CQ TODAY MIDDAY UPDATE
Jan. 4, 2008 – 2:03 p.m.
Return of Dodd, Biden Could Provide Push to Legislation

The return of two Senate committee chairmen from the presidential campaign trail could provide a boost to legislation within their purview.

Democrats Joseph R. Biden Jr. of Delaware, chairman of the Foreign Relations Committee, and Christopher J. Dodd of Connecticut, chairman of the Banking, Housing and Urban Affairs Committee, who dropped out of the presidential contest after abysmal showings in Iowa, will have just over two weeks to recuperate and redirect their energies to their unfinished business in the Senate, which reconvenes Jan. 22.

Topping the list for Dodd is a sweeping modernization of the Federal Housing Administration that the White House has embraced as its preferred legislative response to the ongoing housing crisis. The Senate passed the bill, which Dodd sponsored, by 93-1 on Dec. 14, just days before the first session ended. The House has passed its own, very different version. That could presage a difficult conference negotiation, one that will require Dodd’s personal involvement and attention.

In committee, Dodd also is expected to take up a major overhaul of the nation’s mortgage regulations, which he introduced Dec. 12. The bill would establish minimum standards for subprime mortgages and would place some liability on investors who bought securities backed by subprime loans.

Biden is expected to resume efforts to ease the ongoing crisis in Pakistan.He has backed a large boost in non-military aid, and conditions on U.S. military aid based on success against terrorists. “Ten billion dollars later, Pakistan remains the central base of Al Qaeda operations. We must strike a much better bargain,” Biden said in November.

The Foreign Relations Committee this year must reauthorize President Bush’s Emergency Plan to Fight AIDS. Biden’s priority list also includes more steps to address the humanitarian crisis in Darfur and international climate change issues stemming from last month’s conference in Bali.

Source: CQ Today Midday Update
Political Clippings compiled from BNN Frontrunner and CQ Politics.com.
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