House begins look at eminent domain legislation - Impact on New Orleans?

This is From Lexis Nexis:
"Copyright 2005 Environment and Energy Publishing, LLC

Environment and Energy Daily
September 6, 2005 Tuesday
SPOTLIGHT Vol. 10 No. 9
693 words
DEVELOPMENT: House begins look at eminent domain legislation
Dan Berman, E&E Daily reporter The House Agriculture Committee tomorrow will hold the first congressional hearing into the controversial Supreme Court decision on eminent domain and examine legislation designed to address the ruling. The June Kelo v. City of New London decision has galvanized private property advocates opposed to the ruling. In response, Congress and various state legislatures may move to curb the use of eminent domain. "I don't see this issue going away," said Cody Stewart, executive director of the House Western Caucus. "It definitely struck a nerve." The ruling reaffirmed the use of eminent domain by cities and the taking of private property for just compensation as long as the land in question is for public use, including private development. The ruling may expand the use of eminent domain for private development projects such as building a shopping center or a stadium, critics say. The Supreme Court last month declined a request to revisit the ruling. Several bills on the use of eminent domain were introduced in Congress over the summer, including H.R. 3405, which would cut off federal funds for city and state economic development projects that take private property for the benefit of private developers. Tomorrow's hearing will focus on that bill, sponsored by Rep. Henry Bonilla (R-Texas), Resources Committee Chairman Richard Pombo (R-Calif.), Agriculture Committee Chairman Bob Goodlatte (R-Va.) and Rep. Dennis Kucinich (D-Ohio), among others. The hearing will focus on H.R. 3405 because it was referred to the Agriculture Committee, a committee spokeswoman said, but private property advocates have not said if they have a favorite among the competing eminent domain bills."

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My question is this: will this legislation impact the redevelopment of New Orleans? Can homeowners who suffered damage and loss expect to have their physical recovery efforts curtailed by a "pro-private" development plan?

Are there safeguards to prevent this occurence?