President Sue Lynch Hosts Meet and Greet Event for New DC College Republican Women's Club 

Sue Lynch, NFRW President (far right), and Patt Parker, NFRW 2nd Vice President (far left), welcomed the new DC College Republican Women's Club to NFRW Headquarters for a meet and greet event on Wednesday, April 28th.  The event was a great time for the young women to meet some of the NFRW leadership and to learn more about the vast network of local clubs and state federations across the United States.

Welcome to the Federation ladies!

We look forward to having you invest your time and talents as members!  

 NFRW LAUNCHES NATIONWIDE VOTER REGISTRATION DRIVE 

The NFRW Campaign Committee is promoting a nationwide grassroots effort to register Republican voters prior to the primary elections in each state.  Many local clubs will be organizing their own voter registration drives during a period between May 9-15, 2010. Due to the various primary election dates, many clubs may find it necessary to alter these dates.
 
Another voter registration effort will be conducted prior to the general election.  The schedule for the fall event is September 12-18, 2010.  
 
Awards will be presented at the 2011 NFRW Convention for clubs registering the most Republican voters.  Forms for this award will be posted on the NFRW website in the near future.  Clubs need to keep track of all the  Republicans that they register for both the primary and general elections.

For more information, please contact Noreen Thomas, Campaign Committee Chair at nordick@frontier.com 

"Equally uncertain are the extent and character of the more restrictive standards that may be imposed to bind the size or activities of a systemically-significant firm; there are no clear limits on the degree of government intervention that could be expected. ... I do not welcome the prospect of such unbounded power, even if exercised with the best of intentions.  It would inject too much uncertainty into the system and aggregate government authority to a worrisome degree."
-SEC Commissioner Troy Paredes on the Democrats' financial reform bill

A closer look at the financial reform bill...

The Senate is planning to take up the Democrats' 1,408 page financial reform bill on Thursday.    How many Senators do you think have taken time to read the bill in its entirety?

A few things you should know about this bill...

Sen. Dodd's bill creates a Financial Stability Oversight Council (FSOC)-made up of representatives from the Treasury Department, the Federal Reserve, the CFTC, FDIC, and SEC.  With a 2/3 vote of the FSOC, this body could determine any business is "systemically significant" (too big to fail) which would allow the FDIC and Treasury Secretary to treat the companies' shareholders and creditors as they choose; including forcing firms to break up, stop selling certain products, or forcing them to go out of business.  This council creates even more federal regulators with unbridled power to interfere with any business that they choose to declare a risk.  (GOP Leader 4/19/20)

The bill also gives the largest financial institutions access to a "pre-existing" $50 billion fund that would serve as bailout money for "too big to fail" firms.

The bill also provides a Treasury backed credit line which would enable the FDIC to borrow from Treasury up to the amount of cash in the bailout fund in addition to 90% of the value of the assets of any and all "systemically significant"  firms under their control.

The bill also provides government guaranteed debt through allowing the FDIC to guarantee debt of any "solvent bank, bank holding company, or affiliate in any amount" which will only be subject to an aggregate debt limit set by Treasury. (GOP Leader 4/20/10)

The Democrats' bill makes federal bailouts a permanent option for Wall Street.  It also gives federal bureaucrats unlimited ability to interfere in the private sector.  

 Click here to read the House Republican's plan for financial reform.

Make your voice heard.

Contact your Representative and Senator TODAY!

Talking Points on the Financial Reform Bill 

No More Bailouts. Ensuring taxpayers are never again asked to pick up the tab for bad bets on Wall Street while some creditors and counterparties of failed firms are made whole.

Ending the Government's Practice of Picking Winners and Losers. Insolvent firms will be permitted to fail rather then become wards of the state.

Restore Market Discipline. Financial firms must understand there will be consequences for imprudent business decisions.

Talking Points from the House Committee on Financial Services Republicans Regulatory Reform Plan

 On the Hill

This morning, President Obama met with key Senate Democrats and Republicans to discuss the Supreme Court seat that will be vacant once Justice John Paul Stevens retires.   President Obama hopes to have a nominee selected by the end of May.

President Obama has announced he will travel to NYC to give a speech at the Cooper Union to pitch the Democrats' sweeping financial reform package.

Senate Budget Chairman Kent Conrad (D-ND) will begin mark ups on the FY 2011 budget on Wed. and Thurs.

The Senate voted to move forward on the nomination of Lael Brainard as undersecretary for the Treasury Dept.

According to House Majority Leader Steny Hoyer (D-MD), the DC Voting Rights Bill will most likely not be considered during this session.

The Office of Congressional Ethics has opened 48 inquiries to date in the 111th Congress.  This means about 11% of the House membership has been under review.  

 "Government's view of the economy could be summed up in a few short phrases: If it moves, tax it. If it keeps moving, regulate it. And if it stops moving, subsidize it." -President Ronald Reagan 

TAX DAY 2010

MORE TAXES ARE ON THE WAY...Here are some of the new taxes that are hidden in the Democrats' Affordable Health Care for America Act that was passed on March 21, 2010.

Employer Mandate Excise Tax (Page 275): If an employer does not pay 72.5 percent of a single employee's health premium (65 percent of a family employee), the employer must pay an excise tax equal to 8 percent of average wages.  Small employers (measured by payroll size) have smaller payroll tax rates of 0 percent (<$500,000), 2 percent ($500,000-$585,000), 4 percent ($585,000-$670,000), and 6 percent ($670,000-$750,000).

Individual Mandate Surtax (Page 296): If an individual fails to obtain qualifying coverage, he must pay an income surtax equal to the lesser of 2.5 percent of modified adjusted gross income (MAGI) or the average premium. MAGI adds back in the foreign earned income exclusion and municipal bond interest.

Medicine Cabinet Tax (Page 324): Non-prescription medications would no longer be able to be purchased from health savings accounts (HSAs), flexible spending accounts (FSAs), or health reimbursement arrangements (HRAs). Insulin excepted.

Cap on FSAs (Page 325): FSAs would face an annual cap of $2500 (currently uncapped). 

Increased Additional Tax on Non-Qualified HSA Distributions (Page 326): Non-qualified distributions from HSAs would face an additional tax of 20 percent (current law is 10 percent). This disadvantages HSAs relative to other tax-free accounts (e.g. IRAs, 401(k)s, 529 plans, etc.)

Denial of Tax Deduction for Employer Health Plans Coordinating with Medicare Part D (Page 327): This would further erode private sector participation in delivery of Medicare services.

Surtax on Individuals and Small Businesses (Page 336): Imposes an income surtax of 5.4 percent on MAGI over $500,000 ($1 million married filing jointly). MAGI adds back in the itemized deduction for margin loan interest. This would raise the top marginal tax rate in 2011 from 39.6 percent under current law to 45 percent-a new effective top rate.

Excise Tax on Medical Devices (Page 339): Imposes a new excise tax on medical device manufacturers equal to 2.5 percent of the wholesale price. It excludes retail sales and unspecified medical devices sold to the general public.

Corporate 1099-MISC Information Reporting (Page 344): Requires that 1099-MISC forms be issued to corporations as well as persons for trade or business payments. Current law limits to just persons for small business compliance complexity reasons. Also expands reporting to exchanges of property.

Delay in Worldwide Allocation of Interest (Page 345): Delays for nine years the worldwide allocation of interest, a corporate tax relief provision from the American Jobs Creation Act

Limitation on Tax Treaty Benefits for Certain Payments (Page 346): Increases taxes on U.S. employers with overseas operations looking to avoid double taxation of earnings.

Codification of the "Economic Substance Doctrine" (Page 349): Empowers the IRS to disallow a perfectly legal tax deduction or other tax relief merely because the IRS deems that the motive of the taxpayer was not primarily business-related.

***Information from Americans for Tax Reform 

Repeal and Replace. Health Care Update

What is going on with health care now?

Former NY Governor George Pataki announced that he will not join the race to challenge NY Senator Kristin Gillibrand (D-NY) this fall. He announced plans to create a national organization that would build support to repeal the Democrats' health care bill.

Attorneys general or governors from at least 16 states have filed suit against the federal government on the basis that the federal government can not force citizens to purchase health care coverage.  The suit also claims the federal government is in violation of the Constitution in forcing a mandate on states without providing the funds to cover it.  Senior U.S. District Judge Roger Vinson said he wants to set a fast timetable for the lawsuit. 

 On the Hill

President Obama will host a meeting with bipartisan Senate leaders and the Judiciary Committee to discuss the new vacancy on the Supreme Court after the retirement of Justice John Paul Stevens.

Senate Judiciary Chairmen Patrick Leahy (D-VT) predicts that the Supreme Court Justice nominee will be confirmed by the August recess.

Senate Minority Leader Mitch McConnell (R-KY) says the GOP will be focusing on out of control deficit spending as the Democrats are planning to move forward on their financial reform legislation.

Senate Minority Leader Mitch McConnell (R-KY) says the White House and Democrats will face Republican opposition if they continue to try to force through a partisan financial regulatory reform bill.

Senate Majority Leader Harry Reid says that financial regulatory reform is the top priority for Democrats. 

Senate Minority Whip Jon Kyl (R-AZ) and Senator Joe Lieberman (ID-CT)  said in order to ratify the Strategic Arms Reduction Treaty the Obama Administration needs to present a suitable plan to modernize our current nuclear arsenal.

Four Republicans joined Senate Democrats in a 60-34 vote to move forward legislation extending unemployment and health insurance benefits in the short term.

House Majority Leader Steny Hoyer (D-MD) says the House will move forward on legislation banning employer discrimination based on sexual orientation.

"NFRW Investment Opportunities Brochure"
Now Available

The NFRW Investment Opportunities Brochure is now available!   This one page, front and back tri-fold brochure is a powerful communications tool for members, clubs and state organizations. 

The brochure highlights the NFRW major giving programs:
Regents Program
NFRW Legacy Club
Internships and Scholarships
NFRW Publications
Campaign Management Schools
Headquarter Funding
 
The brochure can be distributed to elected officials, key business owners - any potential donor! Further, it is an excellent recruitment tool for potential members. 

The brochure is easily accessible on the NFRW member site, under awards and publications: "Investment brochure" in PDF format. Click here to download your copy.

If you have any questions, please feel free to contact me or our Fundraising Committee Chair - Pam Benzing at pbenzing@earthlink.net 

Carol Salmon, NFRW Fundraising Vice Chair
CLJSalmon@aol.com