[StBernard] Washington Newsletter from Rep. Richard H. Baker

[Westley Annis]

November 18, 2005

Thank you for signing up for Congressman Baker's newsletter. Below are issue
updates that you may find interesting. As always, please visit his website
at <http://www.baker.house.gov/>  for the most up-to-date news and
information on what Congressman Baker is working on in the Sixth
Congressional District of Louisiana.

Financial Services Committee Holds Hearing on Congressman Baker's Louisiana
Recovery Corporation Bill

The Committee on Financial Services held a hearing on Thursday, November 17,
on H.R. 4100, the Louisiana Recovery Corporation Act
<http://www.baker.house.gov/files/lrc.pdf> , legislation authored by Capital
Markets Subcommittee Chairman Richard Baker to offer financial stability to
property owners and to facilitate community rebuilding in hurricane ravaged
Louisiana.

The Louisiana Department of Environmental Quality has stated that between
140,000 and 160,000 homes need to be leveled. In New Orleans alone, over
110,000 homes were damaged and tens of thousands of Louisiana property
owners face uncertainty about whether they can or should rebuild. The
Louisiana Recovery Corporation Act of 2005 would create the Louisiana
Recovery Corporation (LRC) to purchase the property of willing sellers.
Property acquisitions, funded through bonds issued by the Treasury
Department, will relieve mortgagees from their mortgage obligations up to
$500,000 and transfer title to the LRC. Additionally, sellers would be
provided options for how to rebuild in their neighborhoods. The LRC would
make necessary infrastructure repairs before selling the property to private
developers through a competitive bidding process which could allow for
redevelopment through bonds repaid by the proceeds of these sales, rather
than through outright federal grants. The bill would also implement an urban
homestead program, providing land, down-payment assistance, and coordination
with not-for-profit and faith-based organizations.

Please find the witness list below, and click here to visit the House
Financial Services Committee website to view their testimony
<http://financialservices.house.gov/hearings.asp?formmode=detail&hearing=431

> .


Panel I

The Honorable John T. Schedler, Louisiana State Senate 

The Honorable Juan A. LaFonta, Louisiana State House of Representatives 

The Honorable Jay Batt, New Orleans City Council, New Orleans, LA 

The Honorable Ray Nagin, Mayor, New Orleans, LA

Walter Isaacson, President and CEO, The Aspen Institute; Co-chair, Louisiana
Recovery Authority <http://www.lra.louisiana.gov/pr_11_17_isaacson.html> 

Furthermore, click here to learn more about why LRC is needed, who it helps
and how it works. <http://www.baker.house.gov/html/news_item.cfm?id=519> 

Baker Secures Funds for Area Projects

On November 18, the House gave final approval of $3.8 million for the Baton
Rouge Airport, $250,000 for the Lamar-Dixon Center in Ascension Parish, and
$100,000 for the Livingston Parish Veterans' Memorial Plaza in the fiscal
year 2006 Treasury, Housing and Urban Development, Judiciary, District of
Columbia, and Independent Agencies Appropriations bill.

Enrollment Opens for New Medicare Prescription Drug Program

Everyone with Medicare, regardless of income, health status, or prescription
drug usage, will have access to prescription drug coverage beginning on
January 1, 2006. Starting this week Medicare beneficiaries will be able to
enroll in Medicare Part D, the new insurance program for prescription drugs.
Enrollees should review the extensive prescription plan offerings to find
the best plan for their individual needs. The deadline for enrollment is May
15, 2006. For more information or to register, visit www.medicare.gov
<http://www.medicare.gov/> .

SBA Announces "GO Loan" Program 
  
The Small Business Administration has announced a new pilot program designed
to speed up the delivery of disaster loans to affected businesses. Under the
plan, businesses affected by Katrina and Rita can apply and receive a loan
of up to $150,000 within 24 hours. By using existing qualified lenders,
applications will be able to be streamlined and decisions will be expedited.
The Go Loan program will be available through September of 2006. Click here
for more information <http://www.sba.gov/financing/goloans/> .  

Congressman Baker Supports Education Reimbursement for Families

Congressman Baker would like to thank all of you who have called in support
of H.R. 4097, the "Family Education Reimbursement Act." Current estimates
show that 372,000 students from Louisiana and Mississippi are not able to
attend class in their local schools, both public and private, because of the
devastation of Hurricane Katrina and Rita. It is important for parents to
enroll their children in schools wherever they are, because school can bring
stability and reassurance to children's lives. Unfortunately, this language
was not included in H.R. 4241, the "Deficit Reduction Act of 2005." 

I commend communities and schools for welcoming displaced students and their
families, and I remain committed to passing legislation similar to H.R. 4097
that provides funding for all schools who have reached out to our students
displaced by the hurricanes.