The ranking Democrat on the House Domestic Monetary Policy and Technology Subcommittee began the first hearing on the Federal Reserve Bank in the new Congress with dramatic ad hominem attacks on Loyola University Maryland Economics Professor Thomas DiLorenzo. Rep. William Clay of Missouri accused DiLorenzo of having racist ties for being an adviser to the League of the South, a states'-rights organization, and then failed to address any substantive questions on economics to DiLorenzo with the dismissive remark: "I do know that I have no questions for you."
Senator James Webb the conservative Democrat from Virginia who defeated incumbent moderate Republican Senator George Allen in 2006, has announced his retirement from the Senate. Retirement may not be the right word, given that Webb served just one term. But he is leaving elective politics nonetheless.
House Republicans are mounting their next effort to stop ObamaCare — by cutting off its funding — as part of a measure Republicans are expected to introduce next week that will fund the government from March through the end of September.
In a surprising turn of events on Tuesday, the U.S. House of Representatives failed to extend a number of provisions to the PATRIOT Act as a result of dissonance within the Republican Party. Unfortunately for constitutionalists, the victory was short-lived as the House has now changed the rules for passage, opting instead for a simple majority instead of the original two-thirds majority that was required.