Weekly Update for Monday, January 22, 2007

Weekly Update for Monday, January 22, 2007

This Year's State of the Union Address

Tomorrow, the president will deliver his State of the Union Address, and I look forward to hearing his plan to confront the many tough issues we face today in this country. We need to change the course in Iraq to focus on a political solution and build international consensus to stabilize the country and region. We need to improve security along our borders and must find new solutions to make college affordable for more Americans. We must lower the cost of prescription drugs by allowing Medicare Part D to negotiate with drug companies, and must make real progress toward energy independence. This coming year holds a great deal of promise for a new, better, more forward-looking direction for our county, and we need to work together to make this promise a reality.

Ending Taxpayer-Funded Giveaways to Oil Companies

In a Senate Energy Committee hearing last Thursday, we looked into concerns over the Department of Interior's management of our oil and gas royalties system, and the potential loss of tens of billions of dollars from underpayment of royalties by companies that pump oil and gas from public lands. I've long demanded a fairer deal for U.S. taxpayers and will work to change the status quo that lets companies extract billions of dollars in oil and gas from public lands royalty-free. The public interest would be far better served if we ended giveaways to oil companies and used royalty funds to help move our country toward a cleaner, more diverse energy system.

Helping Families Save for College

Making education more affordable and keeping our workforce prepared must be at the top of our agenda. That's why I introduced the legislation to encourage lifelong learning through 401(k)-style accounts that I told you about in my last Monday Memo. It's also why I've introduced two additional pieces of legislation to help families save for their children's education. Together, the College Savings Act and the Education Savings for Students Act would permanently increase the maximum annual contribution to Coverdell Education Savings Accounts to $5,000, and exempt contributions, interest, and withdrawals from income taxed by the federal government. By providing strong financial incentives to help families save for college, we can make college more affordable for all Americans and keep our economy strong.

Moving Forward on Real Ethics Reform

Last Thursday, the Senate voted overwhelmingly in favor of a broad ethics reform package. This legislation, which I cosponsored, would encourage more transparent, open, and honest government, and would help boost the confidence Americans have in their elected officials on Capitol Hill.

The bill would ban gifts from lobbyists or companies that hire lobbyists, and would increase the penalty for failure to comply with lobbying disclosure rules. It also includes a provision to deny former members of Congress any retirement benefits if they are convicted of serious ethics offenses, and would make it more difficult for senators to secure unnecessary earmarks. The package also includes measures to clamp down on free travel for members of Congress, extend the time former members must wait before becoming lobbyists, and end the practice of politicians pressuring lobbying firms to hire people from their own party.

The package, passed by the Senate Thursday, must now be reconciled with similar legislation passed by the House earlier this year. This reform must remain one of our top priorities, and I will work to make sure a final version gets signed into law soon to deliver the accountability and higher standards Americans demand and deserve.

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