Apparently there’s this rumour going around of a scandal having to do with Obama’s pocket veto of the HR 3808 bill, the one that would make it much easier for banks to foreclose upon houses and un-do the current mass stall in foreclosures.
As the theory goes, Obama “pocket-vetoed” the bill yesterday so that it could become law 10 days later without his signature.
We don’t buy it, but here’s the logic.
Article I, Section 7 of the Constitution requires the president to sign every bill to make it law. If the president opposes the legislation, the Constitution says “he shall return it, with his Objections to that House in which it shall have originated.”
But that same portion of the Constitution indicates that “any Bill shall not be returned by the President within 10 Days (Sundays excepted) after it shall have been presented to him, the Same Shall be Law, in like Manner as if he had signed it, unless the Congress by their Adjournment prevent its Return, in which Case it shall not be Law.”
That’s a pocket veto, and the theory is – get ready for this one, it’s long and windy – that Obama is just holding on to it, and not returning it to the House for some reason. And it’s all just a distraction.
The idea is that Obama is holding on to his pocket veto because he knows that everyone thinks the Senate is adjourned, in which case HR 3808 would not become law. But actually – the Senate is not ajorned. Pro-forma Senate meetings have been taking place and may be interpreted to mean that the House is in session.
So by not sending the pocket-veto back to the House, HR 3808 will – oops! – become law in about a week and foreclosure-gate will end in less trouble for the banks, who will be able to foreclose upon more people using less criteria.
Basically, people are worried that Obama is going to secretly bail the banks out and just make it look to all of us like he innocently made a mistake by – whoops! – not realising that the Senate was actually in session.
As we said, we don’t buy it. For one, because the bill actually originated in the House months ago.
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