Obama Weekly Address 6-26-2010

George Wenschhof

President Obama asks Congress to move quickly on passage of the Wall Street Reform bill which just emerged from the House/Senate conference committee. He said the bill contains 90% of what he was asking for; the creation of an independent consumer finance protection agency, enactment of the "Volcker Rule" which prohibits Banks from investing in risky trades, and tougher rules on the trading of derivatives.


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Daily Political Wire 5-6-2010

George Wenschhof

President Obama to meet with National Security team today at White House - with the apprehension of the suspect of attempted Times Square bombing, Expect discussion on Afghanistan and Pakistan. Also, a discussion on Waziristan may take place as it is known to be a safe haven for Islamic terrorists. Later, the President meets with Secretary of State Hillary Clinton.

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British voters go to the polls today - 650 seats in the House of Commons are up for election which will impact who will be the next Prime Minister. Incumbent Prime Minister Gordon Brown is battling with David Cameron of the Conservative Party and a third candidate; Liberal Democrat Nicholas Clegg. The Washington Post has more here.

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Representative Dave Obey (D-Wisc.) announces his retirement - the chair of the House Appropriations Committee is the 17th Democrat in the House to not run for reelection. meanwhile, the tally for Republicans not running for reelection is 20. At this point, it is hard to say if either political party has the advantage in these open seats. TheFix.com has more details here.

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Wall Street Reform bill moves forward - two votes, mostly language oriented and light on substance, passed overwhelmingly in the senate; one to eliminate the provision of a 50 billion liquidation funded by the banks and the other simply stating no taxpayers money would be used in the dismantling of a bank. Continued debate over the powers and placement of a consumer finance protection agency along with trying to deal with the "too big to fail" concept is expected. Stay tuned... The NY Times has more here.

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