WASHINGTON, Oct. 10 (UPI) -- Capital Comment -- Daily news notes, political rumors, and important events that shape politics and public policy in Washington and the world from United Press International.
Protecting the little guy -- Republicans are busily trumpeting two measures voted out of committee in the House Tuesday night that increase the protections for small investors saving for retirement. And no wonder. Democrats are banking on the coming arrival in homes across America of third-quarter statements identifying the performance of 401K and IRA retirement accounts to turn the country's attention back onto the soft economy.
One bill, the third Portman/Cardin legislation on the subject -- named for congressional authors Reps. Rob Portman, R-Ohio, and Ben Cardin, D-Md. -- increases to 75 the age at which retirees must begin to make distributions from their accounts. It also speeds up the timetable for increasing the IRA contribution limit and accelerates the catch-up contribution limit to $1,000 in 2003. Cardin, interestingly, voted against his own bill in the committee's final vote.
The second legislation, originally offered by Democrat Rep. Zoe Lofgren of California, would increase the current capital loss limitation from $3,000 per year to $8,250 per year -- the amount at which it would be currently had it been indexed for inflation by Congress when it was introduced in 1977. The Lofgren Amendment provides for permanent indexing.
All the Democrats who were present in the Ways and Means Committee Tuesday night voted against approving both pieces of legislation.
That's two -- George Mason University, located in the Virginia suburbs outside Washington, now claims its second Nobel Prize. On Wednesday, the prestigious prize for the study of economics was awarded to GMU Professor Vernon L. Smith, who examines alternate market designs. Smith shares the prize with Princeton University Psychology Professor Daniel Kahneman for his work in the study of decision-making.
Smith's was cited for his pioneering work in the use of experiments in the development of economic analysis. His theories have show how markets can operate efficiently even when there are few buyers and sellers participating. He is the second George Mason faculty member to be awarded the economics prize. In 1986, James M. Buchanan Jr. received the prize for his work on public choice theory.
Half of loaf -- The problems arising from the 2000 presidential election in the state of Florida galvanized the nation's attention onto the voting system. Though the drive for reform seemed to be unstoppable, actual legislation to change the way elections work in America has moved slowly through the Congress. In the waning days of the 107th Congress, the House and Senate are finally taking up the conference report on the election reform bill -- but not everyone is cheering them on.
"The compromise election reform legislation being considered this week by the U.S. Congress makes important reforms in the voting process but erects new bureaucratic hurdles for voters," says Kay Maxwell, president of the League of Women Voters. "The Help America Vote bill is a tradeoff, providing stronger protections in our voting systems while taking away safeguards in voter registration." Conceding that bill has many good points, Maxwell nevertheless voices significant reservations.
"The league cannot overlook the fact that this bill places voter protections at risk by cutting back existing federal standards for voter registration. It weakens and undercuts several of the hard-fought voter protections established in current law," Maxwell said. "We are also concerned that the discriminatory identification provision in this legislation will erect barriers to voting. The identification requirements place additional burdens on poll workers and may create a mess at the polls in 2004." According to Maxwell, "the bill is a gamble."
Photo op -- Though they have had problems with the public demand for photos in the past, the White House is cheerfully telling people more than 4,000 requests have come for copies of the photos President George W. Bush exhibited in his Monday speech on Cincinnati. The aerial satellite photos showed what the U.S. government describes as changes in plant sites in Iraq suggesting new activity in its program to develop weapons of mass destruction.
Nicknames -- Following their whirlwind tour of Baghdad, Reps. David Bonior of Michigan and Jim McDermott of Washington state -- both Democrats -- have acquired new nicknames on Capital Hill. The two men are being referred to privately in some quarters as "Baghdad Bonior" and "Jihad Jim" after their many appearances on television from the Iraqi capital where they questioned the wisdom of a U.S. military attack on Iraqi leader Saddam Hussein -- with McDermott going to far to suggest that President George W. Bush would lie to the American people in order to justify a military campaign. McDermott's office says they are unaware of any criticisms and that, "whatever people are saying it's not to our faces."
"The response from the district has been overwhelmingly supportive. When Congressman McDermott's name was mentioned at a peace march in Seattle yesterday it brought the crowd of over 12,000 demonstrators to its feet," McDermott Chief of Staff Jan Shinpoch told Capital Comment.
Personnel notes -- The White House has announced the president's intention to nominate Adm. James M. Loy to be undersecretary of transportation for security, making the temporary appointment he has enjoyed since July 2002 permanent ... President George W. Bush intends to nominate J. Cofer Black to be coordinator for counter-terrorism at the U.S. Department of State with the rank and status of ambassador-at-large. Black has served with the Central Intelligence Agency since 1974, where his assignments have included service as director of the counter-terrorist center and deputy chief of the Latin America division.
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