Offshore Drilling, Mortgage Bailouts and Union Campaigns
Democrats propose a compromise plan for drilling in U.S. offshore oil fields.
Troubled mortgage giants Fannie Mae and Freddie Mac are de-listed from the S&P 500 stock index.
Labor unions increasingly target employers with so-called “corporate campaigns.”
More headlines: listen to the CEI Weekly Podcast.
1. CONGRESS
Democrats propose a compromise plan for drilling in U.S. offshore oil fields.
CEI Expert Available to Comment: Director of Energy Policy Myron Ebell on why this is long overdue:
“For too long the federal government has tied the hands of state governments that wish to permit oil and natural gas leasing in their adjacent offshore zones. Congress should remove the moratoria on offshore gas production and share the federal royalties with the States that decide to allow offshore production, just as they share the royalties from production on federal lands with the States.”
2. CONSUMER
Troubled mortgage giants Fannie Mae and Freddie Mac are de-listed from the S&P 500 stock index.
CEI Expert Available to Comment: Special Projects Counsel Hans Bader on how taxpayers are getting soaked for billions:
“Right now, the federal government, at a huge cost to taxpayers of perhaps $100 billion, is bailing out the two government-backed mortgage giants, Fannie Mae and Freddie Mac — the so-called GSEs. ‘GSE’ stands for Government-Sponsored Enterprise. But some reporters are financially-illiterate, because if you point out the obvious — that the GSEs are going to cost taxpayers billions — reporters will condescendingly ‘correct’ what you said, by insisting that they are completely “private sector” entities (false) that have yet to cost taxpayers a dime (false). Back in July, the predicted cost to taxpayers of a bailout was already over $25 billion, according to the Congressional Budget Office. The cost could be up to $300 billion..”
3. BUSINESS
Labor unions increasingly target employers with so-called “corporate campaigns.”
CEI Expert Available to Comment: Editorial Director Ivan Osorio on how union pension funds are trying to force corporations into “going green”:
“Organized labor officials are using their control over union pension funds to promote their own political agenda at the expense of rank-and-file union members. By promoting shareholder resolutions that advance environmentalist causes, among other “progressive” goals — as part of the unions’ “corporate campaign” strategy — unions are building a stronger political coalition, but they may be violating their fiduciary responsibility to their own members and putting workers’ retirement security at risk.”
Listen to the CEI Weekly Podcast here.