Congress

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Lawmakers Hammer Out New Wall Street Rules

Reach compromise on overhaul, create consumer agency

(Newser) - House and Senate negotiators have completed a sweeping overhaul of banking regulations and aim to send it to President Obama by July 4. Lawmakers finished assembling the bill about dawn. Some highlights:
  • It creates a consumer financial protection bureau to police lending (though not auto dealers).
  • Establishes the so-called "
...

Obama Asks Congress for $600M Border Security Boost

Calls funds for staffing, fence repairs an 'emergency'

(Newser) - With Arizona's controversial new anti-illegal-immigrant law being blamed on weak federal enforcement, Barack Obama has formally asked Nancy Pelosi for $600 million to beef up security along the US/Mexico border. The president says the request will address “urgent and essential needs” and should be considered an emergency. The money...

GOP Leaders Ordered Barton to Apologize, 'Immediately'

Boehner, Cantor laid down the law

(Newser) - So what prompted Joe Barton's quick retraction of his apology to BP ? A sincere change of heart, maybe. Or it could have been the meeting with House GOP leaders John Boehner and Eric Cantor, who told him, "Apologize, immediately. Or you will lose your (committee) position, immediately,"...

Joe Barton's BP Apology Could Be 'Game-Changing'

Pundits Think Democrats Have a Line of Attack

(Newser) - GOP congressman Joe Barton's apology to BP remains the buzz of the day. See earlier summary here and a video of his statement in the gallery:
  • Greg Sargent, Plum Line : "The challenge for Dems, though, is to elevate the story beyond Barton's ridiculous comments and build a larger narrative
...

Democrats Gain Favor on Handling of Economy
 Democrats Gain Favor on Handling of Economy
poll offers Dem hope
Jun 16, 2010 9:30 AM CDT

Democrats Gain Favor on Handling of Economy

Slim margin prefers them to GOP, and wants them to keep control of Congress

(Newser) - There's encouraging news for Democrats battling to retain control of Congress in this fall's elections, with the party holding a slender edge in public trust for shepherding the economy and small gains in those saying their finances are healthy, according to a new poll. The reeling economy remains people's top...

Lawmaker to BP Exec: As a Samurai, You'd Kill Yourself

Cao gives lesson in 'Asian culture'

(Newser) - Florida congressman Cliff Stearns asked BP chairman Lamar McKay to resign during McKay's congressional testimony today. And he was the nice one. Rep. Anh "Joseph" Cao, a Vietnamese-American who represents New Orleans, delivered a pointed history lesson, notes CBS . "Mr. Stearns asked Mr. McKay to resign," he...

Obama: Congress Is Hypocritical on Oil Spill

Same pols screaming about slow response would have blocked regulation

(Newser) - President Obama wants some members of Congress slamming his response to the Gulf oil spill to know they can't have it both ways, he tells Politico. "If six months ago, I had gone up to Congress and I had said we need to crack down a lot harder on...

BP's Tony Hayward Will Go Before Congress

CEO will testify before House panel on June 17

(Newser) - President Obama isn't all that interested in a one-on-one conversation with BP's Tony Hayward, but Congress is. The CEO famous for his gaffes is scheduled to testify June 17 before one of the House committees investigating the oil spill, reports the Hill . Hayward will face Bart Stupak's Energy and Commerce...

Warren Buffett, You Should Be Ashamed

His testimony on the meltdown is a PR disaster

(Newser) - Warren Buffett made a fool of himself on Capitol Hill yesterday, declares Felix Salmon. Forced to testify about the financial meltdown, he denied any culpability in the mess—never mind that he was the largest shareholder in Moody's. "From a PR point of view," writes Salmon at Reuters...

Capitol Hill's Favorite New Book: The Big Short

Lawmakers love how it explains meltdown

(Newser) - Listen to debate over financial reform on Capitol Hill for any length of time and you might think lawmakers were being paid to plug The Big Short, by Michael Lewis. They're not; they just love the way the book explains the financial meltdown and how a handful of investors made...

Senate Panel OK's Ending 'Don't Ask, Don't Tell'

It's first formal step toward scrapping ban

(Newser) - The end is near, or nearer, for Don't Ask, Don't Tell. The Senate Armed Service Committee today approved a measure to scrap the ban on gays in the military, reports the Washington Post . It's the first step in a legislative compromise: The full House will vote tonight or tomorrow, and...

Congress to Vote on 'Don't Ask, Don't Tell' Today

Legislation paves way for gays serving openly

(Newser) - The House is expected to vote as early as today on a proposal that would repeal "don't ask, don't tell." Under the bill, which would give the military as much time as it wants to lift ban, the president, defense secretary, and chairman of the Joint Chiefs of...

GOP Senator on Obama: 'He Needs to Take a Valium'

Capitol Hill meeting doesn't go so well

(Newser) - President Obama visited Senate Republicans today, but bipartisanship wasn't exactly overflowing, reports Politico . GOP Senator Pat Roberts' take: "The more he talked, the more he got upset. He needs to take a valium before he comes in and talks to Republicans and just calm down." The White House,...

Congressional Death Threats Up 300%: FBI

Most suspects are men with guns, many mentally disturbed

(Newser) - Death threats against members of Congress are up 300% this year, the FBI tells Politico , and almost everyone doing the threatening owns guns. Capitol Police say they've had to dramatically step up security efforts, which were also boosted in 2009. “We have about 12 open cases at any given...

Senate Finance Bill Could Trim Big Banks' Profits 20%

New rules on derivatives could be costly for Wall Street

(Newser) - To their surprise, the financial reform bill approved by the Senate last night has some real teeth, financial analysts tell the Wall Street Journal . Although specifics depend on what emerges from the confab with the House, some of Wall Street's biggest institutions could see profits decline by as much as...

Democrats Retain Murtha Seat in Congress

Mark Critz defeats Republican Tim Burns in Pennsylvania

(Newser) - Democrats will retain control of the seat held for decades by the late Pennsylvania Rep. John Murtha after winning a special election to fill the final months of his term. Both parties viewed the contest as a test for the fall. Murtha aide Mark Critz defeated businessman Tim Burns. The...

Obama Shows Congress Who's Boss
Obama Shows Congress
Who's Boss 
analysis
May 17, 2010 5:12 PM CDT

Obama Shows Congress Who's Boss

President takes more hands-on approach to legislation

(Newser) - President Obama is growing more assertive on Capitol Hill. Since he took office, the president's supporters have criticized him for not exerting enough control over the details of legislation, instead letting Harry Reid and Nancy Pelosi hammer out specifics—even on major administration goals, like the health care bill. On...

Congress Wants Answers on Low Oil Leak Estimates

Experts say it's much higher than 5,000 barrels per day

(Newser) - News that way more oil than previously reported seems to be gushing out of the burst well in the Gulf of Mexico has caught the attention of Congress. Edward Markey, who chairs a House subcommittee on energy, says he'll ask BP and federal agencies to explain their estimates, reports CNN...

Congress Likes to Hitch Rides With Military to Meetings

Pentagon hauls legislators around DC

(Newser) - Military vehicles routinely haul members of Congress not only to countries around the world but to meetings around Washington. Congressional delegations sometimes ask the Pentagon for expensive military transportation to the White House or ceremonial events in DC, documents obtained by Roll Call show. The military has even provided shuttle...

Congressmen Bet Against Stocks Amid Crisis

All while some were decrying short selling

(Newser) - You know those evil short-sellers at Goldman Sachs and elsewhere that lawmakers have been railing against since around the start of the financial crisis? Well pot, meet kettle. The Wall Street Journal has identified 13 members of Congress who in some way bet against the market during the 2008 financial...

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