As of Thursday, September 8, 2011 the much talked about Transportation Bill known as SAFETEA-LU (Safe, Accountable, Flexible, Efficient Transportation Equity Act: A Legacy for Users) was carried by a Senate committee.
The Senate Committee approved an extension of the present bill. This is the eighth time the draft law has been extended. This will serve as a move in the right direction for the Transportation Industry, but as many people have said, an extension, it’s like a band aid on a bigger problem. There still has to be new legislation put in place in order to this industry, it cannot simply be ignored.
An interesting spin on this
The Sarbanes-Oxley Act is actually a collection of two bills that were passed in the United States Senate in 2002. A bill to be passed in the House was tabled by Congressman Michael Oxley in April 2002 and was known as the Corporate and Auditing Accountability and Responsibility Act. Later in June 2002, Senator Paul Sarbane’s tabled the Senate bill 2673 or the “Public Company Accounting Reform and Investor Protection Act. ” In an effort to correct the two bills together, the United States Conference Committee approved the Sarbanes-Oxley Act (SOX).
The Weird Thing About Senate
However, the act of expanding the bill appears to be all either party can agree to. The Democratically-controlled Senate and the Republican-controlled House of Representatives have presented vastly different options for this bill. The House proposed spending $235 billion over the next six years, while the senate proposed spending $109 billion over the next two years.