Bailout Bill Status

From the Associated Press (AP): "In a vote that shook the government, Wall Street and markets around the world, the House on Monday defeated a $700 billion emergency rescue for the nation's financial system, leaving both parties' lawmakers and the Bush administration scrambling to pick up the pieces. Dismayed investors sent the Dow Jones industrials plunging 777 points, the most ever for a single day."

The bill that failed to pass is H.R. 3997. You can track the status of the bill through THOMAS. The bill summary and status page provides access to the roll call vote information (such as the most recent roll call vote 674), transcripts from the floor of Congress, and major actions on the bill.

The most recent information about the bailout, including the latest bill text, is housed on the House Financial Services Committee website.

Source: Davis, J.H., AP (30 Sept. 2008). "Bailout fails, Dow Jones dives 777 points." Missoulian. A1.

EPA's Failure to Declare a Public Health Emergency in Libby, MT

From the Missoulian: "Documents show officials with the Environmental Protection Agency prepared in April 2002 to declare a public health emergency over asbestos contamination in Libby, but changed their minds around the same time they met with the White House."

The Senate Environment and Public Works Committee held a hearing today on EPA's Cleanup of the Superfund Site in Libby, Montana. The hearing web page includes prepared testimony from committee members, such as Senator Baucus, and witnesses. The page links to an archived webcast of the hearing and to a detailed report that describes the committee's investigation and findings.

Source: Jalonick, M.C., AP (25 Sept. 2008). "EPA backed off emergency declaration in Libby." Missoulian. A1.

U.S. Economic Crisis Information

From the Washington Post: "President Bush said yesterday that the credit crisis that has seized world markets could devastate the U.S. economy unless Congress acts quickly to approve a $700 billion bailout plan for the nation's financial system, a message aimed at reluctant lawmakers as much as a deeply skeptical public."

The text of the President's address on September 24, 2008, is available on the White House website. The White House Economy page has summary information on the initial bailout proposal.

Several Congressional committees have held hearings in recent days on the economic crisis. The Senate Banking, Housing, and Urban Affairs Committee held a hearing on September 23, "Turmoil in US Credit Markets: Recent Actions Regarding Government Sponsored Entities, Investment Banks and Other Financial Institutions." The committee website includes the initial draft legislation. A summary of the committee's proposal in response to the Treasury Department's plan is also on the website.

The House Financial Services Committee held a hearing on September 24, "The Future of Financial Services: Exploring Solutions for the Market Crisis." The Joint Economic Committee held a hearing on September 24 on the economic outlook. Most hearing webpages include prepared testimony of witnesses and archived video of the hearing.

The Treasury Department has made information available about the proposed buyouts. The site also includes recent statements by Secretary Paulson and press releases about the financial markets.

The Federal Reserve website is another useful source of information on the current economic situation. The summary of recent Fed actions lists additional measures taken to address elevated pressures in funding markets.

The Congressional Budget Office (CBO) has new data on the economic outlook and on federal responses to "market turmoil."

Source: Montgomery, L., and Kane, P. (25 Sept. 2008). "Bush Calls Bailout Vital to Economy, Will Meet With McCain and Obama: Proposal Takes Shape in Congress, but Broad Support Is Lacking." Washington Post. A01.

Cell Phones in Yellowstone

From the Yellowstone National Park press release: "Yellowstone National Park has completed work on a plan which addresses the future of wireless communications in the park.

"The Wireless Communication Services Plan Environmental Assessment (EA) is now available for public review and comment. It addresses a wide range of wireless technologies, including cellular telephones and wireless internet service."

The Wireless Communication Services Plan Environmental Assessment is available for review on the National Park Service website. The National Park Service Planning, Environment and Public Comment (PEPC) website includes information on how to comment on the assessment.

Source: Joyce, M., AP (17 Sept. 2008). "Yellowstone tries to balance cell phones, nature." Yahoo!News.

Electronic Waste

From the Washington Post: "The Environmental Protection Agency has done little to curb the export of discarded electronic products containing hazardous waste, much of which ends up in poorly regulated countries and harms the environment and public health, the Government Accountability Office concluded in a report being released today."

The Government Accountability Office (GAO) published the report, "Electronic Waste: EPA Needs to Better Control Harmful U.S. Exports through Stronger Enforcement and More Comprehensive Regulation," and testimony about the report on the agency website.

Source: Eilperin, J. (17 Sept. 2008). "EPA Lets Electronic Waste Flow Freely, GAO Report Says." Washington Post. A11.

Northern Divide Grizzly Bear Project

From the USGS press release: "A new study estimates that 765 grizzly bears make their home in the Northern Continental Divide Ecosystem, a 7.8 million acre area in northwest Montana stretching from north of Missoula, Mont., to the Canadian border."

The USGS press release summarizes the findings of the project. The Northern Divide Grizzly Bear Project website includes a fact sheet on the purpose of the project and the methods used.

Source: Cappiello, D. (17 Sept. 2008). "Report: Grizzly population thriving in state." Missoulian. A1.

Government Takeover of Fannie Mae and Freddie Mac

From the Washington Post: "The government seized control of Fannie Mae and Freddie Mac yesterday in a dramatic bid to restore faith in the embattled mortgage giants and arrest a vicious cycle that has driven the nation's economy into a steep downturn."

The Treasury Department, federal banking agencies, and the White House issued statements regarding the takeover of mortgage lenders Fannie Mae and Freddie Mac. The Treasury Department website links to numerous fact sheets related to the financial agency actions.

The Government Accountability Office (GAO) issued a report about regulation of housing government-sponsored enterprises (GSEs) in March: "Housing Government-Sponsored Enterprises: A Single Regulator Will Better Ensure Safety and Soundness and Mission Achievement." The Congressional Budget Office (CBO) director Peter R. Orszag issued a letter on July 22, 2008, on the costs of providing financial assistance to Fannie Mae and Freddie Mac.

Source: Irwin, N., and Goldfarb, Z.A. (8 Sept. 2008). "U.S. Seizes Control Of Mortgage Giants: Takeover of Fannie And Freddie Aims To Revive Housing, Financial Markets." Washington Post. A01.

Preliminary Report on September 1 Plane Crash

From the Missoulian: "A worker at an air tanker base told federal investigators 'everything appeared normal' moments before a firefighting plane took off from an airport north of Reno and crashed, killing three crew members."

The preliminary report and incident summary from the National Transportation Safety Board (NTSB) are now available through the NTSB Accident Database.

Source: Chereb, S. (9 Sept. 2008). "Witness: Tanker appeared normal before crash." Missoulian.