Taking The Hill

by Christy Plunkett

Small Business Paperwork Relief Act

The U.S. House of Representatives approved the Small Business Paperwork Relief Act by a margin of 418-0. HB 327 requires federal agencies to reduce paperwork requirements for businesses with 25 or fewer employees. It will require the Office of Management and Budget to post regulatory requirements annually in the Federal Register and set up contacts to help business owners complete the paperwork. The bill includes a task force comprised of federal agency representatives to study easing the paperwork reporting process.

European Union Members Admonish Bush on Kyoto

In a letter from Romano Prodi, the European Union (EU) president, to President Bush, Prodi communicated his disappointment with the United States over withdrawing from the Kyoto Protocol agreement. Prodi said it is very important for all industrial nations emitting more than half the world's greenhouse emissions to join together in reducing global emissions. He indicated this agreement was a very important part of relations between the EU and the United States, and they could become strained because of Bush's withdrawal.

Forced Arbitration

The U.S. Supreme Court ruled employers could force employees into arbitration, a way to avoid the high cost and time to take a matter to court. The agreement to arbitrate workplace disputes is enforceable by law. Some employers are requiring their employees to sign agreements of arbitration prior to being hired. Arbitration is a procedure in which an impartial third party listens to grievances from both sides and renders a legally binding agreement.

Second Part of Bush Tax Plan Passes House

The second installment of President Bush's tax plan passed the U.S. House of Representatives. HR 6 would double the child tax credit and expand the married tax credit estimated at $399.2 billion. The bill passed by a margin of 282-144 with 64 Democrats voting for it. If enacted, the marriage standard income tax deduction will double and would phase in starting in 2004 and 2009.

U.S. Senate and House Introduce Pension Reform Bills

Both houses of Congress have taken up measures to reform pension plans. With increasing dependence on individual retirement accounts and pension plans, Sen. Charles Grassley, R-Iowa, and Sen. Max Baucus, D-Mont., introduced a bill that would increase the amount an individual can put in an IRA from $3,000 to $5,000, give tax credits to low income workers to save and provide tax incentives for businesses to offer or expand retirement plans. Rep. Rob Portman, R-Ohio, and Rep. Benjamin Cardin, D-Md., represent the House measure.

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