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Senate Banking Committee News

01 Oct 2015

More Democrats Needed to Repeal Crude Export Ban

Lawmakers who want to ditch the 40-year-old U.S. ban on exporting oil will likely enjoy a victory on Thursday in the Senate banking committee - but they are struggling to garner enough Democratic support to pass the bill in the full chamber. The legislation is expected to get only one vote in the committee from a Democrat, Senator Heidi Heitkamp of the oil-producing state of North Dakota, a sponsor of the bill. "Tomorrow you may not see any other Democrats other than me voting for it, but what you will hear is a willingness to have a discussion and address this issue broadly," Heitkamp said in an interview on Wednesday. If all 54 Senate Republicans vote for the bill, supporters will need six Democrats to reach the 60 votes needed for approval.

06 Feb 2012

Iran Sanction Proposal Targets Oil Companies, Tanker Fleet

A U.S. proposal to sanction Iran’s state-owned oil company and its main tanker fleet may ensnare any person or business in the world involved in purchasing or shipping Iranian oil, according to a report from Bloomberg. Pressure is mounting on Iran’s nuclear program, as the prospect of an attack from Israel grows beyond rhetoric. In turn, the pressure is rising to force Iran to back down. The Senate Banking Committee unanimously adopted a measure Feb. 2 to compel the administration to investigate links between Iran’s crude-oil supply chain and its powerful Islamic Revolutionary Guard Corps, an elite military unit that the U.S. has sanctioned for weapons proliferation, terrorism support and human-rights abuses. The move would essentially “black list” Iranian oil.

22 Jul 2009

Combining Navy & CG Purchasing Considered

According to a July 20 report from UPI.com, the Congressional Budget Office said joining U.S. Navy and Coast Guard programs regarding procurement of small surface ships wouldn't necessarily improve cost efficiencies over current buying processes. With the Navy and Coast Guard looking to buy a total of 83 smaller vessels, CBO was asked by Senate Banking Committee member Judd Gregg, R-N.H., to examine alternatives that would perhaps allow the services to consolidate small combatant programs. (Source: UPI.com)