John Kline, Michele Bachmann, Erik Paulsen and Chip Cravaack Voice Concern Over Medical Device Tax

Last night, Reps. John Kline (MN-02), Michele Bachmann (MN-06), Erik Paulsen (MN-03) and Chip Cravaack (MN-08) sent a letter to IRS Commissioner Doug Shulman voicing their concerns about the $20 billion medical device tax included in the new healthcare law. In January, Rep. Paulsen introduced the “Protect Medical Innovation Act” which would repeal the job-crushing medical device tax. Reps. Kline, Bachmann and Cravaack are among the bill’s 110 co-sponsors. Minnesota is home to over 400 medical device companies employing 35,000 people.

“The planned $20 billion excise tax on medical device manufacturers will lead to higher prices for devices and increased health care premiums. We also believe the tax will force medical device companies to reduce US employment and research and development expenditures,” said the letter. “We encourage you to look toward established industry sources to better understand the practicalities of the medical device market. As you work through this process, we need to learn more about your approach to these issues to ensure that the regulations do not exacerbate the impact on jobs and competitiveness resulting from the excise tax on medical devices.”

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Contact: Becky Rogness 202-225-2331

MN Letter to IRS Commissioner Re Medical Device Tax in PDF FORMAT

H.R.436 -- Protect Medical Innovation Act of 2011 in PDF FORMAT

TEXT and IMAGE CREDIT: Congresswoman Michele Bachmann, Proudly Serving the 6th District of Minnesota. # Washington Office 107 Cannon HOB Washington, DC 20515 Phone: (202) 225-2331 Fax: (202) 225-6475.

Spencer Bachus We will reform Fannie Mae and Freddie Mac H.R. 1182 FULL TEXT

WASHINGTON (March 29) – Congressman Spencer Bachus (AL-6) released the following statement about the proposals introduced today by several Republicans on the Committee to reform Fannie Mae and Freddie Mac. Bachus is Chairman of the House Financial Services Committee. “In our Pledge to America, House Republicans said: ‘We will reform Fannie Mae and Freddie Mac by ending their government takeover, shrinking their portfolios, and establishing minimum capital standards.’ As Chairman of the House Financial Services Committee, I want to make it clear: We are fully committed to these goals.

“On March 17, the Committee’s Vice Chairman, Rep. Jeb Hensarling, introduced H.R. 1182, a bill that represents Republicans’ ultimate objective, as articulated in the Pledge to America, to end the $150 billion bailout of Fannie Mae and Freddie Mac and make sure that such a bailout is never again forced on the American taxpayer.

Bill Text 112th Congress (2011-2012) H.R.1182.IH in PDF FORMAT To establish a term certain for the conservatorships of Fannie Mae and Freddie Mac, to provide conditions for continued operation of such enterprises, and to provide for the wind down of such operations and the dissolution of such enterprises.

“This comprehensive reform of the U.S. mortgage market will be supplemented by targeted bills which Capital Markets Subcommittee Chairman Scott Garrett will shepherd through his Subcommittee, all of which advance the same goal as the Hensarling bill: to create a well-functioning, private, competitive secondary mortgage market to price mortgages according to risk, be more innovative and efficient, and operate with less political interference.

“Finally, Insurance and Housing Chairman Judy Biggert will begin a parallel legislative effort to reform the Federal Housing Administration. This effort will focus on legislation to clearly define FHA’s mission and prevent it from simply replacing Fannie Mae and Freddie Mac as a source of taxpayer exposure to the mortgage market.

“The strength of the Republican Financial Services Committee team has been and will continue to be the cooperation and collaborative effort of its subcommittee chairmen. The reform of housing policy, which spans the jurisdiction of several subcommittees, will display the power of this willingness to work together and accomplish great things.”

TEXT and IMAGE CREDIT: Spencer Bachus Washington Office 2246 Rayburn Building Washington, DC 20515 (p) 202-225-4921 (f) 202-225-2082