Richard Shelby News

“We have serious concerns about some of the elements ... like the funding to purchase foreclosed properties and the tax credit provision.”

U.S. Senate leaders on Wednesday crafted a compromise bill to offer billions of dollars in refinancing and other help to homeowners and communities hit by the crisis in the housing markets. via Boston.com

“By expanding the federal safety net to an institution not supported by an explicit federal guarantee, the Fed's actions may create expectations that any major financial institution experiencing difficulties might be eligible for a federal bailout.”

Sen. Dodd with Sen. Shelby at a monetary policy hearing on February 28. * Issue #1: America's Money Sen. via CNN Money

“Bipartisan senators are committed to moving forward with legislation”

Democrats and Republicans in the Senate agreed on Tuesday to craft a compromise bill to help homeowners hurt by a widening mortgage market crisis that threatens to tip the economy into recession. via Reuters

“You have a program that's wasting money, that doesn't work, that has subsidies from the taxpayers and you want to add more to it?”

The Senate is unlikely to add wind insurance this year to a National Flood Insurance Program riddled with problems.

J. Robert Hunter, director of the Consumer Federation of America and an advocate of insurance reform, thinks a wind amendment to the National Flood Insurance Reauthorizaion Act will fail for two reasons: It's an election year, and powerful senators have dug in their heels on both sides of the issue.

Supporters say the amendment is needed because private insurance companies are dropping Gulf and East Coast property insurance coverage for wind damage. Also, supporters say, one policy would end prolonged disputes over whether the cause of hurricane damage is wind or water. Read more

The Chronicle of Higher Education says Congress set aside a record $2.3 billion last year for pet projects and research at U.S. colleges and universities. via Daily India

Congress set aside a record $2.3 billion in pet projects for colleges and universities last year for research on subjects like reducing odors from swine and poultry, according to an analysis by The Chronicle of ... via Chicago Tribune

“The proper thing to do is to wait until a decision is rendered”

Sen. Richard Shelby of Alabama defended the decision to let Northrop Grumman-EADS build refueling tanker aircraft for the U.S. Air Force. via Alert 5

“The party's standard-bearers are now behind it”

It's an old clich on Capitol Hill that there are actually three parties in Congress: Democrats, Republicans and appropriators. via Washington Examiner

Alabama has seen a lot of good economic news and you are well justified in feeling proud of that. via Montgomery Advertiser

U.S. Senator Richard Shelby , ranking member of the Senate Appropriations Subcommittee on Commerce, Justice and Science, spoke on the Northrop Grumman/EADS tanker contract Thursday at a hearing of the ... via NBC 15 Online

“The Navy has been forthcoming in trying to stretch some rubber bands to satisfy our needs”

By Philip Ewing - Staff writer Posted : Thursday Mar 6, 2008 5:58:51 EST The top leaders of the Navy and Marine Corps are united behind the idea of building two more San Antonio-class amphibious transport docks ... via Marine Corps Times

“I'm a neighbor from Tuscaloosa, so I love to get a chance to visit this area.”

JAMES O. PHILLIPS The Daily Mountain Eagle Published March 02, 2008 1:27 AM CST U.S. Sen. via Daily Mountain Eagle Online Edition

“I expect there will be some failures”

WASHINGTON - Federal Reserve Chairman Ben Bernanke said on Thursday the United States was not headed toward 1970s-style "stagflation" but acknowledged inflation could complicate the central ... via Reuters

“I know there will be a lot of challenges as we move forward from here.”

MOBILE, Ala. - The selection of a Mobile site for a multibillion-dollar Air Force contract gave Alabama's port city its second major industrial victory in less than a year. via Hattiesburg American

“They have enough now to remain solvent and well above their minimum capital levels. I'm afraid banks will be pulling back, not making new loans. In order to be able to do that they need to be able to get more capital.”

By Neil Irwin Washington Post Staff Writer Thursday, February 28, 2008; 11:51 AM The nation's current economic downturn is in many ways a harder problem for policymakers than the 2001 recession, Federal Reserve ... via The Washington Post

“I realize that my testimony wasn't the most cheerful thing you'll hear today ... but I do very much believe that the U.S. economy will return to a strong growth path with price stability”

Federal Reserve Chairman Ben Bernanke told Congress Thursday that the nation isn't "anywhere near" the dangerous stagflation situation of the 1970s. via Athens Banner-Herald

Alabama, Mississippi and Texas would become eligible for more hurricane-related rebuilding money under a plan by U.S. Sen. via KnowledgePlex

“I am not, nor have I ever pretended to be, someone who is 100 percent opposed to earmarks.”

With Rep. Jo Bonner joining the Appropriations Committee, Alabama gains another voice on a powerful panel that steers how tax dollars are spent. via NBC13.com

“Those who bite me will be bitten back.”

Rep. John Murtha was named "Porker of the Year" for 2007 on Wednesday by the taxpayer watchdog group Citizens Against Government Waste . via PoliPundit.com

“Rep. Murtha has long been known inside the Beltway for using threats, power plays, and backroom deals to control spending decisions. There is an area of the House floor known as 'Murtha's Corner,' where the legendary appropriator dispenses earmarks”

Citizens Against Government Waste, a Washington, D.C.-based watchdog group, has named Pennsylvania Congressman John Murtha as its "Porker of the Year," signifying the member of Congress who has wasted the most ... via Tony Phyrillas