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Bailout May Delay Funds for New Law
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Nord and Moore's request had the backing of House Energy and Commerce Committee Chairman John D. Dingell (D-Mich.), and Rep. Bobby Rush (D-Ill.), chairman of a consumer protection subcommittee, according to committee spokeswoman Jodi Seth. At a Sept. 4 public meeting on the new law, CPSC officials sounded optimistic that Congress would approve the additional funds. The most likely scenario entailed getting it added to a continuing resolution -- stopgap legislation that keeps the government running for a few months until lawmakers finish work on funding bills for the following year. Congress is expected to pass one before leaving town this month.
Then came the federal takeovers of mortgage-finance companies Fannie Mae and Freddie Mac and insurance giant American International Group, followed by the collapse of Lehman Brothers and Monday's unveiling of the $700 billion bailout plan.
CPSC officials yesterday saw that the continuing resolution headed for the House floor contained no additional money for the agency.
The pool and spa safety grant program is one of initiatives that is likely to be put on hold until funding for fiscal year 2009 is finalized, an outcome that has angered some consumer advocates.
"It is unbelievable the government is contemplating pouring billions into a failed financial infrastructure while not adding millions to protect consumers," said Rachel Weintraub of the Consumer Federation of America.
Durbin said the soonest that lawmakers could consider the CPSC's request is early next year.
"I am going to do everything I can to get every dollar into that agency," he said. In the meantime, "it is going to be a stretch and tough for them. They're going to have to do the best they can."
