust package of tax incentives that would have supported needed jobs and investment in electricity production from wind, solar and fuel cells; supported the efforts of struggling auto manufacturers to lead the way on production of plug-in electric vehicles so consumers really can have a viable option to reduce the hit of high gas prices on their budgets; encouraged investments in energy efficient technology and upgrades to homes, factories, and appliances that will help consumers and businesses lower their growing and volatile energy costs.

Applauding Local Efforts to Help Provide Affordable Housing

Last Wednesday, I was pleased to present two awards to low-income housing tax credit properties in Seattle that were recognized by the Affordable Housing Tax Credit Coalition (AHTCC). The AHTCC is a nonprofit corporation of developers, lenders, nonprofit groups, public agencies, and others working to promote affordable housing efforts and bring attention to the importance of the low-income housing tax credit. I am a lead sponsor of the Affordable Housing Investment Act that would make the needed improvements to the tax rules that oversee this program. Seola Crossing at Greenbridge in Seattle was the winner of the award for Public Housing Revitalization and Evans House in Seattle received honorable mention recognition for Special Needs Housing. Our homes are the foundation of our families and the anchors of our communities. With the rising costs of housing and other necessities an affordable place to live is still out of reach for many of our neighbors. Thanks to the coordinated efforts of Governor Chris Gregoire, the Washington State Housing Finance Agency and many organizations, we can point to success stories like Seola Crossing and Evans House. I congratulate these award winners and thank them, and all those who are working to address the challenge of homelessness in our state.

Intercontinental Exchange Must Reveal Names Behind Record Oil Prices

Last Thursday, Senator Olympia J. Snowe (R-ME) and I, in response to the Commodity Futures Trading Commission’s (CFTC) refusal to reverse its no-action policy, called on the CFTC to acquire market surveillance data directly from the Intercontinental Exchange Futures Europe (ICE) on the identity of the large oil futures market players. Legal experts joined us in identifying the authority the CFTC has to collect information directly from ICE. This authority is available to the Commission through its own no-action letter issued to the International Petroleum Exchange (now titled the InterContinental Exchange or ICE) on November 12, 1999. It's time for ICE to name names. The CFTC has the legal authority to find out who the large traders are and whether as few as three to four organizations are driving the market price of oil. It's time to melt away the idea that ICE is a foreign board of trade entitled to less rigorous oversight and instead shine some bright light into this dark market and make sure all exchanges trading U.S. commodities are subject to robust oversight. Consumers across the country are losing confidence that they’re being protected from out of control prices, and we must establish a clear, bright line to help protect consumers from any illegal activity and to burst the oil price bubble. Last week, in the absence of CFTC action, Senator Snowe (R-ME) and I introduced legislation that would force ICE to register as a designated contract market (DCM) allowing the CFTC to directly regulate all U.S. oil futures markets and ensure they are subject to the same level of oversight and transparency.

Urging Swift Passage of my Reconstruction Opportunity Zones Bill

Last week, I attended a Senate Finance Committee Hearing on U. S. Trade Preference Programs, including the Generalized System of Preferences (GSP), that play a critical role in promoting economic development as well as alleviating global poverty. In March, I introduced a bill that would give the president the authority to establish Reconstruction Opportunity Zones (ROZs) within the territories of Afghanistan and the border regions of Pakistan. These ROZs would permit non-trade sensitive exports (i.e. textiles, apparel, agricultural products, and hand-crafted goods) from these areas to enter the U.S. duty-free, creating a strong incentive for private sector investment and job-creation. My state has long understood the power of trade to improve people’s lives around the world. That 9/11 Commission recommended that a ‘comprehensive U.S. strategy to counter terrorism should include economic policies that encourage development, more open societies, and opportunities for people to improve the lives of their families and to enhance prospects for their children's future.’ I fully agree with this sentiment and that is why I, along with Senator Hatch, introduced the ROZ bill. ROZs will give the people of Afghanistan and Pakistan new opportunity and hope.

In order for an area to be designated as a ROZ so that goods may qualify for benefits, the president must determine that Pakistan or Afghanistan have established, or are making continual progress towards establishing: a market-based economy; the rule of law; the elimination of barriers to U.S. trade and investment; the protection of intellectual property; efforts to combat corruption; policies to reduce poverty; policies increasing availability of health care and educational opportunities; an the protection of human rights and internationally recognized workers rights. I also presented letters of support for ROZ bill to the Committee from: Former U.N. Ambassador Richard Holbrooke; Secretary of State Condoleezza Rice; Ambassador of Pakistan, Husain Haqqani; Dr. Mir Mohammad Amin Farhang, Minister of Commerce and Industry Islamic Republic of Afghanistan; and Lee H. Hamilton, 9/11 Commission Chair and President and Director of the Woodrow Wilson International Center for Scholars.

Visit to Spokane to Address High Oil and Gas Prices

Over the weekend, I met with Spokane residents, law enforcement officials, and social services providers at the Women’s and Children’s Free Restaurant to highlight the toll high gas prices are taking on Washington’s economy. Local law enforcement agencies, families, businesses, and social services providers are feeling the strain of soaring fuel costs that have reached record levels. The average price for a regular gallon of gas has broken $4.00 a gallon, and each week in Spokane there is a new record high gas price. Non-profit agencies, such as the Women’s and Children’s Free Restaurant have been forced to cut back on services in order to stay afloat during these hard economic times. These gas prices mean every business and family feels the pinch. Right here in Spokane, these prices are forcing cutbacks to critical social services for seniors and needy families. Consumers across the country are losing confidence that they’re being protected from out of control prices, and we must establish a clear, bright line to help protect consumers from any illegal activity and to burst the oil price bubble.

I will continue working to make sure that consumers are being protected from out of control prices at the pump by insisting that there is a fair, transparent and balanced energy commodities market. At Saturday’s event, I joined Executive Director of Women’s and Children’s Free Restaurant Marlene Alford for the tremendous work they do to provide a nutritious meal service and a safe and supportive environment for women and children.