Congress is in session today, but it should be a quiet day on the Hill as no hearings or sessions are scheduled. Across the street at the Supreme Court, there may be some orders released following yesterday’s conference. Expect some opinions to be released next week. We’ll keep you posted on any developments.
Yesterday the Democratic-controlled House passed a housing rescue plan aimed at easing the subprime-fueled burden on homeowners. But President George W. Bush said he will veto the measure, saying prudent borrowers should not bail out those who bit off more debt than they could chew – and Congress may not have the votes to override the veto. (AP)
Congress’s compromise on the farm bill also won’t likely please President Bush. (AP)
Sen. Richard C. Shelby, who has links to the mortgage industry, also has more say over the Congressional housing rescue plan. And some are not too happy about that. (NYT)
Partners of Chinese women who were forced to have abortions are pressing the Supreme Court to make it easier to get asylum in the United States. (AP)
The House of Representatives yesterday passed a bill that will create a White House czar for intellectual property rights and also increase resources to fight bootleggers. (Variety)
The Senate Ethics Committee on Thursday dismissed a complaint against Sen. David Vitter, a suspected patron of a prostitution ring headed by a woman who killed herself last month. (Reuters)
Two lawsuits filed by former employees against Fidelity Investments are seeking to expand Sarbanes-Oxley. (Boston Globe).