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House Approves Health Care Reform
On November 7, the House of Representatives approved health care reform legislation [H.R. 3962] on a vote of 220 to 215. The bill maintains and strengthens the employer-based insurance system, while providing options and assistance for people who don’t get their insurance through their jobs. H.R. 3962 prohibits plans from denying or charging more for coverage based on pre-existing conditions and sets limits on out-of-pocket health care costs so that no family ever goes bankrupt because of medical bills again. The legislation also contains strong provisions to reduce the cost of health care. A recent analysis by MIT economist Jonathan Gruber estimated that the legislation passed by the House will decrease premiums by at least $1260 for a family of four making under $90,000 a year.
To read Rep. Levin’s remarks in support of health care reform, click here.
The bill contains a number of provisions that will go into effect immediately upon becoming law, including funding of state high-risk pool plans that will immediately offer low-cost insurance to people who have been denied coverage because of a pre-existing condition. The bill also immediately reduces the donut hole in Medicare prescription drug coverage by $500 and institutes a 50% discount on brand-name drugs, and completely eliminate the donut hole by 2019. The bill will also immediately help young adults get coverage by allowing them to sign up under their parents’ plans if they are under age 27, at their parents’ option. For additional information about H.R. 3962, click here.
Lawmakers Take Aim at Bank Overdraft Fees
Legislation was recently introduced in the House to help protect consumers from expensive transaction fees that many banks impose on consumers when they overdraw their account with checks, debit cards or at ATMs. Many banks routinely provide overdraft coverage when their customers overdraw their account – even by just a few dollars – and then charge them fees of $20, $35 or even more for each overdraft. In 2008 alone, financial institutions collected $24 billion from consumers in overdraft fees. Most banks enroll customers automatically into overdraft plans, whether customers ask for them of not.
Rep. Levin and 54 other House lawmakers have cosponsored legislation [H.R. 3904] by Rep. Maloney of New York that would require notification if a transaction at an ATM would trigger an overdraft fee and offer the chance to cancel the transaction before a fee is incurred. The bill would also limit the number and size of overdraft fees that banks can charge and also require banks to get a customer’s consent in writing before enrolling them in an overdraft program. For more information, click here.
Congress Votes to Add 20 Weeks for Michigan Unemployment Insurance
On November 5, the House of Representatives voted 403 to 12 to approve legislation [H.R. 3548] that extends unemployment insurance up to 20 weeks for jobless workers who have exhausted their previous benefits. H.R. 3548 also extends and expands the availability of the homebuyer tax credit and provides tax relief for businesses hard hit by the recession. President Obama has signed the measure into law.
An active supporter of the legislation, Rep. Levin said, “The action today responds to the needs of 100,000 in Michigan and one million people nationwide who have exhausted their benefits or will have exhausted them by the end of the year. With six people competing for every available job, unemployed workers need insurance to feed their families and pay their bills.” Congress is expected to take up separate legislation to extend the Emergency Unemployment Compensation Program, which is set to expire at the end of 2009. For more information, click here.
Levin Calls for Fairness in Korean and Japanese Auto Markets
On November 6, Rep. Levin released a letter from House and Senate lawmakers to U.S. Trade Representative Ron Kirk urging that more be done to open South Korean and Japanese automobile markets. During recent Korean and Japanese auto incentive programs, similar to the “Cash for Clunkers” program, market share for all foreign brands declined even further. To read the letter, click here.
Michigan Delegation Works to Win Wind Turbine Testing Facility
On October 28, the entire Michigan congressional delegation sent a letter to the Secretary of Energy to support Michigan’s application to win a $45 million federal grant to build a facility to develop and test large-scale wind turbines. A number of states are competing for this grant, offered through the Economic Recovery Act, since the test facility is expected to attract wind turbine manufacturers and suppliers. For more information, click here.
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