Soon after the health care bill passed, a number of companies, including Caterpillar and Deere, announced that the bill would reduce their profits by $100 to $200 million. Why did they do this? It is a move required by the Securities and Exchange Commission. All companies have to announce any material loss in income due to government legislation in the quarter that the legislation passed.
Henry Waxman, chair of the powerful Energy and Commerce Committee, which has jurisdiction over health care, soon afterward sent a letter to Caterpillar and Deere, demanding that they produce their analysis of the impact of the health care bill on their profits as well as any documents, including emails, that discussed the impact of the health care bill on their bottom line.
Waxman’s message was clear: he felt that the companies–which were not fond of reform and made no bones about it–announced their profit reductions to embarrass him and he was going to make them pay.
Ultimately, he realized that any hearing was going to make him look ridiculous–badgering companies who were complying with SEC regulations was going to get him no points, and he had already made his point–mess with him and he will use his committee to silence you.
The ranking republican member of the committee, Joe Barton (who also happened to be one of the first members of congress to support Bobby Schilling) took to the floor of the house to denounce Waxman’s machinations and describe them for what they were–an abuse of power.
Where was Phil Hare this whole time? In the WGEM tapes from his April 1, Quincy townhall he said that he would go to national publications, such as Politico, and defend Caterpillar and Deere against these vicious attacks against them and their employees. Why did he break his promise?
It is time to bring some restraint and integrity to Congress. It’s time to elect Bobby Schilling.