U.S. Senator Susan Collins released this statement following her vote against the 2010 Budget Resolution.
“I voted against the budget resolution because it projects an enormous increase in spending and would double the public debt in five years. This puts us on a path that could result in adding approximately $1 trillion to the debt each year for the next decade, tripling the public debt in ten years, and producing deficits totaling $9.2 trillion. As a result, our debt would exceed 80 percent of GDP by 2019—the highest level since World War II. In addition, it would increase taxes by $1.5 trillion over the same period.
"While deficit spending is acceptable at a time when our troubled economy needs a boost, the problem with this budget is that it would lead to huge deficits year after year throughout the next decade. That simply is not sustainable and poses a threat to our economy.
“The budget resolution does contain several important provisions that I do support, including an amendment that I authored with Senator Joe Lieberman to provide an additional $550 million for federal agents, investigators, and resources to significantly bolster U.S. efforts to fight violence caused by Mexican drug cartels along the U.S.-Mexican border.”
Friday, April 3, 2009
Senator Collins introduces "Caring for an Aging America Act"
U.S. Senator Susan Collins recently introduced the Caring for an Aging America Act, legislation to ensure the healthcare workforce is prepared to meet the needs of our growing population of older Americans. The legislation was cosponsored by Senator Barbara Boxer (D-CA).
“Studies show that more than one quarter of Maine’s population will be over the age of 65 by the year 2030,” said Senator Collins. “Our health care system is already struggling to find and retain qualified workers to meet this growing demand. The Caring for an Aging America Act will help recruit, train, and keep health care workers who are dedicated to providing quality health care for this aging population.”
The Caring for an Aging America Act would provide $130 million in federal funding over five years to attract and retain health care professionals and direct-care workers by providing them with loan forgiveness and career advancement opportunities.
Specifically, this legislation would:
• Establish the Geriatric and Gerontology Loan Repayment Program for physicians, physician assistants, advance practice nurses, psychologists, and social workers who complete specialty training in geriatrics or gerontology and agree to provide two years of full-time clinical practice and service to older adults.
• Expand the Nursing Education Loan Repayment Program to include registered nurses who complete specialty training and provide nursing services to older adults in long-term care settings.
• Increase career advancement opportunities for nursing and direct care workers by offering specialty training in long-term care services through the existing Career Ladders Grants Program.
• Create a panel to advise the Secretary of Health and Human Services, the Secretary of Labor and Congress on workforce issues related to health and long-term care for the aging population.
“Studies show that more than one quarter of Maine’s population will be over the age of 65 by the year 2030,” said Senator Collins. “Our health care system is already struggling to find and retain qualified workers to meet this growing demand. The Caring for an Aging America Act will help recruit, train, and keep health care workers who are dedicated to providing quality health care for this aging population.”
The Caring for an Aging America Act would provide $130 million in federal funding over five years to attract and retain health care professionals and direct-care workers by providing them with loan forgiveness and career advancement opportunities.
Specifically, this legislation would:
• Establish the Geriatric and Gerontology Loan Repayment Program for physicians, physician assistants, advance practice nurses, psychologists, and social workers who complete specialty training in geriatrics or gerontology and agree to provide two years of full-time clinical practice and service to older adults.
• Expand the Nursing Education Loan Repayment Program to include registered nurses who complete specialty training and provide nursing services to older adults in long-term care settings.
• Increase career advancement opportunities for nursing and direct care workers by offering specialty training in long-term care services through the existing Career Ladders Grants Program.
• Create a panel to advise the Secretary of Health and Human Services, the Secretary of Labor and Congress on workforce issues related to health and long-term care for the aging population.
Thursday, April 2, 2009
Navy awards Bath Iron Works $47.4 million contract
Senator Susan Collins, a member of the Senate Armed Services Committee, today announced that the U.S. Navy is awarding General Dynamics a contract with a potential value of up to $47.4 million for work to be done at Bath Iron Works (BIW). This basic ordering agreement is for work that will be completed on DDG 51 Class Destroyers that have completed a shakedown cruise. According to the Navy, the orders to be issued are for engineering support, craft assistance, the ordering and processing of required material in support of PSAs, and the accomplishment of emergent industrial availabilities such as drydocking availabilities.
“This funding is welcome news for Bath Iron Works and its skilled workers,” said Senator Collins. “BIW continues to prove that it is a valuable asset to our national security and I will continue to work with the Navy to help ensure that it continues to be awarded such valuable contracts.”
Work on these ships is expected to be completed by September 2012.
“This funding is welcome news for Bath Iron Works and its skilled workers,” said Senator Collins. “BIW continues to prove that it is a valuable asset to our national security and I will continue to work with the Navy to help ensure that it continues to be awarded such valuable contracts.”
Work on these ships is expected to be completed by September 2012.
Nearly $20 million in drinking water funding announced
Senator Collins today announced that the U.S. Environmental Protection Agency will distribute $19,500,000 in federal Drinking Water State Funding to the Maine Department of Health and Human Services.
The funding is being distributed to Maine through the American Recovery and Reinvestment Act of 2009. Senator Collins worked with a bipartisan group of senators to craft the legislation that became law in February.
The funding will be used to provide low interest loans for water quality protection projects for wastewater treatment, non-point source pollution control, and watershed and estuary management.
Senator Collins released the following statement:
“Clean drinking water is vital to the health of any community. This funding will create jobs and help enable Maine’s communities to continue their ongoing work to make needed upgrades to the state’s aging public works infrastructure which will result in a safer, and cleaner, water system,” said Senator Collins.
The funding is being distributed to Maine through the American Recovery and Reinvestment Act of 2009. Senator Collins worked with a bipartisan group of senators to craft the legislation that became law in February.
The funding will be used to provide low interest loans for water quality protection projects for wastewater treatment, non-point source pollution control, and watershed and estuary management.
Senator Collins released the following statement:
“Clean drinking water is vital to the health of any community. This funding will create jobs and help enable Maine’s communities to continue their ongoing work to make needed upgrades to the state’s aging public works infrastructure which will result in a safer, and cleaner, water system,” said Senator Collins.
Wednesday, April 1, 2009
Senator Collins announces nearly $100 million in single family housing loan funding
U.S. Senator Susan Collins today announced that the U.S. Department of Agriculture will distribute $99,996,518 in federal Single Family Housing Guaranteed Loan Program Funding.
The funding is being distributed to Maine through the American Recovery and Reinvestment Act of 2009. Senator Collins worked with a bipartisan group of senators to craft the legislation that became law in February.
The funding is primarily used to help low-income individuals or households purchase homes in rural areas. Funds can be used to build, repair, renovate or relocate a home, or to purchase and prepare sites.
Senator Collins released the following statement:
“During these tough economic times, the dream of homeownership is even further out of reach for many Maine families. This funding will help make the dream a reality and it will also help boost Maine’s slumping real estate market therefore stimulating the state’s economy when it is needed most ,” said Senator Collins.
The funding is being distributed to Maine through the American Recovery and Reinvestment Act of 2009. Senator Collins worked with a bipartisan group of senators to craft the legislation that became law in February.
The funding is primarily used to help low-income individuals or households purchase homes in rural areas. Funds can be used to build, repair, renovate or relocate a home, or to purchase and prepare sites.
Senator Collins released the following statement:
“During these tough economic times, the dream of homeownership is even further out of reach for many Maine families. This funding will help make the dream a reality and it will also help boost Maine’s slumping real estate market therefore stimulating the state’s economy when it is needed most ,” said Senator Collins.
Tuesday, March 24, 2009
Monday, March 23, 2009
Senator Collins introduces legislation to stabilize and reform U.S. financial system
WASHINGTON, D.C. – U.S. Senator Susan Collins, Ranking Member of the Senate Homeland Security and Governmental Affairs Committee, today introduced “The Financial System Stabilization and Reform Act (FSSRA) of 2009” to fundamentally restructure our nation’s outdated financial regulatory system to strengthen oversight and accountability.
“As a former Maine financial regulator, I believe financial regulatory reform is absolutely essential to restoring public confidence in our financial markets,” said Senator Collins. “America’s consumers, workers, savers, and investors deserve the protection of a new regulatory system that modernizes regulatory agencies, sets safety and soundness requirements for financial institutions to prevent excessive risk-taking, and improves oversight, accountability, and transparency. My legislation will fundamentally restructure our financial regulatory system to help rebuild the confidence of our citizens in our economy and restore stability to our financial markets.”
FSSRA calls for the creation of an independent Financial Stability Council (FSC), composed of representatives from existing federal financial regulators which now have the responsibility to oversee portions of the financial system. The FSC will serve as a “systemic-risk monitor,” and would maintain comprehensive oversight of potential systemic risks to the financial system. It would have the ability to propose changes to regulatory policy, working with existing federal regulatory agencies, when systemic risk could emerge due to regulatory gaps or the emergence of risky new financial products. The FSC would also have the authority to close regulatory “black holes” that pose a systemic risk when risky products or activities fall outside the current authority of federal financial regulators. The FSC would also have the authority to adopt rules that ensure financial institutions do not grow “too big to fail,” by imposing different capital requirements, raising risk premiums, or requiring a larger percentage of debt be held as long-term debt.
Additional provisions in the FSSA would:
• Close the credit default swaps loophole to ensure oversight of a financial instrument that contributed heavily to the current financial crisis and the downfall of AIG. This regulatory gap allowed systemic risk to build in our financial system without the oversight and transparency needed to prevent a collapse;• Impose safety and soundness requirements on new investment banks by requiring them to organize under the Bank Holding Company Act. Under the current system, investment bank firms such as the Bear Stearns and Lehman Brothers were left unregulated with no agency given the authority to examine the full scope of their operations;• Merge the Office of Thrift Supervision (OTS) and Office of the Comptroller Currency (OCC) to consolidate and reduce the number of banking regulators, improving the effectiveness of the entire system. This merger was recommended by many experts, and the Treasury Inspector General recently raised concerns about the objectivity and effectiveness of OTS;• Protect the rights of states to regulate the insurance industry.
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