E-Newsletter: 6/27/14

Statement

A Note about This Week's Legislation
I've written before about the titles of bills not exactly reflecting their true intent. This week's collection represents the best examples yet of misleading titles. With hopeful rhetoric like customer protection and domestic prosperity they certainly sound great. In reality, they're all pretty awful and make an excellent case for the old adage, don't judge a book by its cover.

Commodity Futures Trading Commission (CFTC)
This week the House considered H.R. 4413, the Customer Protection and End User Relief Act. This legislation reauthorizes the Commodity Futures Trading Commission (CFTC). It makes some substantial changes to how the CFTC monitors derivatives as required by the Wall Street Reform and Consumer Protection Act. H.R. 4413 also directs the CFTC to conduct extensive cost benefit analysis of all its regulations, placing a significant staff and financial burden on the Commission. Despite this, H.R. 4413 does not contain any provisions allowing the Commission to use the fees it collects for its own administrative functions.

Pipelines
The House also considered H.R. 3301, the North American Energy Infrastructure Act. This legislation eliminates the requirement that proposed pipelines crossing borders must first obtain a Presidential Permit, which includes a full National Environmental Policy Act (NEPA) review. H.R. 3301 drastically narrows the NEPA review so that it only includes the section of pipeline that crosses a border. The legislation also exempts other pipeline changes from a NEPA review, including any modification of an existing pipeline, such as doubling its size.

LNG
On Wednesday the House considered H.R. 6, the Domestic Prosperity and Global Freedom Act. This legislation negatively impacts the way that the Department of Energy (DOE) reviews applications for exporting liquefied natural gas (LNG). It places a deadline on the length of time that the DOE has to review these applications. Under H.R. 6 the DOE will be required to complete its review of LNG applications within 30 days after National Environmental Policy Act (NEPA) reviews are complete.

Gas Prices
Yesterday the House considered H.R. 4899, the Lowering Gasoline Prices to Fuel an America That Works Act. This legislation combines two bills that have already passed in this Congress. The idea behind H.R. 4899 is that by increasing offshore oil drilling as well as drilling on public lands, gas prices will go down. There is no evidence to suggest this will happen. In fact, since 2008, oil production on federal land has increased by nearly 30% but gas prices have not fallen. H.R. 4899 requires that all applications for offshore drilling must be approved within 60 days, regardless of whether or not other required reviews relating to safety and other considerations have been completed. It also gives energy production on public lands priority over all other uses such as conservation or recreation. H.R. 4899 vastly expands the amount of land available for drilling.

What's Up Next Week
A District Work Period has been scheduled. The next House votes will take place on Tuesday July 8th.

Congressman Mike Capuano
7th District, Massachusetts
Committee on Ethics
Committee on Transportation and Infrastructure
Committee on Financial Services

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