The Serrano Report, Vol. VI, #30
On Capitol Hill
Serrano Favors Limiting Executive Pay
On Thursday, Congressman Serrano met with Special Master for Executive Compensation under the Troubled Asset Relief Program (TARP), Kenneth R. Feinberg, to talk about the first round of pay restrictions being imposed on top executives at bailed out companies. After the meeting, Serrano, said he “strongly supports” the new restrictions, and “thinks this is a valuable move to protect taxpayers’ interests.”
“Executives at companies that were bailed out by the taxpayers—which prevented their companies from going under—cannot expect their pay packages to be ‘business as usual,’” said Serrano. “I believe that the measures that Ken Feinberg is taking are fair, balanced and should set an example for the rest of Wall Street. It remains incomprehensible to people around the nation, including my constituents, that an executive could be awarded a multi-million dollar bonus after essentially running a company into the ground. In most other lines of work, you don’t get a bonus for failing at your job.
“Ken elaborated to me that he is not making these decisions subjectively, but is instead implementing the very prescriptive legislative language that Congress wrote for this situation under TARP. I believe that point is central, should there be complaints about his actions or allegations that this is unfair. If the people with lowered pay feel wronged, they are free to come talk to Congress about their grievances. We are accountable to the taxpayers for the TARP money we spent on their behalf, and therefore, it was our decision to rein in this excessive compensation.”
Corporations affected by the Treasury Department’s announcement are: AIG, Citigroup, Bank of America, Chrysler, GM, GMAC and Chrysler Financial.
Serrano Meets with National Credit Union Administration Chair
On Wednesday, Congressman Serrano met with the new Chair of the National Credit Union Administration (NCUA), Debbie Matz. The conversation focused on the agency’s efforts to help credit unions weather the economic downturn. In addition, Serrano and Matz discussed credit unions’ efforts to help extend mainstream financial services to low-income communities. Congressman Serrano offered his support for the NCUA’s efforts.
“Credit unions are providing services in areas where banks simply don’t go and supplying small loans to individuals and local businesses that banks simply won’t make,” said Serrano. “I fully support the National Credit Union Administration’s efforts to ensure that credit unions remain viable options for consumers during this period of economic uncertainty.”
The NCUA regulates the activities of federal credit unions and helps charter new federal credit unions. In addition, the NCUA provides federal insurance to protect assets within credit union accounts, much as the FDIC does for bank accounts.
Serrano Votes to Pass Ryan White HIV-AIDS Treatment Extension Act
On Wednesday, the House passed S. 1793, the Ryan White HIV-AIDS Treatment Extension Act with the strong support of Congressman Serrano. The Ryan White Act was first passed in 1990, and provides for the care and treatment of people living with HIV and AIDS. It needs periodic reauthorization and Wednesday’s action renewed the act for another four years. In addition, the renewal increased the amount of funding authorized by 5%, a move that was hailed by HIV/AIDS treatment advocates.
“By reauthorizing the vital Ryan White Act, and bumping up the funding, we are making a strong commitment to HIV/AIDS treatment and prevention,” said Serrano. “While we fight to bring down HIV infection rates, we must not forget to fully support those already living with the disease. The funding and programs that the Ryan White Act has made available over the years have been critical in our communities, as much of the support flows to those who cannot afford the expensive medicine that is needed to control this disease. Now, as always, we must continue in the fight to bring infection rates down, and work for the day when we develop a cure for this awful disease.”
The Ryan White Act provides care, treatment and support services to nearly half the HIV/AIDS population in the United States, which the Centers for Disease Control and Prevention estimates at 1.1 million people. It has been ensuring for nearly 20 years that the nation’s most vulnerable HIV/AIDS populations receive the care they need, and the renewal of the bill will ensure four more years of care. Each year, more than 50,000 new HIV/AIDS infections reported each.
Grant Opportunities
Engineering Education Grant
Application Deadline: January 10, 2010
The National Science Foundation (NSF) recently announced the availability of funding to support research into how students best learn the ideas and principles of engineering. The Innovations in Engineering Education, Curriculum and Infrastructure Program focuses on creative approaches which can more effectively translate engineering education research into widespread practice in curriculum and student education models. State and local governments, institutions of higher education, school districts and 501(c)(3) not-for-profit organizations are encouraged to apply.
For more information about this opportunity, please visit the NSF website.
For information on other government grants, please go to: www.grants.gov.