Bill S.4768 titled “A bill to amend the Internal Revenue Code of 1986 to tax excess profits of large oil and gas companies, to impose a tax on the repurchase of stock by large oil and gas companies, to end the use of the LIFO method of accounting by large oil and gas trades or businesses, and for other purposes” was read twice and referred to the Committee on Finance by the Senate. The bill is sponsored by Sen. Ron Wyden with Richard Blumenthal, Cory Booker, Bob Casey, Dianne Feinstein, Mazie Hirono, Amy Klobuchar, Patty Murray, Alex Padilla, John Reed, Charles Schumer, Debbie Stabenow, Chris Van Hollen, Raphael Warnock as cosponsors.
Bill S.4781 titled “A bill to require the designation of certain airports as ports of entry” was read twice and referred to the Committee on Finance by the Senate. The bill is sponsored by Sen. Ted Cruz.
The Finance Committee moves forward in some way on one bill per day.
Most bills have a hearing where those involved explain why they are for or against the bill. Roughly 8,000 bills are addressed by committees each year but only about 800 make it to the floor of Congress, according to ushistory.org.
A 2019 report from the Brookings Institute argued committees aren’t capable of delving fully into the issues they address and are forced to rely on lobbyists.
| Bill Name | Sponsor | Action |
|---|---|---|
| A bill to amend the Internal Revenue Code of 1986 to tax excess profits of large oil and gas companies, to impose a tax on the repurchase of stock by large oil and gas companies, to end the use of the LIFO method of accounting by large oil and gas trades or businesses, and for other purposes. | Sen. Wyden, Ron | Senate |
| A bill to require the designation of certain airports as ports of entry. | Sen. Cruz, Ted | Senate |
