Today, the House Agriculture Committee held a hearing to assess the progress of global derivatives reforms since the Dodd-Frank Wall Street Reform and Consumer Protection Act was signed into law five years ago. Dodd-Frank imposed sweeping new regulations over the financial industry, including the regulation of swaps under Title VII, which had previously not been regulated in the U.S.
Rural America Solutions Group Co-Chairs Call on Obama Officials to Deliver Economic Relief to La Crosse
Tamara Hinton (202) 225-0184
WASHINGTON – Tomorrow, Transportation Secretary Ray LaHood and Agriculture Secretary Tom Vilsack will travel to La Crosse, Wisconsin as part of the Administration’s rural America listening tour. Co-Chairs of the Rural America Solutions Group Frank Lucas (R-OK), Sam Graves (R-MO), and Doc Hastings (R-WA), released the following statement regarding tomorrow’s event:
“Unemployment in Wisconsin has almost doubled in the past year and a half – and rural residents of the Badger state need real help – not more rhetoric. Unfortunately, when Obama Administration officials visit La Crosse tomorrow, they probably won’t explain the facts surrounding the President’s National Energy Tax and government-run healthcare plan. The truth is that these proposals are expected to devastate rural America by spiking energy bills, increasing unemployment and shutting down small businesses.
“During the campaign, President Obama pledged to hold a bipartisan rural summit and take action on a rural agenda in his first 100 days. But unfortunately, his promise turned out to just be empty campaign rhetoric. Republicans on the Rural America Solutions Group will continue to call upon the Administration and Democrats in Congress to take action to help rural Americans in La Crosse, and all across the country, who are struggling during these difficult economic times.”
By the Numbers – What The Democrats’ National Energy Tax Means to Wisconsin:
8.9%: Wisconsin currently faces an 8.9% unemployment rate, almost double the unemployment rate at the start of the recession in December 2007. (Source: Bureau of Labor Statistics) Wisconsin residents cannot afford to see their electricity and gas prices spike as a result of the Democrats’ National Energy Tax.
63.1%: Wisconsin residents receive 63.1% of their electricity from coal. (Source: American Coalition for Clean Coal Electricity) This means that families and businesses electricity costs would soar under the Democrats’ National Energy Tax, which makes the coal industry pay more for emitting carbon.
$206 million: Electricity costs in Wisconsin will increase by $206 million as a result of the Democrats’ National Energy Tax. (Source: National Mining Association)
78,000: There are 78,000 farms in Wisconsin (Source: U.S. Department of Agriculture). Farmers will pay more for fuel, electricity, fertilizer, and chemicals under the Democrats’ National Energy Tax.
25%: Americans in rural areas, like La Crosse, travel 25% more than residents in rural areas (Source: U.S. Federal Highway data), meaning rural residents would disproportionately suffer from the Democrats’ National Energy Tax.
439,000: Wisconsin has over 439,000 small businesses that would suffer as a result of increased electricity costs due to the Democrats’ National Energy Tax. (Source: Small Business Administration 2008 Wisconsin Profile)
$407 million: Wisconsin’s 3rd Congressional District in 2012 will face a $407 million Gross State Product loss as a result of the Democrats’ National Energy Tax. (Source: Heritage Foundation)
$530 million: Wisconsin’s 3rd Congressional District in 2012 will face a $530 million Personal Income Loss as a result of the Democrats’ National Energy Tax. (Source: Heritage Foundation)
$1 billion: Wisconsin will incur more than a $1 billion increase in fuel costs in 2012 as a result of the Democrats’ National Energy Tax. (Source: American Petroleum Institute)