Government Documents
July 03, 2009
* Transcripts: FBI Interviews of Former Iraqi President Saddam Hussein

National Security Archive: "FBI special agents carried out 20 formal interviews and at least 5 "casual conversations" with former Iraqi dictator Saddam Hussein after his capture by U.S. troops in December 2003, according to secret FBI reports released as the result of Freedom of Information Act requests by the National Security Archive and posted."

  • Read the Documents
  • * Employment Situation Summary, June 2009

    News release: " Nonfarm payroll employment continued to decline in June (-467,000), and the unemployment rate was little changed at 9.5 percent, the Bureau of Labor Statistics of the U.S. Department of Labor reported today. Job losses were widespread across the major industry sectors, with large declines occurring in manufacturing, professional and business services, and construction...The number of unemployed persons (14.7 million) and the unemployment rate (9.5 percent) were little changed in June. Since the start of the recession in December 2007, the number of unemployed persons has increased by 7.2 million, and the unemployment rate has risen by 4.6 percentage points."

    * CBO: Affordable Health Choices Act

    CBO: Affordable Health Choices Act, July 2, 2009 - Preliminary analysis of the provisions of Title I of draft legislation that has been posted on the Web site of the Senate Committee on Health, Education, Labor, and Pensions.

  • "Once the legislation was fully implemented, CBO and JCT staff estimate, about 20 million fewer people would be uninsured compared with projections under current law. About 26 million individuals would obtain coverage through the new insurance exchanges, and about 6 million fewer people would purchase nongroup coverage outside the exchanges. In the aggregate, the number of people obtaining coverage through an employer would change very little."
  • July 02, 2009
    * New GAO Reports: Urban Area Security Initiative, Defense Travel System, Federal Information Security Issues
    • Urban Area Security Initiative: FEMA Lacks Measures to Assess How Regional Collaboration Efforts Build Preparedness Capabilities, GAO-09-651, July 02, 2009
    • Defense Travel System: Implementation Challenges Remain, GAO-09-577, June 30, 2009
    • Federal Information Security Issues, GAO-09-817R, June 30, 2009
    • Recovery Act: The Department of Transportation Followed Key Federal Requirements in Developing Selection Criteria for Its Supplemental Discretionary Grants Program, GAO-09-785R, June 30, 2009
    * USDA Food Security Assessment, 2008-09

    USDA Economic Research Service: Food Security Assessment, 2008-09 - By Shahla Shapouri, Stacey Rosen, Birgit Meade, and Fred Gale, Outlook Report No. (GFA-20) 58 pp, June 2009

  • "Food security in 70 developing countries is projected to deteriorate over the next decade, according to USDA’s Economic Research Service. After rising nearly 11 percent from 2007 to 2008, the number of food-insecure people in the developing countries analyzed by ERS researchers is estimated to rise to 833 million in 2009, an almost 2-percent rise from 2008 to 2009. Despite a decline in food prices in late 2008, deteriorating purchasing power and food security are expected in 2009 because of the growing financial deficits and higher inflation that have occurred in recent years. Food-insecure people are defined as those consuming less than the nutritional target of 2,100 calories per day per person."
  • * SEC Proposes Measures to Improve Corporate Governance and Enhance Investor Confidence

    News release: "The Securities and Exchange Commission voted on three measures that are intended to better inform and empower investors to improve corporate governance and help restore investor confidence. The Commission proposed requiring public companies receiving money from the Troubled Asset Relief Program (TARP) to provide a shareholder vote on executive pay in their proxy solicitations The Commission also voted to propose better disclosure of executive compensation at public companies in their proxy statements, and approved a New York Stock Exchange rule change to prohibit brokers from voting proxies in corporate elections without instructions from their customers."

    July 01, 2009
    * Agencies Issue Final Rules on Accuracy of Credit Report Information and Allowing Direct Disputes

    News release: "The Federal Trade Commission today announced final rules and guidelines that will promote the accuracy and integrity of information provided to credit reporting agencies (commonly called “credit bureaus”) and allow consumers to dispute inaccurate information about them directly with furnishers, the financial institutions and other entities that furnish the information to the credit reporting agencies. Information in credit reports is used widely to determine a consumer’s eligibility for credit, employment, insurance and rental housing, and errors in a consumer’s report can result in denial of those benefits or higher costs.

    The FTC is issuing these rules and guidelines with the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the National Credit Union Administration, the Office of the Comptroller of the Currency, and the Office of Thrift Supervision (the Agencies) under section 312 of the Fair and Accurate Credit Transactions Act of 2003 (FACT Act), which amends the Fair Credit Reporting Act. The effective date for these final rules and guidelines is July 1, 2010."

    * FTC Cracks Down on Scammers Trying to Take Advantage of the Economic Downturn

    News release: "The Federal Trade Commission today announced a law enforcement crackdown on scammers trying to take advantage of the economic downturn to bilk vulnerable consumers through a variety of schemes, such as promising non-existent jobs; promoting overhyped get-rich-quick plans, bogus government grants, and phony debt-reduction services; or putting unauthorized charges on consumers’ credit or debit cards. Dubbed “Operation Short Change,” the law enforcement sweep announced today includes 15 FTC cases, 44 law enforcement actions by the Department of Justice, and actions by at least 13 states and the District of Columbia."

  • Related postings on financial system
  • * EPA Proposes Stringent Standards for Large Ships

    News release: "The Environmental Protection Agency today announced the next steps in a coordinated strategy to slash harmful emissions from ocean-going vessels. EPA is proposing a rule under the Clean Air Act that sets tough engine and fuel standards for U.S. flagged ships that would harmonize with international standards and lead to significant air quality improvements throughout the country."

  • Information on the components of the coordinated strategy, including the proposed Clean Air Act standards and the ECA designation
  • June 30, 2009
    * EPA Posts List of 44 “High Hazard Potential” Coal Ash Waste Impoundments

    News release: " As part of its ongoing efforts to protect human health and the environment, the U.S. Environmental Protection Agency has posted a list of 44 “high hazard potential” impoundments containing coal combustion residuals, commonly referred to as coal ash, at 26 different coal burning electric utility facilities. EPA is releasing this information after interagency coordination with FEMA’s Risk Analysis Division Mitigation Directorate and the U.S. Army Corps of Engineers. Designating these units reflects EPA’s commitment to assessing risks and vulnerabilities in order to protect critical infrastructure—and the American people—from disaster. A high hazard potential rating is not related to the stability of those impoundments but to the potential for harm should the impoundment fail."

  • Fact Sheet: Coal Combustion Residues (CCR) - Surface Impoundments with High Hazard Potential Ratings, EPA530-F-09-006, June 2009
  • * Report From ACLU And RWG Finds Racial Profiling Still Pervasive

    News release: "Widespread racial profiling by law enforcement agents as a result of Bush-era policies remains a pervasive problem throughout the United States, according to a report out today by the American Civil Liberties Union and the Rights Working Group (RWG). Government policies are a major cause of the disproportionate stopping and searching of racial minorities by law enforcement agencies, according to the report, which was submitted today to the U.N. Committee on the Elimination of Racial Discrimination (CERD)."

    * The Conference Board Consumer Confidence Index Retreats

    News release: "The Conference Board Consumer Confidence Index™, which had improved considerably in May, retreated in June. The Index now stands at 49.3 (1985=100), down from 54.8 in May. The Present Situation Index decreased to 24.8 from 29.7. The Expectations Index declined to 65.5 from 71.5 in May."

  • Related postings on financial system
  • * Report: America's Container Ports: Freight Hubs That Connect Our Nation to Global Markets

    "The Bureau of Transportation Statistics of the Research and Innovative Technology Administration released America's Container Ports: Freight Hubs That Connect Our Nation to Global Markets, an overview of the movement of maritime freight handled by the nation's container seaports in 2008 and trends in maritime freight movement since 1995. The report covers the impact of the recent U.S. and global economic downturn on U.S. port container traffic, trends in container throughput, concentration of containerized cargo at the top U.S. ports, regional shifts in cargo handled, vessel calls and capacity in ports, the rankings of U.S. ports among the world's top ports, and the number of maritime container entries into the United States relative to truck and rail containers."

    * DOT: Motorcycle Trends in the United States

    News release: "The Bureau of Transportation Statistics of the Research and Innovative Technology Administration released Motorcycle Trends in the United States, a special report on the current and emerging trends involving street-legal motorcycles. The report covers the trends in vehicles, vehicle registrations, owner demographics, training and safety."

    * Best Practices for Government Libraries - 2009

    Best Practices for Government Libraries - 2009 - Change: Managing It, Surviving It, and Thriving On It - "The 2009 edition includes 60 articles and other submissions provided by more than 50 contributors from librarians in government agencies, courts, and the military, as well as from professional association leaders, LexisNexis Consultants, and more." Compiled by Marie Kaddell, LexisNexis.

    * Report: Approaches to Future Space Cooperation and Competition in a Globalizing World

    Approaches to Future Space Cooperation and Competition in a Globalizing World: Summary of a Workshop.
    "Numerous countries and regions now have very active space programs, and the number is increasing. These maturing capabilities around the world create a plethora of potential partners for cooperative space endeavors, while at the same time heightening competitiveness in the international space arena. This book summarizes a public workshop held in November 2008 for the purpose of reviewing past and present cooperation, coordination, and competition mechanisms for space and Earth science research and space exploration; identifying significant lessons learned; and discussing how those lessons could best be applied in the future, particularly in the areas of cooperation and collaboration."

    June 29, 2009
    * New GAO Reports: Reverse Mortgages, Clean Water Infrastructure, Federal Contracting, Insurance Sales to Military Personnnel
    • Reverse Mortgages: Product Complexity and Consumer Protection Issues Underscore Need for Improved Controls over Counseling for Borrowers, GAO-09-606, June 29, 2009
    • Reverse Mortgages: Product Complexity and Consumer Protection Issues Underscore Need for Improved Controls over Counseling for Borrowers, GAO-09-812T, June 29, 2009
    • Clean Water Infrastructure: A Variety of Issues Need to Be Considered When Designing a Clean Water Trust Fund, GAO-09-657, May 29, 2009
    • Federal Contracting: Guidance on Award Fees Has Led to Better Practices but Is Not Consistently Applied, GAO-09-630, May 29, 2009
    • Insurance Sales to Military Personnnel: Additional Actions Needed to Prevent Improper Life Insurance Sales and Pay Allotment Transactions, GAO-09-452, May 29, 2009
    * Patient-Centered Research Report Sent to Congress Outlining Research Priorities

    News release: "Recommendations for how the HHS Office of the Secretary will spend $400 million in funds for patient-centered research, also known as comparative effectiveness research, were released today by Federal Coordinating Council for Comparative Effectiveness Research (CER). The report, mandated by the American Recovery and Reinvestment Act, is designed to help the HHS Secretary and lawmakers improve the quality of care for patients, and provide patients and doctors the best information possible to make decisions about health care. The Federal Coordinating Council for Comparative Effectiveness Research report also catalogues current federal activities on CER, which had not been previously inventoried."

    "Report to the President and the Congress on Comparative Effectiveness Research: The Annual Report on Comparative Effectiveness Research contains information describing current Federal activities on comparative effectiveness research and recommendations for such research conducted or supported from funds made available by the Recovery Act."

    * Banking Agencies Issue Host State Loan-to-Deposit Ratios

    News release: "The Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency today issued the host state loan-to-deposit ratios that the banking agencies will use to determine compliance with section 109 of the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994. These ratios update data released on June 26, 2008. In general, section 109 prohibits a bank from establishing or acquiring a branch or branches outside of its home state primarily for the purpose of deposit production. Section 109 also prohibits branches of banks controlled by out-of-state bank holding companies from operating primarily for the purpose of deposit production."

  • Related postings on financial system
  • * BIS Annual Report: Rescue, recovery, reform - the narrow path ahead

    News release: "In its 79th Annual Report, BIS Annual Report 2008/09, 29 June 2009, released today, the Bank for International Settlements (BIS) looks at the narrow path ahead leading out of the financial crisis. The Report underlines the need to focus clearly on the medium term and on sustainability when designing both macroeconomic and financial policy responses. The crisis had both macroeconomic and microeconomic causes: large global imbalances; a protracted period of low real interest rates; distorted incentives; and an underappreciation of risk. There were market failures, and regulation failed to prevent the build-up of excessive leverage."

  • Related postings on financial system
  • * Treasury Awards $90 Million in Recovery Act Funding for Community Development

    News release: "As part of the Obama Administration's continued investment in economic development in communities around the country through the Recovery Act, Treasury Secretary Tim Geithner today announced $90 million in financial assistance awards for 59 Community Development Financial Institutions (CDFIs) in 26 states and Puerto Rico dedicated to helping communities hard hit by the economic crisis. These awards will support new economic recovery projects in some of our nation's most vulnerable communities at a time when they are facing many financial challenges...The CDFI program invests in and builds the capacity of a nationwide network of community-based financial institutions with a primary mission of community development in economically distressed urban, rural, and Native communities. The CDFI Fund receives applications on an annual basis and awards funds through a competitive process. For a complete list of award recipients and profiles, visit http://www.cdfifund.gov/."

  • Related postings on financial system
  • * Federal Reserve Bank of Atlanta: Peak Oil Debate

    The Peak Oil Debate, Laurel Graefe, Economic Review, Vol. 94, No. 2, 2009

  • "For the past half-century, a debate has raged over when "peak oil" will occur—the point at which output can no longer increase and production begins to level off or gradually decline. Determining how long the oil supply will last has become even more pressing because the world’s energy supply still relies heavily on oil, and global energy demand is expected to rise steeply over the next twenty years. This article seeks to bring the peak oil debate into focus. The author notes that a number of factors cloud the energy outlook: Estimates of remaining resources are typically given as a range of probabilities and are thus open to interpretation. Variations also occur in estimates of future oil production and in the ways countries report their reserve data."
  • * Governance Matters 2009: Learning From Over a Decade of the Worldwide Governance Indicators

    Brookings: Governance Matters 2009: Learning From Over a Decade of the Worldwide Governance Indicators, Daniel Kaufmann, Aart Kraay and Massimo Mastruzzi, June 29, 2009.

  • "The WGI organize and synthesize data, reflecting on the reports and views of tens of thousands of stakeholders worldwide, including respondents to household and firm surveys and experts from nongovernmental organizations, public sector agencies, and providers of commercial business information. The new WGI is based on 35 different data sources from 33 organizations around the world, aggregating the data from hundreds of disaggregated questions, to cover 212 countries around the world."

  • The Worldwide Governance Indicators (WGI) project: "The six aggregate indicators and the underlying data sources can be viewed interactively on the Governance Indicators webpage of this site. To download the full dataset for all countries and indicators in Excel format, click here. Documentation of the latest update of the WGI can be found in Governance Matters VIII: Governance Indicators for 1996–2008. Further documentation and research using the WGI is available on the Resources page of this website or at www.worldbank.org/wbi/governance."

    * The Arctic Climate Change and Security Policy Conference: Final Report and Findings

    Arctic Climate Change and Security Policy Conference: Final Report and Findings, Kenneth Yalowitz, James Collins, Ross Virginia Report, June 2009

  • "This final report summarizes the panel discussions from a conference on arctic climate change and security policy sponsored by the Carnegie Endowment for International Peace, Dartmouth College, and the University of the Arctic which was held at Dartmouth College last December. Key points:
    • An efficient and multilateral process for responding to environmental disasters is the Arctic’s most pressing need.
    • The Arctic is unlikely to be a security flashpoint in the short term. State-to-state negotiations and multilateral institutions have effectively handled territorial claims thus far, and neither Russia nor the United States is looking for a new source of tension."
    • Related postings on climate change
  • June 28, 2009
    * BEA: Personal Savings Rate

    WSJ: "U.S. consumers are saving more of their incomes than any time since 1993 -- a major shift toward frugality that's expected to be one of the lasting effects of this deep and lengthy recession."

    • U.S. Bureau of Economic Analysis - Personal Saving Rate, updated Thursday, June 25 2009.
    • LA Times: "Americans' savings rate jumps, but there's a catch The personal savings rate soars to 6.9% in May, but the government's one-time stimulus payments skewed the data."
    • A Guide to the National Income and Product Accounts of the United States: "This guide presents information on the structure, definitions, and presentation that underlie the national income and product accounts (NIPAs) produced by the Bureau of Economic Analysis. The NIPAs show the composition of production and the distribution of incomes earned in production. Thus, they represent a critical element of the U.S. economic accounts, which are designed to provide a consistent and comprehensive picture of the Nation’s economy. The NIPAs feature several widely followed measures of aggregate U.S. economic activity, including gross domestic product (GDP), gross domestic income (GDI), personal income, and personal saving among
      others."
    • Related postings on financial system

    * Federal Reserve offers $150 billion in 28-day credit through its Term Auction Facility

    News release: "On June 29, 2009, the Federal Reserve will offer $150 billion in 28-day credit through its Term Auction Facility. Additional information regarding the auction is listed below; the auction will be conducted as specified in this announcement, Regulation A, and the terms and conditions of the Term Auction Facility.

  • Related postings on financial system
  • * Who Runs Gov Database from the Washington Post

    "Who Runs Gov offers a unique look at the world of Washington through its key players and personalities. Our site will feature profiles of a select group of government officials, including members of the new presidential administration, legislators, senior Congressional aides and committee staff, and experts at think tanks and interest groups who influence how policy is made. Each profile focuses on an individual's policy experience and involvement with specific areas of government decision-making, from health care to telecommunications to financial services to national security. Our goal is to become the web destination for business, opinion and political leaders – as well as students, educators and engaged citizens - looking for crucial, real-time information on the individuals who shape the policy-making process in the nation’s capital." [Gloria Miccioli]

    * Census Bureau Reports Increase of Nearly 1 Million Nonemployer Businesses

    News release: "The United States added nearly 1 million nonemployer businesses between 2006 and 2007, bringing the total to 21.7 million, the U.S. Census Bureau announced today. This 4.5 percent growth rate is detailed in Nonemployer Statistics: 2007, an annual data series on businesses without paid employees."

  • Related postings on financial system
  • * Report Provides Blueprint for Communities to Tackle Global Warming

    News release: "The most authoritative report providing a blueprint for how communities can tackle global warming was released by the California League of Conservation Voters Education Fund and the Natural Resources Defense Council. The report is a guide to California’s Sustainable Communities and Climate Protection Act, or SB 375, the nation’s first legislation to link transportation and land use planning with global warming. The report Communities Tackle Global Warming: A Guide to California’s SB 375, highlights that locating homes closer to jobs and transportation choices creates walkable communities and can improve quality of life, reduce commute times and cut millions of tons of global warming pollution. It also features a photo simulation of how communities could come alive after mixed-use development and improved street design bring pedestrian activity into the area."

  • Related postings on climate change
  • * UNODC Releases 2009 World Drug Report

    UNODC Releases 2009 World Drug Report: The United Nations Office on Drugs and Crime has just released the 2009 version of its annual drug report. The Report was launched in Washington, D.C., by UNODC Executive Director Antonio Maria Costa and the newly appointed Director of the United States Office of National Drug Control Policy, Gil Kerlikowske. The Report shows a downward trend in major drug markets. Opium cultivation in Afghanistan, where 93 per cent of the world's opium is produced, decreased by 19 per cent in 2008. Colombia, which produces half of the world's cocaine, saw a fall of 18 per cent in cultivation and a staggering 28 per cent decline in production compared to 2007. Global coca production, at 845 tons, is at a five-year low, despite some increases in cultivation in Peru and the Bolivia."

    * CBO: H.R. 2998, American Clean Energy and Security Act

    H.R. 2998, American Clean Energy and Security Act, June 26, 2009 - Cost estimate for the bill as amended and reported by the House Committee on Rules on June 26, 2009

  • "Based on a review of H.R. 2998, the American Clean Energy and Security Act, as amended and reported by the House Committee on Rules on June 26, 2009, CBO and the Joint Committee on Taxation (JCT) estimate that enacting the legislation would increase revenues by $873 billion over the 2010-2019 period and would increase direct spending by $864 billion over that 10-year period. In total, CBO and JCT estimate that enacting the legislation would reduce future budget deficits by about $4 billion over the 2010-2014 period and by about $9 billion over the 2010-2019 period CBO has not completed an estimate of the bill’s estimated impact on discretionary spending."
  • June 27, 2009
    * CBO's Long-Term Model: An Overview

    CBO's Long-Term Model: An Overview, June 2009

  • "During the past eight years, the Congressional Budget Office (CBO) has developed a sophisticated long-term microsimulation model known as CBOLT. The agency uses the model to analyze the budgetary and distributional effects of the Social Security program and other federal policies and programs, to evaluate potential reforms to federal entitlement programs, and to quantify the nation’s long-term fiscal challenges. This background paper provides a short, nontechnical overview of how the CBOLT model works."
  • June 26, 2009
    * Federal Reserve: Profitability of Credit Card Operations of Depository Institutions

    Report to the Congress on the Profitability of Credit Card Operations of Depository Institutions Submitted to the Congress pursuant to section 8 of the Fair Credit and Charge Card Disclosure Act of 1988, June 2009: "Analyzes the profitability over time of depository institutions' credit card activities by examining the performance of larger institutions that specialize in such activities and of a sample of smaller commercial banks that offer a range of credit services. Also reviews trends in credit card pricing, including changes in interest rates."

    * Laboratory-confirmed cases of new influenza A(H1N1) as officially reported to WHO

    News release: "The breakdown of the number of laboratory-confirmed cases is given in the following map and table. Map of the spread of Influenza A(H1N1): number of laboratory confirmed cases and deaths."

    * New GAO Reports: Medical Benefits to Deployed Federal Civilians, DHS Infrastructure Protection Cost-Benefit Report, Energy Markets
      Human Capital: Actions Needed to Better Track and Provide Timely and Accurate Compensation and Medical Benefits to Deployed Federal Civilians, GAO-09-562, June 26, 2009
    • The Department of Homeland Security's (DHS) Critical Infrastructure Protection Cost-Benefit Report, GAO-09-654R, June 26, 2009
    • Energy Markets: Estimates of the Effects of Mergers and Market Concentration on Wholesale Gasoline Prices, GAO-09-659, June 12, 2009
    • Energy Markets: Estimates of the Effects of Mergers and Market Concentration on Wholesale Gasoline Prices, GAO-09-659, June 12, 2009
    June 25, 2009
    * CBO: The Troubled Asset Relief Program: Report on Transactions Through June 17, 2009

    The Troubled Asset Relief Program: Report on Transactions Through June 17, 2009 - June 2009

  • "In October 2008, the Emergency Economic Stabilization Act of 2008 (Division A of Public Law 110-343) established the Troubled Asset Relief Program (TARP) to enable the Department of the Treasury to promote stability in financial markets through the purchase and insurance of “troubled assets.” Section 202 of that legislation requires the Office of Management and Budget (OMB) to submit semiannual reports on the costs of the Treasury’s purchases and guarantees of troubled assets. The law also requires the Congressional Budget Office (CBO) to prepare an assessment of each OMB report within 45 days of its issuance."
  • Related postings on the Troubled Asset Relief Program (TARP)
  • Related postings on financial system
  • * FTC Issues Iterim Report on "Authorized Generic" Drugs

    "The Federal Trade Commission today issued Authorized Generics: An Interim Report, which presents the first set of results from a study conducted to examine the short-term and long-term effects of “authorized generics” on competition in the prescription drug marketplace. An authorized generic exists when a pharmaceutical manufacturer sells a drug under both a brand-name and generic label. The FTC conducted the study in response to requests from Congress. Issues related to generic drug competition are relevant to current legislative debates and health care reform. The FTC Interim Report examines the short-term effects of authorized generics during an initial period of generic competition. In certain circumstances, the first generic competitor of a branded drug is awarded a 180-day period of marketing exclusivity under the Hatch-Waxman Act. This marketing exclusivity period granted to certain generic “first filers,” however, does not preclude competition from authorized generics. It has become increasingly common for brand-name drug makers to begin marketing authorized generics at the same time the generic firm is beginning its 180-day marketing exclusivity period, leading to questions about the effects of authorized generics on pharmaceutical competition."

    * Annual Report 2008 of the Commission Bancaire

    Banque de France Press Release: 2008 annual report of the Commission bancaire - "In 2008 the financial turmoil resulting from the subprime crisis intensified, leading many credit institutions, in particular in the United States, to make substantial write-downs and impairments. Consequently, confidence in the financial system was hit to the extent that the interbank market seized up, especially after the failure of the US investment bank Lehman Brothers in September. Against this backdrop, governments and central banks in France and abroad took unprecedented measures to support credit institution’s short- and medium-term refinancing and raise their capital levels. These actions, which were highly co-ordinated at the European level, created the conditions for banking systems to gradually return to normal functioning."

  • Annual Report 2008 of the Commission Bancaire (26/06/2009)
  • Related postings on financial system
  • * Report: Underpayments to Consumers by the Health Insurance Industry

    News release: "Today, Chairman of the U.S. Senate Committee on Commerce, Science and Transportation John D. (Jay) Rockefeller IV (D-WV) announces the release of an investigative staff report, Underpayments to Consumers by the Health Insurance Industry.

  • "More than 100 million American consumers pay extra premiums for health insurance coverage that allows them to receive care outside their insurance company’s network of doctors and other health care providers. Consumers pay more for “out-of-network” coverage because they believe it gives them access to the medical care that will afford them or their family members the best chance for recovery from a serious accident or illness. Over the past several years, a succession of private lawsuits and government investigations has revealed that the largest health insurance companies in the United States have been under-reimbursing their customers for out-of-network health care services. While insurance carriers have been promising to provide their customers with a certain level of coverage, they have actually been paying out-of-network claims at a lower level. The result of this practice is that American consumers have paid billions of dollars for health care services that their insurance companies should have paid."
  • * Federal Reserve announces extensions of and modifications to a number of its liquidity programs

    News release: "The Federal Reserve on Thursday announced extensions of and modifications to a number of its liquidity programs. Conditions in financial markets have improved in recent months, but market functioning in many areas remains impaired and seems likely to be strained for some time. As a consequence, to promote financial stability and support the flow of credit to households and businesses, the Federal Reserve is extending a number of facilities through early 2010. At the same time, in light of the improvement in financial conditions and reduced usage of some facilities, the Federal Reserve is trimming the size and changing the terms of some facilities."

  • Related postings on financial system
  • * CBO - The Long-Term Budget Outlook, June 2009

    The Long-Term Budget Outlook, June 2009:

  • "Under current law, the federal budget is on an unsustainable path—meaning that federal debt will continue to grow much faster than the economy over the long run. Although great uncertainty surrounds longterm fiscal projections, rising costs for health care and the aging of the U.S. population will cause federal spending to increase rapidly under any plausible scenario for current law. Unless revenues increase just as rapidly, the rise in spending will produce growing budget deficits and accumulating debt. Keeping deficits and debt from
    reaching levels that would cause substantial harm to the economy would require increasing revenues significantly as a percentage of gross domestic product (GDP), decreasing projected spending sharply, or some combination of the two."
  • Related postings on financial system
  • * U.S. EPA’s Environmental Justice Resource Guide available to the public

    "The U.S. Environmental Protection Agency’s Environmental Justice Resource Guide, a handbook for community organizers and decision-makers, is now available from the EPA’s Pacific Southwest Environmental Justice Office....it provides information on funding sources and other resources that can help communities understand, prioritize, and address their specific environmental concerns...The Guide contains success stories achieved by communities disproportionately impacted by environmental burdens, such as the West Oakland Toxic Reduction Collaborative, which helped reduce port-related diesel pollutants, and the Torres Martinez Collaborative, which helped remove tons of refuse from tribal lands."

    * DOE OIG: Incident Handling and Privacy Act

    U.S. Department of Education, Office of Inspector General, Information Technology Audits Division - Incident Handling and Privacy Act Controls over External Web Sites, Final Audit Report, Redacted, ED-OIG/A11I0006, June 10, 2009.

  • "Based on our review, the Department’s Chief Information Officer (CIO) must improve security controls over the incident response and handling program and accelerate two-factor authentication for protecting Privacy Act information to adequately protect the confidentiality, integrity, and availability of the personally identifiable information (PII) data residing on public web sites. During our audit, we also identified significant conditions related to the work performed regarding [Redacted Text] and public domain web site establishment and maintenance.
  • June 24, 2009
    * New GAO Reports: Aviation Safety, Coast Guard Modernization Program, Federal Tort Claims Act, Prescription Drugs
    • Aviation Safety: Better Data and Targeted FAA Efforts Needed to Identify and Address Safety Issues of Small Air Cargo Carriers, GAO-09-614, June 24, 2009
    • Coast Guard: Observations on the Genesis and Progress of the Service's Modernization Program, GAO-09-530R, June 24, 2009
    • Contract Management: Minimal Compliance with New Safeguards for Time-and-Materials Contracts for Commercial Services and Safeguards Have Not Been Applied to GSA Schedules Program, GAO-09-579, June 24, 2009
    • Federal Tort Claims Act: Information Related to Implications of Extending Coverage to Volunteers at HRSA-Funded Health Centers, GAO-09-693R, June 24, 2009
    • Management Report: Improvements Are Needed to Enhance IRS's Internal Controls and Operating Effectiveness, GAO-09-513R, June 24, 2009
    • Prescription Drugs: Overview of Approaches to Control Prescription Drug Spending in Federal Programs, GAO-09-819T, June 24, 2009
    * Agencies Announce Notice of Proposed Rulemaking for Community Reinvestment Act

    News release: "The federal bank and thrift regulatory agencies today proposed revisions to regulations implementing the Community Reinvestment Act (CRA) to require the agencies to consider low-cost education loans provided to low-income borrowers when assessing a financial institution's record of meeting community credit needs. This proposal, which is being proposed jointly by the Comptroller of the Currency, Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, and Office of Thrift Supervision, incorporates provisions of the recently enacted Higher Education Opportunity Act, which revised the CRA."

  • Related postings on financial system
  • * EPA National Scale Air Toxics Assessment NATA

    News release: "EPA has released the latest version of a state-of-the-science tool that estimates health risks from breathing air toxics in the United States. The National Air Toxics Assessment (NATA), based on 2002 air emissions data, helps federal, state, local and tribal governments identify areas and specific pollutants for further evaluation to better understand risks they may pose. Air toxics are of concern because they are known to or are suspected of causing cancer and other serious health problems, including birth defects. The report assessed 180 air toxics plus diesel particulate matter from stationary sources of all sizes and from mobile sources such as cars, trucks, buses and construction equipment."

    * OCC Releases CRA Evaluations for 22 National Banks

    News release: "The Office of the Comptroller of the Currency (OCC) today released a list of Community Reinvestment Act (CRA) performance evaluations that became public during the period of May 15, 2009 through June 14, 2009. The list contains only national banks and insured federal branches of foreign banks that have received ratings. The possible ratings are outstanding, satisfactory, needs to improve, and substantial noncompliance."

    * NERA Update on Credit Crisis Litigation

    An Update on the Credit Crisis Litigation: A Turn Towards Structured Products and Asset Management Firms, June 15, 2009: "In this NERA paper, co-author Vice President Dr. Faten Sabry provides an update on credit crisis-related securities litigation. The paper highlight emerging trends in a number of areas, including filings, percentage of cases involving directors and officers, types of defendants and plaintiffs, and recent decisions with emphasis on cases involving complex financial products such as CDOs and CDS."

  • Related postings on financial system
  • * Census Bureau Reports World's Older Population Projected to Triple by 2050

    News release: "The world’s 65-and-older population is projected to triple by midcentury, from 516 million in 2009 to 1.53 billion in 2050, according to the U.S. Census Bureau. In contrast, the population under 15 is expected to increase by only 6 percent during the same period, from 1.83 billion to 1.93 billion. In the United States, the population 65 and older will more than double by 2050, rising from 39 million today to 89 million. While children are projected to still outnumber the older population worldwide in 2050, the under 15 population in the United States is expected to fall below the older population by that date, increasing from 62 million today to 85 million. These figures come from the world population estimates and projections released today through the Census Bureau’s International Data Base. This latest update includes projections by age, including people 100 and older, for 227 countries and areas."

    * Citizens Against Government Waste Release 2009 Pig Book

    News release: "Citizens Against Government Waste (CAGW) today released the 2009 Congressional Pig Book, the latest installment in the group’s 19-year exposé of pork-barrel spending. The Pig Book revealed 10,160 earmarks worth $19.6 billion...The Pig Book Summary profiles the most egregious examples, breaks down pork per capita by state, and presents the annual "Oinker" Awards. All 10,160 projects are listed in CAGW's searchable database."

    June 23, 2009
    * FDIC IG: Brokered Deposit Waiver Application Process

    June 2009, Report No. AUD-09-015, FDIC’s Brokered Deposit Waiver Application Process, Inspector General Audit Report

  • "The objective of this audit was to assess the FDIC’s Brokered deposits (BD) waiver application process for FDIC-insured financial institutions. The scope of our audit did not include assessing the merits of the FDIC’s decisions to grant waivers or the extent to which the FDIC ensures that institutions comply with the conditions of approval for BD waivers."
  • Related postings on financial system
  • * Executive Order: Establishing a White House Council on Automotive Communities and Workers

    Executive Order: Establishing a White House Council on Automotive Communities and Workers, June 23, 2009 - "Over the last decade, the United States has experienced a decline in employment in the auto industry and among part suppliers. This decline has accelerated dramatically over the past year, with more than 400,000 jobs being lost in the industry. Unemployment in the automotive sector in towns and cities across the country has reached levels not seen in decades, with resulting increases in poverty and high home foreclosure rates. The purpose of this order is to establish a coordinated Federal response to issues that particularly impact automotive communities and workers and to ensure that Federal programs and policies address and take into account these concerns."

  • Related postings on financial system
  • * Nixon Library opens additional White House tape recordings and textual materials

    News release: "[On June 23, 2009] The Richard Nixon Presidential Library and Museum, one of 12 Presidential libraries administered by the National Archives and Records Administration, will be opening approximately 154 hours of Nixon White House tape recordings and approximately 30,000 pages of textual materials from the Nixon Presidency."

    * Fannie Mae and Freddie Mac Loan Modifications Up By More Than 50 Percent in First Quarter

    News release: "Fannie Mae and Freddie Mac modified nearly 37,000 loans during the first quarter of 2009. It is an increase of 57 percent over the fourth quarter of 2008 and more than double the number of modifications in the first quarter of last year. The data were released by James B. Lockhart, Director of the Federal Housing Finance Agency, as part of the Foreclosure Prevention Report for the first quarter of 2009."

  • Foreclosure Prevention Report First Quarter 2009 Disclosure and Analysis of Fannie Mae and Freddie Mac Mortgage Loan Data, June 23, 2009
  • Related postings on financial system
  • * CBO Report: Measuring the Effects of the Business Cycle on the Federal Budget

    Measuring the Effects of the Business Cycle on the Federal Budget, June 2009: "In March 2009, the Congressional Budget Office (CBO) released its most recent baseline projections of federal revenues, outlays, and budget balances for the next 10 years. Those projections are developed in a process by which CBO assumes the continuation of current laws and policies that affect taxes and mandatory spending programs and extrapolates the growth of discretionary spending by using projected rates of inflation. According to CBO’s projections, under current tax and spending policies, the budget deficit would increase from $459 billion in 2008 to $1.7 trillion in 2009 and then fall to $1.1 trillion in 2010 and to $693 billion in 2011. Measured relative to the size of the economy—that is, as a percentage of gross domestic product, or GDP—the deficit would be 11.9 percent of GDP in 2009 (the largest in more than half a century), 7.9 percent in 2010, and4.6 percent in 2011."

  • Related postings on financial system
  • * HHS Releases Report: Hidden Costs of Health Care

    News release: "HHS Secretary Kathleen Sebelius released a new report -- Hidden Costs of Health Care: Why Americans are Paying More but Getting Less. The report documents the rising cost of deductibles, co-payments and out-of-pocket expenses that are making it more difficult for families with insurance to receive the health care they need."

    * New GAO Reports: International Aviation, Defense Acquisitions, Component Servicemembers, Key Challenges Facing Government Managers, Recovery Act and TARP
    • High Speed Passenger Rail: Effectively Using Recovery Act Funds for High Speed Rail Projects, GAO-09-786T, June 23, 2009
    • Military Personnel: Reserve Component Servicemembers on Average Earn More Income while Activated, GAO-09-688R, June 23, 2009
    • V-22 Osprey Aircraft: Assessments Needed to Address Operational and Cost Concerns to Define Future Investments, GAO-09-692T, June 23, 2009
    • International Aviation: Federal Efforts Help Address Safety Challenges in Africa, but Could Benefit from Reassessment and Better Coordination, GAO-09-498, June 16, 2009
    • Defense Acquisitions: Assessments Needed to Address V-22 Aircraft Operational and Cost Concerns to Define Future Investments, GAO-09-482, May 11, 2009
    • Army Corps of Engineers: Recent Changes Have Reduced the Use of Continuing Contracts, but Management Processes Need to Be Improved, GAO-09-552, June 22, 2009
    • Job Corps: Better Targeted Career Training and Improved Preenrollment Information Could Enhance Female Residential Student Recruitment and Retention, GAO-09-470, June 02, 2009
    • Medicaid: Source of Screening Affects Women's Eligibility for Coverage of Breast and Cervical Cancer Treatment in Some States, GAO-09-384, May 22, 2009
    • Combating Nuclear Smuggling: DHS Improved Testing of Advanced Radiation Detection Portal Monitors, but Preliminary Results Show Limits of the New Technology, GAO-09-655, May 21, 2009
    • Firearm and Explosives Background Checks Involving Terrorist Watch List Records, GAO-09-125R, May 21, 2009
    * Defense Secretary Announces Creation of Unified U.S. Cyber Command

    WSJ: "Defense Secretary Robert Gates created a new military command dedicated to cyber security on Tuesday, reflecting the Obama administration's plans to centralize and elevate computer security as a major national-security issue. In a memo to senior Pentagon officials, Mr. Gates said he intends to recommend that Lt. Gen. Keith Alexander, director of the National Security Agency, take on the additional role as commander of the Cyber Command with the rank of a four-star general."

    * Urban Institute: Facts and Findings about Foreclosures, Families, and Communities

    News release: "The Impacts of Foreclosures on Families and Communities, a new Urban Institute report, details what is known about how foreclosures adversely affect households and their neighborhoods — from children and the elderly to public safety and local property tax revenues. It also looks at policies, programs, and response strategies to prevent or mitigate the fallout. The report, a comprehensive resource for local officials, advocates, and concerned laypeople, was motivated by the recognition that this decade may be the most tumultuous in the history of U.S. housing markets. Home prices skyrocketed from 2000 to 2006, while subprime loans and other factors propelled an expansion in homeownership. Then it all fell apart. Prices have plummeted, foreclosure rates have ballooned, and many communities have been walloped."

    * ACLU: CIA Delays Release Of Inspector General Report On Torture

    News release: "The CIA informed the American Civil Liberties Union that it would delay by one week its release of a reprocessed version of the Office of the Inspector General (OIG) report on the CIA's interrogation and detention program [The heavily redacted version of the report released last year is available here.] The CIA turned over a heavily redacted version of the report in May 2008 as part of an ACLU Freedom of Information Act lawsuit, but on May 28, 2009, informed the court that it would review the same report with a view toward disclosing more information.In a letter to the ACLU, the government said it "will need additional time to make a final determination as to what additional information, if any, may be disclosed from the report."

    June 22, 2009
    * National Journal Profiles Key Players in Obama Administration

    Obama's Team: The Face Of Diversity, by James A. Barnes | "Excluding Bush holdovers, white men fill just under half of senior posts."

    * Federal Reserve Testimony on Over-the-counter derivatives

    Patricia White, Associate Director, Division of Research and Statistics - Testimony: Over-the-counter derivatives Before the Subcommittee on Securities, Insurance, and Investment, Committee of Banking, Housing, and Urban Affairs, U.S. Senate, Washington, D.C. June 22, 2009 [link to all related testimony]: "...I appreciate this opportunity to provide the Federal Reserve Board's views on the development of a new regulatory structure for the over-the-counter (OTC) derivatives market. The Board brings to this policy debate both its interest in ensuring financial stability and its role as a supervisor of banking institutions. Today, I will describe the broad objectives that the Board believes should guide policymakers as they devise the new structure and identify key elements that will support those objectives. Supervision of derivative dealers is a fundamental element of the oversight of OTC derivative markets, and I also will discuss the steps necessary to ensure these firms employ adequate risk management."

  • Related postings on financial system
  • * Brookings: Tracking Economic Recession and Recovery in America’s 100 Largest Metropolitan Areas

    MetroMonitor Tracking Economic Recession and Recovery in America’s 100 Largest Metropolitan Areas, June 2009: "Beneath the constant drumbeat of headline numbers emanating from Washington on U.S. jobs, national unemployment, GDP, and home prices lies a complex, diverse set of 366 metropolitan economies. While no metro area has been immune from the current economic downturn, the pain is unevenly distributed. Some have felt only modest effects, and a few show early signs of recovery, while others are undergoing a wrenching restructuring that may fundamentally alter their economic trajectory."

  • Related postings on financial system
  • * Brookings: The U.S. Financial and Economic Crisis: Where Does It Stand and Where Do We Go From Here?

    The U.S. Financial and Economic Crisis: Where Does It Stand and Where Do We Go From Here? Martin Neil Baily, Senior Fellow, Economic Studies, Douglas J. Elliott, Fellow, Economic Studies, Brookings Initiative on Business and Public Policy, June 2009

  • "This paper will review where we stand with the economy and the financial crisis, the likeliest path forward, and the risks to that relatively optimistic view. The purpose of this paper is not to make specific predictions about the economy. We do not know and we do
    not think anyone knows as yet how this recession will play out. The predictions of most professional forecasters are that the US economy will end its decline before the end of this year and grow at least modestly in 2010. But there is still a lot of uncertainty about
    when the recession will end, when growth will recover or whether the financial sector is firmly on the road to recovery."
  • Related postings on financial system
  • * World Bank: Global Development Finance 2009

    The World Bank: Global Development Finance 2009 - Charting a Global Recovery: "Developing countries are expected to grow by only 1.2% this year, after 8.1% growth in 2007 and 5.9% growth in 2008. When China and India are excluded, GDP in the remaining developing countries is projected to fall by 1.6%, causing continued job losses and throwing more people into poverty. Global growth is also expected to be negative, with an expected 2.9% contraction of global GDP in 2009."

  • Related postings on financial system
  • * Commentary: What the World's Great Recession Looks Like

    The Atlantic: What the World's Great Recession Looks Like, by Derek Thompson references A Tale of Two Depressions by economists Barry Eichengreen and Kevin H. O’Rourke.

  • Related postings on financial system


  • * State Dept. Report: Political Violence Against Americans 2008

    Political Violence Against Americans 2008: "Political Violence Against Americans is a report to the American people that focuses on major incidents of anti-U.S. violence and terrorism, with apparent political motivations, that occurred worldwide during 2008. The U.S. Department of State closely monitors and maintains information on threats to Americans overseas – from terrorism and organized violence, to street crimes and health hazards – and makes this information freely available. It is the policy of the U.S.
    Government that no double standard shall exist regarding the dissemination of threat information that affects U.S. citizens. Government employees may not benefit unfairly by access to, or possession of privileged information that applies equally to all Americans."

    * BEA: State Personal Income: First Quarter 2009

    State Personal Income: First Quarter 2009: "U.S. personal income continued to decline in the first quarter of 2009, falling 0.5 percent and encompassing 37 states, according to estimates released today by the U.S. Bureau of Economic Analysis. In the fourth quarter of 2008, U.S. personal income fell 0.4 percent."

  • Related postings on financial system
  • * EPA Issues Clean Energy Guidebook To Help States Save Money, Reduce Greenhouse Gas Emissions

    News release: "EPA released a first-of-its-kind guide to help states save money and reduce greenhouse gas emissions by adopting clean energy practices in their facilities, operations and vehicle fleets. States spend about 10 percent of their operating budgets on energy bills, yet these costs can be greatly reduced by implementing well-designed energy management and greenhouse gas reduction programs. For example, in New York, where a 2001 executive order directed state agencies to reduce energy consumption by 35 percent by 2010 relative to 1990 levels, the state saved $54.4 million in energy costs from energy efficiency improvements between fiscal years 2001-2002 and 2003-2004."

  • Related postings on climate change
  • June 21, 2009
    * Study Clarifies Whether Duration of Sick Leave Critical to Impact on Unemployment in 22 Countries

    Paid Sick Days Don't Cause Unemployment, June 2009, John Schmitt, Hye Jin Rho, Alison Earle, and Jody Heymann. Center for Economic and Policy Research (CEPR)

  • Critics of legislation requiring employers to provide paid sick days frequently argue that these measures will lead to job loss and raise the national unemployment rate. However, this issue brief shows that the experience of 22 countries with the highest level of social and economic development (as measured by the Human Development Index) suggests that there is no statistically significant relationship between national unemployment rates and legally-mandated access to paid sick days and leave."
  • * DOT Announces Guidance on High-Speed Intercity Passenger Rail Program

    "On April 16, 2009, President Obama, together with Vice President Biden and Secretary of Transportation LaHood, announced a new vision for developing high-speed rail in America. They called for a collaborative effort among the Federal Government, States,
    railroads, and other key stakeholders to help transform America’s transportation system through a national network of high-speed rail corridors. This notice builds on this “Vision for High-Speed Rail” by detailing the application requirements and procedures for obtaining funding for high-speed rail projects under the American Recovery and Reinvestment Act of 2009 (ARRA) and the Department of Transportation Appropriations Acts of 2008 and 2009 (FY 2008/2009 DOT Appropriations Acts), while laying the foundation for a longer-term program to establish a network of high-speed rail corridors."

    * Trafficking in Persons Report 2009

    "The ninth annual Trafficking in Persons Report [download each section or complete report] sheds light on the faces of modern-day slavery and on new facets of this global problem. The human trafficking phenomenon affects virtually every country, including the United States. In acknowledging America’s own struggle with modern-day slavery and slavery-related practices, we offer partnership. We call on every government to join us in working to build consensus and leverage resources to eliminate all forms of human trafficking." --Secretary Clinton, June 16, 2009.

    * President Obama Discusses New Consumer Financial Protection Agency

    Weekly Address, June 20, 2009: President Obama Highlights Tough New Consumer Protections: "...one of the most important proposals is a new oversight agency called the Consumer Financial Protection Agency [proposed in the White House Financial Regulatory Reform Plan]. It’s charged with just one job: looking out for the interests of ordinary Americans in the financial system. This is essential, for this crisis may have started on Wall Street. But its impacts have been felt by ordinary Americans who rely on credit cards, home loans, and other financial instruments...This new agency will have the responsibility to change that. It will have the power to set tough new rules so that companies compete by offering innovative products that consumers actually want – and actually understand. Those ridiculous contracts – pages of fine print that no one can figure out – will be a thing of the past. You’ll be able to compare products – with descriptions in plain language – to see what is best for you. The most unfair practices will be banned. The rules will be enforced."

  • Related postings on financial system
  • * FHFA Releases Research Paper - A Brief Examination of Previous House Price Declines

    A Brief Examination of Previous House Price Declines, June 2009: "This Federal Housing Finance Agency (FHFA) research paper examines previous house price downturns across Census Divisions, states, and localities in the United States. The paper is part of FHFA’s ongoing effort to enhance public understanding of the nation’s housing finance system. The paper was prepared by Jesse Weiher of the Office of Policy Analysis and Research."

  • Related postings on financial system
  • * OECD Economic Survey of Italy 2009

    Economic Survey of Italy 2009: "Italy is facing a difficult period. The economy is in a sharp recession, mainly because of external developments linked to the global financial crisis, and there is great uncertainty about the strength and timing of the recovery. Despite a relatively healthy banking system Italy seems particularly sensitive to both the credit tightening which has occurred in line with that in other countries and the weakness in external demand. This sensitivity has probably been accentuated both by the poor productivity and aggregate profitability performance of the economy over the past decade or more, and by the weak underlying fiscal situation. An array of budget neutral measures have been taken in the short term, but economic performance can be enhanced over the longer term by both macroeconomic and structural policy reforms."

  • OECD Policy Brief, Economic Survey of Italy, 2009
  • Related postings on financial system
  • June 20, 2009
    * Federal Reserve Board's 95th Annual Report, 2008

    "Board of Governors of the Federal Reserve System Washington, D.C., June 2009 - TO: The Speaker of the House of Representatives: Pursuant to the requirements of section 10 of the Federal Reserve Act, I am pleased to submit the ninety-fifth annual report of the Board of Governors of the Federal Reserve System. This report covers operations of the Board during calendar year 2008."

    * FHA Federal Highway Administration Announces Grant for Super Strength Concrete for First-Time Use on Bridge Deck Panels in US

    News release: "The Federal Highway Administration awarded a $382,971 grant to Coreslab Structures (OMAHA) Inc., this week to manufacture and install the deck for a bridge using a brand of concrete considered the most high-tech in the industry. Known as "ultra high-performance concrete," this variety of concrete is much more durable than traditional forms and will be used for the first time in the "waffle" deck panels of a bridge in Wapello County, Iowa. This particular design with cross sections makes it less costly to use the material. The panels also will be fabricated off site and then placed onto the bridge, resulting in less construction time. The grant was provided under FHWA's Highways for LIFE program which promotes highway innovations."

  • Related postings on bridge issues
  • * FHATraffic Volume Trends Report, April 2009

    "Traffic Volume Trends is a monthly report based on hourly traffic count data reported by the States. These data are collected at approximately 4,000 continuous traffic counting locations nationwide and are used to estimate the percent change in traffic for the current month compared with the same month in the previous year. Estimates are re-adjusted annually to match the vehicle miles of travel from the Highway Performance Monitoring System and are continually updated with additional data."

  • April 2009 Traffic Volume Trends
  • June 19, 2009
    * FTC Staff Report: February 2009 Self-Regulatory Principles For Online Behavioral Advertising

    News release: "The Federal Trade Commission today sent a copy of a recent staff report, Self-Regulatory Principles for Online Behavioral Advertising, to two subcommittees of the House of Representatives Committee on Energy and Commerce that are holding a joint hearing on behavioral advertising. A letter on behalf of the Commission that accompanied the report states that the FTC “has actively encouraged industry to embrace new measures relating to behavioral advertising to inform and empower consumers and is monitoring developments” so that consumers’ privacy is protected. The letter and report were sent to the Subcommittee on Communications, Technology, and the Internet, and the Subcommittee on Commerce, Trade, and Consumer Protection."

    * Declassified Documents Reveal the Inner Workings and Intelligence Gathering Operations of the National Security Agency

    News release: "...Matthew M. Aid today posted a collection of declassified documents obtained for his new book The Secret Sentry on the [National Security] Archive’s Web site...disclos[ing] that the U.S. invasion of Iraq in 2003 was far from the first time when U.S. government officials, including senior military commanders and the White House, “cherry picked” intelligence information to fit preconceived notions or policies and ignored intelligence which ran contrary to their expectations. The Secret Sentry and the documents posted today show that widespread manipulation of intelligence also occurred during the Korean and Vietnam Wars for example, when Washington ignored intelligence on Chinese intervention in Korea, resulting in catastrophic consequences."

    June 18, 2009
    * New GAO Reports: Firearms Trafficking, Textile Transshipment, FDA's Review of Medical Devices, 2006 Softwood Lumber Agreement
    • Firearms Trafficking: U.S. Efforts to Combat Arms Trafficking to Mexico Face Planning and Coordination Challenges, GAO-09-709, June 18, 2009
    • International Trade: Observations on U.S. Government Efforts to Address Textile Transshipment, GAO-09-813T, June 18, 2009
    • Medical Devices: Shortcomings in FDA's Premarket Review, Postmarket Surveillance, and Inspections of Device Manufacturing Establishments, GAO-09-370T, June 18, 2009
    • Military Pay: The Defense Finance and Accounting Service--Indianapolis Could Improve Control Activities over Its Processing of Active Duty Army Military Personnel Federal Payroll Taxes, GAO-09-557R, June 18, 2009
    • New Markets Tax Credit: Minority Entities Are Less Successful in Obtaining Awards Than Non-Minority Entities, GAO-09-795T, June 18, 2009
    • OSHA's Voluntary Protection Programs: Improved Oversight and Controls Would Better Ensure Program Quality, GAO-09-395, May 20, 2009
    • U.S. and Canadian Governments Have Established Mechanisms to Monitor Compliance with the 2006 Softwood Lumber Agreement but Face Operational Challenges, GAO-09-764R, June 18, 2009
    June 17, 2009
    * Newly-declassified Report for 9/11 Commission Focused on Agency Info Sharing

    Secrecy News: "The rise of “the wall” between intelligence and law enforcement personnel that impeded the sharing of information within the U.S. government prior to September 11, 2001 was critically examined in a detailed monograph (pdf) that was prepared in 2004 for the 9/11 Commission. It is the only one of four staff monographs that had not previously been released. It was finally declassified and disclosed earlier this month. In April 2004, Attorney General John Ashcroft testified (pdf) that the failure to properly share threat information in the summer of 2001 could be attributed to Justice Department policy memoranda that were issued in 1995 by the Clinton Administration. That is an erroneous oversimplification, the staff monograph contends: “A review of the facts… demonstrates that the Attorney General’s testimony did not fairly and accurately reflect” the meaning or relevance of those 1995 policy documents. For one thing, those policies did not even apply to CIA and NSA information, which could have been shared with law enforcement without any procedural obstacles."

  • “The information sharing failures in the summer of 2001 were not the result of legal barriers but of the failure of individuals to understand that the barriers did not apply to the facts at hand,” the 35-page monograph concludes. “Simply put, there was no legal reason why the information could not have been shared.”
  • * FTC Testifies on Efforts to Combat Identity Theft

    "The Federal Trade Commission today described its comprehensive efforts to combat identity theft before the U.S. House Subcommittee on Information Policy, Census, and National Archives of the Committee on Oversight and Government Reform. The FTC also recommended legislative remedies to enhance the effectiveness of these efforts. The testimony presented by Betsy Broder, Assistant Director of the FTC’s Division of Privacy and Identity Protection, highlighted the agency’s leadership role in developing a national strategy to combat identity theft as part of the President’s Identity Theft Task Force. The Task Force issued 31 recommendations that promoted an enhanced data security culture in the public and private sectors, launched victim assistance initiatives, and improved law enforcement’s ability to pursue and punish identity thieves."

  • See also: EPIC Urges Comprehensive Strategy for ID Theft - "With ID theft rapidly increasing in the United States, EPIC Executive Director Marc Rotenberg today urged a Congressional Committee to address the root causes of the problem. In testimony before the House Oversight Committee, Mr. Rotenberg said that the government typically acts only after the crime has occurred and warned that the problem will get worse if current trends continue. EPIC recommended a comprehensive strategy for ID Theft that would include: (1) Establishing privacy safeguards for web 2.0 services; (2) Ensuring privacy protections for outsourcing; (3) Enacting comprehensive privacy legislation; (4) Making privacy protection a focal point of cybersecurity policy; and (5) Developing better techniques for Identity Management."
  • * White House Financial Regulatory Reform: Rebuilding Financial Supervision and Regulation

    Follow up to June 16, 2009 posting - Draft of the White House Financial Regulatory Overhaul Plan - the White House today released: Financial Regulatory Reform: A New Foundation - Rebuilding Financial Supervision and Regulation - "We must act now to restore confidence in the integrity of our financial system. The lasting economic damage to ordinary families and businesses is a constant reminder of the urgent need to act to reform our financial regulatory system and put our economy on track to a sustainable recovery. We must build a new foundation for financial regulation and supervision that is simpler and more effectively enforced, that protects consumers and investors, that rewards innovation and that is able to adapt and evolve with changes in the financial market. In the following pages, we propose reforms to meet five key objectives..

    Below are links related to the White Fact Sheets:

    * U.S. Climate Change Science Program Final Reports
    * Strengthening the Transatlantic Alliance: An Overview of the Obama Administration's Policies in Europe

    Strengthening the Transatlantic Alliance: An Overview of the Obama Administration's Policies in Europe, Philip H. Gordon, Assistant Secretary, Bureau of European and Eurasian Affairs, Statement before the Subcommittee on Europe of the House Foreign Affairs Committee, Washington, DC, June 16, 2009

  • "Many of our European partners are among the most prosperous, democratic, and militarily capable countries in the world. Working with our European allies both bilaterally and multilaterally will remain critical to success in tackling the many global challenges we face together. The United States cooperates with Europe on all of the most important global challenges, including restoring growth and confidence in the world financial system; fighting poverty and pandemic disease; countering terrorism and nuclear proliferation; advancing peace in the Middle East; promoting human rights; and combating trafficking in persons. Still, there are other areas where our cooperation with Europe needs to increase. We can and must do more to address challenges like ongoing operations in Afghanistan and Iraq; instability in Pakistan; Iranian and North Korean nuclear weapons programs; energy security and climate change. As President Obama has said, “The United States is ready to lead, and we call upon our partners to join us with a sense of urgency and common purpose.”
  • * New GAO Reports: Broadcasting to Cuba, Polar-Orbiting Satellites, Troubled Asset Relief Program, American Battle Monuments
    • Broadcasting to Cuba: Observations Regarding TV Marti's Strategy and Operations, GAO-09-758T, June 17, 2009
    • Identity Theft: Governments Have Acted to Protect Personally Identifiable Information, but Vulnerabilities Remain, GAO-09-759T, June 17, 2009
    • Polar-Orbiting Environmental Satellites: With Costs Increasing and Data Continuity at Risk, Improvements Needed in Tri-agency Decision Making, GAO-09-564, June 17, 2009
    • Polar-Orbiting Satellites: With Costs Increasing and Data Continuity at Risk, Improvements Needed in Tri-agency Decision Making, http://www.gao.gov/new.items/d09772t.pdf, June 17, 2009
    • Telecommunications: Preliminary Observations about Consumer Satisfaction and Problems with Wireless Phone Service and FCC's Efforts to Assist Consumers with Complaints, GAO-09-800T, June 17, 2009
    • Troubled Asset Relief Program: June 2009 Status of Efforts to Address Transparency and Accountability Issues, GAO-09-658, June 17, 2009
    • American Battle Monuments Commission: Management Action Needed to Improve Internal Control Procedures, GAO-09-714R, June 17, 2008
    * Report:: Crossing Our Lines: Working Together to Reform the U.S. Health System - Bipartisan Policy Center and the Leaders' Project

    "Crossing Our Lines: Working Together to Reform the U.S. Health System, is a bipartisan agreement for comprehensive health reform reached by Senators Howard Baker, Tom Daschle, and Bob Dole. It is the culmination of an inclusive year-and-a-half effort that included strategic outreach to key health care stakeholders, a series of state-based public policy forums, and months of personal deliberations by the Leaders. Taken together, the recommendations ensure that all Americans have quality, affordable health coverage, while improving health care quality and reining in skyrocketing costs. Organized around four "pillars" of health reform, its policies are inextricably intertwined, and consequently work together to achieve more significant improvements in the health care system than could be achieved if they were considered in an isolated manner."

  • White House Fact Sheet: Paying for Health Care Reform
  • June 16, 2009
    * Draft of the White House Financial Regulatory Overhaul Plan

    WSJ: "The 85-page proposal is part of an effort by the Obama administration to redraw the rules that govern finance in an attempt to restore confidence in U.S. and global markets. Obama administration officials want the rules to be tough enough to correct some of the damage caused by the financial crisis last year but not so restrictive that they stifle innovation. The paper says the administration has stopped short of calling for all changes that could be seen as "desirable" and pushed only for those they see as "essential" to reform..The administration's proposal would give the government the power to take over and wind down a large financial company, a power that government officials lacked last year when the financial crisis was intensifying. It would also give the central bank more powers over the payments and settlements systems that money flows through in U.S. financial markets, to prevent against a breakdown in these areas that officials fear could destabilize the economy."

    • "A transcript of The Journal’s interview with President Obama, which touches on financial-regulatory reform, the power of free markets, health care and Bernanke’s future at the Fed."
    • Related postings on financial system

    * New GAO Reports: Army's Modernization of Combat Systems, Federal Bankruptcy Judges, Influenza Pandemic, NASA
    • Defense Acquisitions: Issues to be Considered for Army's Modernization of Combat Systems, GAO-09-793T, June 16, 2009
    • Federal Bankruptcy Judges: Measuring Judges' Case-Related Workload, GAO-09-808T, June 16, 2009
    • Influenza Pandemic: Greater Agency Accountability Needed to Protect Federal Workers in the Event of a Pandemic, GAO-09-783T, June 16, 2009
    • NASA: Commercial Partners Are Making Progress, but Face Aggressive Schedules to Demonstrate Critical Space Station Cargo Transport Capabilities, GAO-09-618, June 16, 2009
    • Technology Transfer: Clearer Priorities and Greater Use of Innovative Approaches Could Increase the Effectiveness of Technology Transfer at Department of Energy Laboratories, GAO-09-548, June 16, 2009
    • Influenza Pandemic: Increased Agency Accountability Could Help Protect Federal Employees Serving the Public in the Event of a Pandemic, GAO-09-404, June 12, 2009
    * Joint Audit of Blackwater Contract and Task Orders for Worldwide Personal Protective Services in Iraq

    Special Inspector General for Iraq Reconstruction Joint Audit of Blackwater Contract and Task Orders for Worldwide Personal Protective Services in Iraq, Report Numbers AUD/IQO-09-16,SIGIR 09-021, June 2009. Unclassified.

  • "The joint audit addressed the following four objectives pertaining to the Blackwater task orders under the Department of State Worldwide Personal Protective Services II contract: (1) What was the contracting process? (2) What were the key requirements and provisions of the contract and task orders? (3) What are the costs and funding sources of the contract and task orders? (4) How did the Department administer the contract and task orders to provide proper oversight of Blackwater’s cost and performance in Iraq?"
  • * FDIC Supervisory Insights - Devoted to Advancing the Practice of Bank Supervision, Summer 2009

    "This issue of Supervisory Insights provides a chronology of selected major events and developments that occurred in the financial services industry during a tumultuous 2008. Although the long term effects are unclear, certain points of emphasis for bank supervisors are emerging, and “A Year in Bank Supervision: 2008 and a Few of Its Lessons” offers observations on areas of current and future supervisory attention."

  • Related postings on financial system
  • * The Digital Britain Report

    "On 16 June the Government published The Digital Britain Report, its strategic vision for ensuring that the UK is at the leading edge of the global digital economy. The report provides actions and recommendations to promote and protect talent and innovation in our creative industries, to modernise TV and radio frameworks and support local news, and introduces policies to maximise the social and economic benefits from digital technologies."

    June 15, 2009
    * DHS - Refugees and Asylees: 2008

    DHS Office of Immigration Statistics - Refugees and Asylees: 2008, Daniel C. Martin AND Michael Hoefer

  • "The United States provides refuge to persons who have been persecuted or have a well-founded fear of persecution through two programs: one for refugees (persons outside the U.S.) and one for asylees (persons in the U.S.). This Office of Immigration Statistics Annual Flow Report provides information on the number of persons admitted to the United States as refugees or granted asylum in the United States in 2008."
  • * IMF Concludes Article IV Consultation with the United States

    News release: "The U.S. Department of the Treasury today released the concluding statement by the staff of the International Monetary Fund (IMF) following this year's Article IV Consultation with the United States. This statement represents the independent judgment and assessment by IMF staff of U.S. economic performance and policies. Release of this statement is consistent with the United States' longstanding, strong support for enhanced transparency of the IMF. The United States also plans to release the IMF staff report and Public Information Notice on the U.S. Article IV review following the Executive Board's discussion of the mission later this summer."

  • International Monetary Fund - 2009 Article IV Consultation with the United States of America Concluding Statement of the IMF Mission, June 10, 2009
  • * OMB Memo Includes New Requirements for Hiring Federal Employees

    OMB Memorandum: Planning for the President’s Fiscal Year 2011 Budget and Performance Plans, June 11, 2009

    "...Specifically, we expect the following to take place over the next six months in order to begin the change process:

    1. Map your current hiring process, using OPM’s End-to-End Hiring Process Mapping, from the time a manager identifies a need to hire until the person selected starts their first day on the job.
    2. Review the job announcements for your agency’s top 10 occupations and have them written in plain language and reduced to no more than five pages.
    3. Notify applicants of their status at four points through USAJobs.gov in a timely fashion --application received, application assessed for qualifications, applicant referred to selecting official (or not); and applicant selected (or not).
    4. Engage hiring managers in all critical parts of the hiring process. Hiring managers should be involved in targeting recruitment, drafting job announcements, reviewing initial applications, interviewing applicants, and selecting applicants.

    * Preliminary Analysis of Major Provisions Related to Health Insurance Coverage Under the Affordable Health Choices Act

    CBO: Preliminary Analysis of Major Provisions Related to Health Insurance Coverage Under the Affordable Health Choices Act, June 15, 2009. Letter to the Honorable Edward M. Kennedy.

  • "The attached table summarizes our preliminary assessment of the proposal’s budgetary effects and its likely impact on insurance coverage. According to that assessment, enacting the proposal would result in a net increase in federal budget deficits of about $1.0 trillion over the 2010–2019 period. Once the proposal was fully implemented, about 39 million individuals would obtain coverage through the new insurance exchanges. At the same time, the number of people who had coverage through an employer would decline by about 15 million (or roughly 10 percent), and coverage from other sources would fall by about 8 million, so the net decrease in the number of people uninsured would be about 16 million."
  • Affordable Health Choice Act of 2009 [615 pages, PDF]
  • * New GAO Reports: Funding for New Border Patrol Agents, Tax Gap, Veterans Affairs
    • CBP Could Improve Its Estimation of Funding Needed for New Border Patrol Agents, GAO-09-542R, June 15, 2009
    • Tax Gap: Requiring Information Reporting for Charitable Cash Contributions May Not Be an Effective Way to Improve Compliance GAO-09-555, May 14, 2009
    • Veterans Affairs: Implementation of Temporary Residence Adaptation Grants. GAO-09-637R, June 15, 2009
    * Report: The Role of the Federal Government in Megadisasters

    The Nelson A. Rockefeller Institute of Government: Who’s in Charge? Who Should Be? The Role of the Federal Government in Megadisasters: Based on Lessons from Hurricane Katrina: "This paper looks at what has happened, and what has not happened, since the waters receded and the debris was removed. Based on lessons learned from this catastrophe, the paper focuses on possible national legislation amending the Stafford Act by authorizing the appointment by the president of an officer-in-charge with preauthorized discretionary funding; empowered to assemble and deploy experts, including experts seconded from federal agencies; and to recommend and obtain expedited consideration of a national action program if such a program is determined to be appropriate when megadisasters like this occur."

    June 14, 2009
    * New on LLRX.com - FOIA Facts: The Detainee Photo Issue - Is it What it Seems?

    New on LLRX.com - FOIA Facts: The Detainee Photo Issue - Is it What it Seems? - Scott A. Hodes comments on the Obama administrations' decision to continue to fight the release of detainee photos.

    * NYT: How Trillion-Dollar Deficits Were Created

    "To understand the looming deficits, The New York Times analyzed Congressional Budget Office projections of the budget surplus or deficit for the years 2009-12, President Obama’s current term. The budget office has been making estimates for these years for nearly a decade now. The numbers that appear [here] are the average annual deficit or surplus for this four-year period." Related Times article: America’s Sea of Red Ink Was Years in the Making">How a Sea of Red Ink Spread From a Puddle.

    * Developing a New Global Approach to Ending Hunger

    Remarks at the 2009 World Food Prize Announcement Ceremony, Hillary Rodham Clinton, Secretary of State, Washington, DC. June 11, 2009

  • "The effects of chronic hunger cannot be overstated. Hunger is not only a physical condition, it is a drain on economic development, a threat to global security, a barrier to health and education, and a trap for the millions of people worldwide who work from sunup to sundown every single day but can barely produce enough food to sustain their lives and the lives of their families. Most of all, hunger belies our planet’s bounty. It challenges our common humanity and resolve. We do have the resources to give every person in the world the tools they need to feed themselves and their children...So we will support the creation of effective, sustainable farming systems in regions around the world where current methods are not working. We will do this by helping countries carry out strategies designed to meet their specific needs; for example, through the Comprehensive Africa Agriculture Development Plan, which establishes a collaborative and inclusive process led by African countries themselves."
  • * Statements of G8 Finance Ministers and Treasury Secretary
    • Statement of G8 Finance Ministers, 06/13/2009: "Even after output growth begins picking up, unemployment may continue to increase. Our countries will continue to implement actions to reduce the impact of the crisis on employment and maximise the potential for growth in jobs in the period of economic recovery, including by promoting targeted active labor market policies, enhancing skills development, ensuring effective social protection systems and enabling labour markets to respond to broader structural changes."
    • Statement by Secretary Geithner at the G8 Finance Ministers Meeting, 06/13/2009: "We aim to put in place more conservative standards for financial oversight of internationally active financial institutions and global markets such as derivatives. To that end, we are proposing that the international group of banking regulators responsible for setting capital requirements take forward its work on reforming capital ratios to constrain future increases in leverage. More broadly, we will call on the international banking regulators to develop proposals by the end of this year for countries to have the necessary tools to quickly resolve failures of cross-border financial firms."
    • Related postings on financial system
    * White House Fact Sheet: Paying for Health Care Reform

    Paying for Health Care Reform - $313 Billion in Additional Savings to Create a Deficit Neutral Plan - Summary Released by the White House Following the President's Weekly Radio Address

  • "We have the most expensive health care system in the world, but do not get the best results. The rising costs of health care are a burden on our families and a drain on our long-term economic growth. If we continue on the course we are on, health care expenditures will reach 20 percent of GDP within a decade. Rapidly rising health care costs are leading our nation down a fiscally unsustainable path...the President wants to pass health care reform that allows one to keep their health insurance and choose their health care providers, expands coverage to the millions without, and brings down the cost of coverage. The President is committed to undertaking reform that is completely paid for and deficit neutral over the next decade. That is why he put forward in his FY 2010 Budget an historic $635 billion down payment on reform. Roughly half of this amount comes from revenue proposals, including limiting the value of itemized deductions for families making over a quarter-million dollars a year to the rates they were during the Reagan years, and about half comes from savings from Medicare and Medicaid."
    • New Yorker: The Cost Conundrum - What a Texas town can teach us about health care, by Atul Gawande: "The explosive trend in American medical costs seems to have occurred ["in McAllen, Texas - it is one of the most expensive health-care markets in the country"] in an especially intense form. Our country’s health care is by far the most expensive in the world. In Washington, the aim of health-care reform is not just to extend medical coverage to everybody but also to bring costs under control. Spending on doctors, hospitals, drugs, and the like now consumes more than one of every six dollars we earn. The financial burden has damaged the global competitiveness of American businesses and bankrupted millions of families, even those with insurance. It’s also devouring our government."
  • * OpenCongress Project Launches Project RaceTracker

    "The RaceTracker project on the OpenCongress wiki tracks every election for the U.S. Senate, U.S. House of Representatives and state governor. RaceTracker is a free, open-source, fully-referenced, and non-partisan public resource. It is coordinated by the crew at the SwingStateProject."

    June 13, 2009
    * 50+ Hispanic Workers: A Growing Segment of the U.S. Workforce

    AARP Research Report: 50+ Hispanic Workers: A Growing Segment of the U.S. Workforce, June 2009

  • "Older Hispanics participate in the labor force at relative high rates and are dependable and relatively healthy; nonetheless, many face substantial challenges in the workplace, working in physically demanding jobs and earning low wages and few benefits, according to this 2009 report."
  • * Treasury Announces $25 Billion in Direct Allocations of Recovery Zone Bonds

    News release: "As part of the Obama Administration's efforts to stimulate economic growth and jumpstart the availability of financing critical for economic recovery, the U.S. Treasury Department announced $25 billion in bonds authority available under the Recovery Zone Bonds program. Created by the American Recovery and Reinvestment Act (Recovery Act), Recovery Zone Bonds are targeted to areas particularly affected by job loss and will help local governments obtain financing for much needed economic development projects, such as public infrastructure development...To make this program as easy as possible for state and local governments to administer and use, the Treasury Department has also detailed the bond volume cap allocations at the local level for counties and large cities. The total state allocations and the complete list of direct county and large city allocations can be found here."

  • Related postings on financial system
  • * ACLU Seeks Records About Laptop Searches At The Border

    News release: "United States Customs and Border Protection (CBP) policy permits officials to search the laptops and other electronic devices of travelers without suspicion of wrongdoing, according to a Freedom of Information Act (FOIA) request filed today by the American Civil Liberties Union. The ACLU filed the FOIA request with CBP, a component of the Department of Homeland Security (DHS), to learn how CBP's suspicionless search policy, first made public in July 2008, is impacting the constitutional rights of international travelers."

    * Rand: The Long March Building an Afghan National Army

    The Long March - Building an Afghan National Army, by: Obaid Younossi, Peter Dahl Thruelsen, Jonathan Vaccaro, Jerry M. Sollinger, Brian Grady

  • "The Afghan National Army (ANA) is critical to the success of the allied efforts in Afghanistan and the ultimate stability of the national government. This monograph assesses the ANA's progress in the areas of recruitment, training, facilities, and operational capability. It draws on a variety of sources: in-country interviews with U.S., NATO, and Afghan officials; data provided by the U.S. Army; open-source literature; and a series of public opinion surveys conducted in Afghanistan over the past several years. Although the ANA has come a long way since the outset of the recent conflict in the country, the authors conclude that coalition forces, especially those of the United States, will play a crucial role in Afghanistan for the foreseeable future, particularly in light of the increased threat from Taliban forces and other illegally armed criminal groups."
  • * Rand: The Evolving Terrorist Threat to Southeast Asia

    The Evolving Terrorist Threat to Southeast Asia - A Net Assessment, by: Peter Chalk, Angel Rabasa, William Rosenau, Leanne Piggott

  • "Terrorism is not new to Southeast Asia. For much of the Cold War, the activities of a variety of domestic ethnonationalist and religious militant groups posed a significant challenge to the region's internal stability. Since the 1990s, however, the residual challenge posed by substate militant extremism has risen in reaction to both the force of modernization pursued by many Southeast Asian governments and the political influence of radical Islam. Building on prior RAND research analyzing the underlying motives, drivers, and capabilities of the principal extremist groups that have resorted to terrorist violence in the Philippines, southern Thailand, and Indonesia, this study examined the historical roots of militancy in these countries to provide context for assessing the degree to which local agendas are either being subsumed within a broader ideological framework or shaped by other extremist movements. Moving beyond simple terrorism analysis, this research also examined national and international government responses to militant movements in the region, including counterterrorist initiatives, military and policing strategies, hearts-and-minds campaigns, and funding and support from international organizations and governments (including the United States). Finally, the study broke new ground in assessing Cambodia as a potential future terrorist operational and logistical hub in Southeast Asia."
  • June 12, 2009
    * CBO: Responses to Questions About the Cost of a Cap-and-Trade Program

    Responses to Questions About the Cost of a Cap-and-Trade Program, June 12, 2009 - Letter to the Honorable John F. Kerry

  • "...under the illustrative cap-and-trade program that CBO analyzed, the government would create allowances (that is, rights to emit CO2) and firms that are regulated under that program would need to acquire such allowances. The government could either sell
    them (obtaining revenues that it could use in various ways, such as reducing taxes, providing rebates to consumers, or paying for other priorities) or give them away. In most cases, firms would pass the cost of acquiring the allowances (as well as their cost of reducing emissions) on to households in the form of higher prices for energy-intensive goods and services. Most of that estimated gross cost of $1,600 per household consists of the market value of the allowances that firms would have to acquire."
  • Related postings on climate change
  • * BLS: U.S. Import and Export Price Indexes, May 2009

    U.S. Import and Export Price Indexes, May 2009: "The U.S. Import Price Index increased for the third consecutive month in May, rising 1.3 percent. An 8.3 percent increase in petroleum prices was the primary contributor to the overall advance. The U.S. Export Price Index rose 0.6 percent in May after increasing 0.4 percent in April."

  • Related postings on financial system
  • * 2006 U.S. Code Now Available Online Via GPO

    "The entire 2006 edition of the United States Code is now available from the U.S. Government Printing Office. The 2006 edition contains the laws enacted through the 109th Congress (ending January 3, 2007, the last law of which was signed January 15, 2007). In addition, PDF files have been made available for the U.S. Code, 2006 edition only. The U.S. Code is the codification by subject matter of the general and permanent laws of the United States, based on what is printed in the Statutes at Large. It is divided by broad subjects into 50 titles and published by the Office of the Law Revision Counsel of the U.S. House of Representatives. The online version of the United States Code, 2006 Edition is available through GPO Access."

    * Obama Administration Implements Steps to Reduce Environmental Impacts of Mountaintop Coal Mining

    News release: "Obama Administration officials announced that they are taking unprecedented steps to reduce the environmental impacts of mountaintop coal mining in the six Appalachian states of Kentucky, Ohio, Pennsylvania, Tennessee, Virginia, and West Virginia through a coordinated approach between the Environmental Protection Agency (EPA), Department of the Interior (DOI) and Army Corps of Engineers. Through a Memorandum of Understanding signed by Lisa P. Jackson, Administrator of the Environmental Protection Agency; Ken Salazar, Secretary of the Interior; and Terrence “Rock” Salt, Acting Assistant Secretary of the Army for Civil Works, the Administration will implement an Interagency Action Plan on mountaintop coal mining..."

    June 11, 2009
    * New GAO Reports: EPA Chemical Assessments, Public Housing, Environmental Contamination
    • EPA Chemical Assessments: Process Reforms Offer the Potential to Address Key Problems, GAO-09-774T, June 11, 2009
    • Public Housing: HUD's Oversight of Housing Agencies Should Focus More on Inappropriate Use of Program Fund, GAO-09-33, June 11, 2009
    • Environmental Contamination: Lessons Learned from the Cleanup of Formerly Used Defense and Military Munitions Sites, GAO-09-779T, June 10, 2009
    * World Health Organizartion: Influenza pandemic alert raised to phase 6

    News release: "On the basis of available evidence and expert assessments of the evidence, the scientific criteria for an influenza pandemic have been met. The Director-General of WHO has therefore decided to raise the level of influenza pandemic alert from phase 5 to phase 6. "The world is now at the start of the 2009 influenza pandemic," she said at a press conference today."

    * World Trade Organization: Hyperlinked Map of Disputes Between Members

    "The World Trade Organization has recently posted on its website an interactive map that depicts disputes between its member states. The top of the webpage shows a list of highlight-able choices among types of member-state involvement in disputes: as complainant, respondent, or either. The accompanying map shows member-state areas of the world in a color range of whitish pink to red, to indicate the range in the number of disputes (0-100), and non-member-state areas in gray; the United States is bright red." [LC, Wendy Zeldin]

  • Map of Disputes Between WTO Members
  • * Hearing: Bank of America and Merrill Lynch: How Did a Private Deal Turn Into a Federal Bailout?

    Committee on Oversight and Government Reform and Subcommittee on Domestic Policy held a hearing on: Bank of America and Merrill Lynch: How Did a Private Deal Turn Into a Federal Bailout?

    * Bond Yields Push Mortgage Rates to Highest Level in Seven Months

    News release: "Freddie Mac today released the results of its Primary Mortgage Market Survey® (PMMS®) in which the 30-year fixed-rate mortgage (FRM) averaged 5.59 percent with an average 0.7 point for the week ending June 11, 2009, up from last week when it averaged 5.29 percent. Last year at this time, the 30-year FRM averaged 6.32 percent. The last time the 30-year FRM was higher was the week ending November 26, 2008, when it averaged 5.97 percent."

  • Related postings on financial system
  • * Interior Review Shines Light on Controversial Utah Oil and Gas Leases

    News release: "A report released today by the U.S. Department of the Interior reveals flaws in the process through which a controversial set of oil and gas leases were offered in Utah in the waning days of the previous Administration, including several near Arches and Canyonlands National Parks, and Dinosaur National Monument. Secretary of the Interior Ken Salazar, who commissioned the report from a team led by Deputy Secretary David J. Hayes, agreed with the report’s recommendations, and has directed several follow-up actions, including directing that the Bureau of Land Management (BLM), in coordination with other federal and state agencies, formulate a comprehensive air quality strategy for the region and to form a special BLM team to conduct a final decision-making review of the 77 parcels in question. The report groups the parcels into categories, noting that some of the parcels, particularly those in areas with existing oil and gas development, may be appropriate for development after a final review. Other parcels in and near sensitive landscapes will require a more extensive, site-specific review."

  • Read the full report, recommendations, and associated maps
  • * National Archives Appoints Director of the Office of Government Information Services

    News release: "Acting Archivist of the United States Adrienne Thomas announced today the appointment of Miriam Nisbet as the director of the Office of Government Information Services (OGIS) within the National Archives and Records Administration. OGIS, an organization newly established under the OPEN Government Act of 2007, will provide policy guidance and mediation services for FOIA activities government-wide."

    June 10, 2009
    * Special Tax Break on New Car Purchases Available in States With No Sales Tax

    "The Internal Revenue Service and Treasury Department today announced that a tax break for the purchase of new motor vehicles is available in states that do not have a state sales tax. Under the American Recovery and Reinvestment Act of 2009, taxpayers who buy a new motor vehicle this year are entitled to deduct state or local sales or excise taxes paid on the purchase."

  • Related postings on financial system
  • * Emerging Health Care Issues: Follow-On Biologic Drug Competition: A Federal Trade Commission Report

    News release: "The Federal Trade Commission today released a report entitled, Emerging Health Care Issues: Follow-on Biologic Drug Competition, which examines whether the price of biologic drugs – products manufactured using living tissues and microorganisms – could be reduced by competition from so-called “follow-on biologics” (FOBs). FOBs are like generic drugs, but with significant differences. Biologics are increasingly used to treat arthritis, cancer, diabetes, and other diseases. No pathway currently exists for such FOBs to enter the market and compete with their pioneer counterparts. The FTC’s Report concludes that providing the U.S. Food and Drug Administration (FDA) with the authority to approve such FOBs would be an efficient way to bring these lower-priced drugs to market."

    * Federal Reserve Board Beige Book, June 2009

    June 10, 2009 - Summary of Commentary on Current Economic Conditions by Federal Reserve District. Link to reports by Districts.

  • "Reports from the twelve Federal Reserve District Banks indicate that economic conditions remained weak or deteriorated further during the period from mid-April through May. However, five of the Districts noted that the downward trend is showing signs of moderating. Further, contacts from several Districts said that their expectations have improved, though they do not see a substantial increase in economic activity through the end of the year. Manufacturing activity declined or remained at a low level across most Districts. However, several Districts also reported that the outlook by manufacturers has improved somewhat. Demand for nonfinancial services contracted across Districts reporting on this segment. Retail spending remained soft as consumers focused on purchasing less expensive necessities and shied away from buying luxury goods. New car purchases remained depressed, with several Districts indicating that tight credit conditions were hampering auto sales. Travel and tourism activity also declined. A number of Districts reported an uptick in home sales, and many said that new home construction appeared to have stabilized at very low levels. Vacancy rates for commercial properties were rising in many parts of the country, while developers are finding financing for new commercial projects increasingly difficult to obtain."
  • Related postings on financial system
  • * Bureau of Labor Statistics: Employer Costs for Employee Compensation

    Employer Costs for Employee Compensation Summary - May 2009: " Employer costs for employee compensation averaged $29.39 per hour worked in March 2009, the U.S. Department of Labor’s Bureau of Labor Statistics reported today. Wages and salaries, which averaged $20.49, accounted for 69.7 percent of these costs, while benefits, which averaged $8.90, accounted for the remaining 30.3 percent. Employer Costs for Employee Compensation, based on the National Compensation Survey, measures employer costs for wages, salaries, and employee benefits for nonfarm private and state and local government workers."

    * OECD unemployment rate rises to 7.8% in April 2009

    News release: "The unemployment rate for the OECD area was 7.8% in April 2009, 0.1 percentage point higher than the previous month and 2.2 percentage points higher than a year earlier.
    In the Euro area, the unemployment rate was 9.2% in April 2009, 0.3 percentage point higher than the previous month and 1.9 percentage points higher than in April 2008. For the United States, the unemployment rate for May 2009 was 9.4%, 0.5 percentage point higher than the previous month and 3.8 percentage points higher than a year earlier. For Japan, the rate was 5.0% in April 2009, 0.2 percentage point higher than the previous month and 1.1 percentage points higher than in April 2008."

  • Related postings on financial system
  • * CBO: Did the 2008 Tax Rebates Stimulate Short-Term Growth?

    Did the 2008 Tax Rebates Stimulate Short-Term Growth?, June 10, 2009 Economic and Budget Issue Brief

  • "In preparing its economic forecast published in September 2008, the Congressional Budget Office (CBO) estimated that 40 percent of the tax rebates issued in the spring and summer under the Economic Stimulus Act of 2008 (Public Law 110-185) would be spent within six
    months––raising the growth of consumption in the second and third quarters of 2008 by 2.3 percent and 0.2 percent, respectively, and reducing it by 1.0 percent in the fourth quarter, when the distribution of the rebates was expected to end. However, analysts disagree about the economic impact of tax rebates. This brief examines the issue in light of the evidence currently available."
  • Related postings on financial system
  • * New GAO Reports: Voters With Disabilities, Broadband Deployment Plan, VA Real Property
    • Army Working Capital Fund: Actions Needed to Improve Budgeting for Carryover at Army Ordnance, GAO-09-415, June 10, 2009
    • Environmental Contamination: Lessons Learned from the Cleanup of Formerly Used Defense and Military Munitions Sites, GAO-09-779T, June 10, 2009
    • VA Real Property: VA Emphasizes Enhanced-Use Leases to Manage Its Real Property Portfolio, GAO-09-776T, June 10, 2009
    • Voters With Disabilities: More Polling Places Had No Potential Impediments Than in 2000, but Challenges Remain, GAO-09-685, June 10, 2009
    • Telecommunications: Broadband Deployment Plan Should Include Performance Goals and Measures to Guide Federal Investment, GAO-09-494, May 12, 2009
    * HHS Report: Health Disparities: A Case for Closing the Gap

    Health and Human Services, HeathReform.gov: "Despite consistent increases in spending, disparities among demographic groups persist. Low-income Americans and racial and ethnic minorities experience disproportionately higher rates of disease, fewer treatment options, and reduced access to care. With unemployment on the rise, the disparities already apparent among these groups will continue to increase. A new report Health Disparities: A Case for Closing the Gap demonstrates the need for reform.

  • View Roadblocks to Health Care Report | View Hard Times in the Heartland Report | View Bottom Line Report | View Costs of Inaction Report

  • June 09, 2009
    * Treasury Announces $68 Billion in Expected CPP Repayments

    News release: "The U.S. Department of the Treasury announced today that 10 of the largest U.S. financial institutions participating in the Capital Purchase Program (CPP) have met the requirements for repayment established by the primary federal banking supervisors. Following consultation with the primary banking supervisor of each institution, Treasury has notified the institutions that they are now eligible to complete the repayment process. If these firms choose to do so, Treasury will receive $68 billion in repayment proceeds"

    • WSJ Bailout Tracker - "The Treasury first began funneling cash into large banks in October as part of its signature Troubled Asset Relief Program (TARP), which aimed to help boost capital in the ailing financial industry and put the battered economy on a more stable path. Now, as the government begins to approve loan repayments, see a breakdown of the funds by program. Click the column headers in the table below to sort by company, state, amount and more."
    • Treasury Secretary Timothy F. Geithner Opening Statement – As Prepared for Delivery Senate Committee on Appropriations Subcommittee on Financial Services and General Government, June 9, 2009
    • Related postings on financial system

    * EIA: Outlook for Hurricane Production Outages, Short-Term Energy Outlook, International Petroleum Monthly
    * Congressional Oversight Panel Report: Stress Testing and Shoring Up Bank Capital

    "The Congressional Oversight Panel June 2009 Oversight Report, Stress Testing and Shoring Up Bank Capital, examines the recent stress tests conducted on America’s 19 largest bank holding companies (BHCs)...The Panel’s report examines how effectively Treasury and the Federal Reserve conducted the stress tests, specifically reviewing the government’s economic assumptions, their methods of calculating bank capitalization, their release of information to the public, and whether the stress tests should be repeated in the future. To help make these assessments of the stress tests, the panel engaged two internationally renowned experts in risk analysis, University of California at Berkeley Professors Eric Talley and Johan Walden, to review the stress test methodology."

  • Related postings on financial system
  • * EIA - OPEC Revenues Fact Sheet

    OPEC Revenues Fact Sheet (06/09/2009): "Based on projections from the EIA June 2009 Short-Term Energy Outlook (STEO), members of the Organization of the Petroleum Exporting Countries (OPEC) could earn $530 billion of net oil export revenues in 2009 and $620 billion in 2010. Last year, OPEC earned $968 billion in net oil export revenues, a 42 percent increase from 2007. Saudi Arabia earned the largest share of these earnings, $285 billion, representing 29 percent of total OPEC revenues. On a per-capita basis, OPEC net oil export earning reached $2,680 in 2008, a 40 percent increase from 2007."

    * New GAO Reports: Federal Energy and Fleet Management, Scientific Integrity, VA Health Care
    • Federal Energy and Fleet Management: Plug-in Vehicles Offer Potential Benefits, but High Costs and Limited Information Could Hinder Integration into the Federal Fleet, GAO-09-493, June 09, 2009
    • Scientific Integrity: EPA's Efforts to Enhance the Credibility and Transparency of Its Scientific Processes, GAO-09-773T, June 09, 2009
    • VA Health Care: Overview of VA's Capital Asset Management, GAO-09-686T, June 09, 2009
    * DHS OIG: Progress in Addressing Security Challenges at Washington Dulles International Airport

    OIG-09-66 - DHS' Progress in Addressing Technical Security Challenges at Washington Dulles International Airport (Redacted), May 2009

  • "...more work is needed to address physical and environmental control deficiencies. CBP also needs to implement technical controls to ensure that it is using the most current version of operating systems. Further, CBP [U.S. Customs and Border Protection] should ensure that system documentation includes information concerning vulnerabilities and accepted risks."
  • * National Strategy to Reduce Drug Trafficking and Flow of Bulk Cash and Weapons Across Southwest Border

    News release: "U.S. Attorney General Eric Holder, U.S. Department of Homeland Secretary Janet Napolitano, and Director of National Drug Control Policy Gil Kerlikowske released President Obama's strategy to stem the flow of illegal drugs and their illicit proceeds across the Southwest border and reduce associated crime and violence in the region. The National Southwest Border Counternarcotics Strategy directs Federal agencies to increase coordination and information sharing with State and local law enforcement agencies, intensifies national efforts to interdict the southbound flow of weapons and bulk currency, and calls for continued close collaboration with the Government of Mexico in their efforts against the drug cartels. The strategy is an important component of the Administration's national drug control policy and complements the Administration's comprehensive efforts to respond to threats along the border."

    * HUD and Fair Housing Partners Report Record Number of Housing Discrimination Complaints

    News release: "A record 10,552 fair housing discrimination complaints were filed in fiscal year 2008, according to a report just released by the U.S. Department of Housing and Urban Development. The State Of Fair Housing FY 2008, Annual Report On Fair Housing, which is produced for Congress each year, shows that a large portion of the complaints, 44 percent, were filed by persons with disabilities. Thirty-five percent, or 3,699, of the complaints alleged discrimination based on race."

    June 08, 2009
    * Report: Enhancing Child Safety & Online Technologies

    Berkman Center for Internet & Society at Harvard University report: Enhancing Child Safety & Online Technologies: Final Report of the Internet Safety Technical Taskforce to the Multi-State Working Group on Social Networking of State Attorneys General of the United States in December of 2008.

  • "Many youth in the United States have fully integrated the Internet into their daily lives. For them, the Internet is a positive and powerful space for socializing, learning, and engaging in public life. Along with the positive aspects of Internet use come risks to safety, including the dangers of sexual solicitation, online harassment, and bullying, and exposure to problematic and illegal content. The Multi-State Working Group on Social Networking, comprising 50 state Attorneys General, asked this Task Force to determine the extent to which today’s technologies could help to address these online safety risks, with a primary focus on social network sites in the United States."
  • * TRAC: DEA Prison Rates Vary Across U.S.

    "In cases where the DEA is the lead investigative agency, there are significant geographic variations in the rates at which individuals convicted of criminal offenses get sent to prison. According to Justice Department data obtained and analyzed by the Transactional Records Access Clearinghouse and just published on TRAC's DEA website, in the Northern District of West Virgina (Wheeling) 65.6% of convictions in such cases resulted in prison terms in 2008. In New York West (Buffalo) the rate was 71.1%. On the other hand, in nine districts fully 100% of all convictions in such cases resulted in prison terms. These were: Alabama Middle (Montgomery), Illinois South (East St. Louis), Illinois Central (Springfield), Michigan West (Grand Rapids), Nebraska (Omaha), North Dakota (Fargo), Oklahoma East (Muskogee), Rhode Island (Providence) and Wisconsin West (Madison). Nationally, the rate was 94.6%...For district-by-district DEA enforcement information go here and click on "District Enforcement." There you'll find data on DEA referrals, charges, convictions, prison sentences and much more, for specific districts and the U.S. as a whole."

    * EIA: Maps of Domestic Natural Gas Sources

    Maps of Domestic Natural Gas Sources (06/08/2009): "Summary maps of domestic natural gas sources: Lower 48 States conventional gas production onshore and offshore, shale plays, tight gas plays, and coalbed methane fields. Many more oil and gas maps, summary and detailed, also available."

    * New GAO Reports: Aviation and Climate Change, Nuclear and Worker Safety, Biomonitoring
    • Aviation and Climate Change: Aircraft Emissions Expected to Grow, but Technological and Operational Improvements and Government Policies Can Help Control Emissions, GAO-09-554, June 08, 2009
    • Nuclear and Worker Safety: Limited Information Exists on Costs and Reasons for Work Stoppages at DOE's Hanford Site, GAO-09-451, May 07, 2009
    • Biomonitoring: EPA Needs to Coordinate Its Research Strategy and Clarify Its Authority to Obtain Biomonitoring Data, GAO-09-353, April 30, 2009
    * White House Roadmap to Recovery

    "Our Roadmap to Recovery initiative is an ambitious effort to reflect the commitments of your Cabinet members for a stepped up level of activity in implementing the Recovery Act in the next 100 days. We intend to deliver this increased pace at virtually every agency, and in countless programs. In this report, we have highlighted ten of these commitments and provided a graphic representation of where Americans can expect to see the Recovery Act in action across the country this summer."

  • Related postings on financial system
  • * Federal Financial Institutions Examination Council's 2009 Distressed/Underserved Tract List

    List of Distressed or Underserved Nonmetropolitan Middle-Income Geographies. Available Formats:

  • 2009 Distressed or Underserved Tract List Excel File | PDF File | Accessible PDF File
  • Related postings on financial system
  • * Comptroller Dugan Urges More Consumer Protections for Reverse Mortgages

    Remarks by John C. Dugan, Comptroller of the Currency, Before the
    American Bankers Association Regulatory Compliance Conference, Orlando, Florida, June 8, 2009 - Consumer Protections for Reverse Mortgages

  • "....reverse mortgages are targeted at older homeowners that have built up substantial home equity. Like traditional mortgages, a reverse mortgage provides a homeowner with access to cash secured by his or her home. But unlike a traditional mortgage, a reverse mortgage does not require the borrower to make payments on an ongoing basis. Instead, the home itself is the primary source of repayment, and no such repayment is required until the homeowner dies, permanently moves out of the home, or fails to maintain the property or pay property taxes or insurance. In addition, the loan is usually non-recourse, with the amount the borrower owes at repayment generally capped at the value of the home. In these unique circumstances, the borrower has no need to demonstrate income capacity or a creditworthy FICO score to qualify for a reverse mortgage, because the loan is underwritten based on the value of the collateral and the life expectancy of the borrower."
  • Related postings on financial system
  • * CIA World Factbook Launches New Web Site

    "On Monday, June 8, the World Factbook team unveiled its thoroughly redesigned Web site. Presenting a cleaner look, improved navigation, and a host of added features, the new site provides visitors with a more user-friendly experience. The CIA first made the Factbook available to the public in 1975 and launched its online presence in 1997. This is the first major redesign of the Factbook site in over a decade. More than 3 million visitors access the online Factbook monthly. The world-renowned Factbook provides visitors with wide-ranging and hard-to-locate information about the background, geography, people, government, economy, communications, transportation, military, and transnational issues for 266 countries and other entities."

    * USDA: Emerging Issues in the U.S. Organic Industry

    Emerging Issues in the U.S. Organic Industry, By Catherine Greene, Carolyn Dimitri, Biing-Hwan Lin, William McBride, Lydia Oberholtzer, and Travis Smith. Economic Information Bulletin No. (EIB-55) 36 pp, June 2009

  • Consumer demand for organic products has widened over the last decade. While new producers have emerged to help meet demand, market participants report that a supply squeeze is constraining growth for both individual firms and the organic sector overall. Partly in response to shortages in organic supply, Congress in 2008 included provisions in the Food, Conservation, and Energy Act (2008 Farm Act) that, for the first time, provide direct financial support to farmers to convert to organic production. This report examines recent economic research on the adoption of organic farming systems, organic production costs and returns, and market conditions to gain a better understanding of the organic supply squeeze and other emerging issues in this rapidly changing industry."
  • June 07, 2009
    * CBO Cost Estimate for American Clean Energy and Security Act of 2009

    "H.R. 2454, American Clean Energy and Security Act of 2009, as ordered reported by the House Committee on Energy and Commerce on May 21, 2009 would make a number of changes in energy and environmental policies largely aimed at reducing emissions of gases that contribute to global warming. The bill would limit or cap the quantity of certain greenhouse gases (GHGs) emitted from facilities that generate electricity and from other industrial activities over the 2012-2050 period. The Environmental Protection Agency (EPA) would establish two separate regulatory initiatives known as cap-and-trade programs—one covering emissions of most types of GHGs and one covering hydrofluorocarbons (HFCs). EPA would issue allowances to emit those gases under the cap-and-trade programs. Some of those allowances would be auctioned by the federal government, and the remainder would be distributed at no charge...CBO has determined that the non-tax provisions of H.R. 2454 contain intergovernmental and private-sector mandates as defined in the Unfunded Mandates Reform Act (UMRA). Several of those mandates would require utilities, manufacturers, and other entities to reduce greenhouse gas emissions through cap-and-trade programs and performance standards. CBO estimates that the cost of mandates in the bill would well exceed the annual thresholds established in UMRA for intergovernmental and private-sector mandates (in 2009, $69 million and $139 million respectively, adjusted annually for inflation)."

  • Related postings on climate change
  • * US Army and Local Reconstruction Team Provide Critical Care to Afghan Subsistence Animals

    News release: "Members of the Zabul Provincial Reconstruction Team (PRT), Embedded Training Team (ETT), Army Veterinarians, and Afghan Para-Veterinarians took part in a 10-day veterinarian medical outreach programme in the districts of Suri and Argendab. The mission provided care for subsistence animals in areas not usually reached by veterinarian care...Over the past five years, the animal population in Zabul has decreased by roughly 70%. In 2003, the province had a total of 800,000 subsistence animals. By 2008, that number had decreased to 54,000."

    * CBO - The Effects of Proposals to Increase Cost Sharing in TRICARE

    A CBO Paper - The Effects of Proposals to Increase Cost Sharing in TRICARE, June 2009

  • "The TRICARE program provides health care for the military’s uniformed personnel and retirees, and for their dependents and survivors—the more than 9 million people eligible to use its integrated system of military health care facilities and providers and regional networks of contracted civilian providers. In 2008, the Department of Defense’s (DoD’s) costs for that medical care were $42 billion, or about 6 percent of DoD’s total funding for that year. The Congressional Budget Office (CBO) has projected DoD’s future spending on the basis of the information in the most recent Future Years Defense Program (FYDP). Those projections indicate that costs for medical care will rise more rapidly than overall resources for defense and require an estimated 13 percent of total defense funding by 2026."
  • * New Declassification Releases by the Interagency Security Classification Appeals Panel

    News releases, National Security Archive [includes links to full text of referenced documents]: "Now that President Obama has announced a review of U.S. secrecy policy, critics of secrecy policy and declassification requesters alike can only hope that those who carry it out understand the serious failings of the secrecy system as it currently exists. One of the absurdities of the system is that historical national security information, even information 60 years old, is subject to standards that are nearly as tough as those applied to recently-produced information. A group of documents recently declassified by the Interagency Security Classification Appeals Panel and a CIA history that ISCAP could not release illustrate the problems raised by current standards, overly strict interpretations of those standards, and legal obstacles blocking the declassification of historical intelligence information...Recently, in response to appeals from the National Security Archive, ISCAP reversed several Central Intelligence Agency initial denials of documents from the 1960s and 1970s. While ISCAP withheld material it regards as sensitive secrets, it nevertheless found that much of the information denied by the CIA could be declassified without harm to national security."

    * Penske and General Motors Announce Proposed Deal for Purchase of Saturn

    Follow up to previous postings on GM bankruptcy and auto industry, this press release: "Penske Automotive Group, Inc., an international automotive retailer, announced today that is has signed a Memorandum of Understanding ("MOU") with General Motors regarding the Saturn brand. Under the terms of the MOU, if the transaction is completed, Penske Automotive Group would obtain the rights to the Saturn brand, acquire certain assets including the Saturn parts inventory, and have the right to distribute vehicles and parts through the Saturn Dealership network. General Motors would continue to provide Saturn Aura, Vue and Outlook vehicles, on a contract basis, for an interim period."

  • Related postings on financial system
  • * Economic Policy Institute - Jobs Picture

    Jobs Picture, by Heidi Shierholz, 06-05-09: "The unemployment rate increased from 8.9% to 9.4% in May, as the Household Survey showed that over three-quarters of a million workers were added to the jobless rolls, according to the Bureau of Labor Statistics. May marked the 17th straight month of job loss; the current recession is now officially the longest economic downturn since the Great Depression. The Establishment Survey showed that the U.S. economy lost 345,000 jobs in May, compared to an average monthly loss of 643,000 jobs in the previous half-year. Many will see the declining pace of job-loss in this month’s report as good news. However, last month’s numbers should be put into a larger context: before the current recession, the 0.3% decline in total employment in May would have been the second largest monthly decline in a quarter century. It is only in the midst of a historically steep recession that losing 345,000 jobs in a single month is actually taken as a good sign...The Economic Policy Institute JOBS PICTURE is published each month upon release of the Bureau of Labor Statistics’ Employment Situation report."

  • Related postings on financial system
  • June 06, 2009
    * Official Documents and Presentations Related to Crash of Flight AF 447

    French Government: Bureau of Enquiry and Analysis for Civil Aviation Safety - Press releases, documents and presentations in French [initial page translated into English].

  • New York Times: The Search for Flight 447 - "Search teams have covered an area larger than the state of New York and spotted debris in several locations, but none of the pieces recovered so far have been from Air France Flight 447."
  • June 05, 2009
    * FDIC State Profiles, First Quarter 2009

    FDIC State Profiles — First Quarter 2009: "The First Quarter 2009 FDIC State Profiles are now available on-line. The FDIC State Profiles are formatted as a quarterly data sheet summation of economic and banking conditions for all fifty states, Puerto Rico, and the Virgin Islands. They are available in both HTML, and via map links, in PDF formats."

    * Employment Situation Summary, May 2009

    News release: "Nonfarm payroll employment fell by 345,000 in May, about half the average monthly decline for the prior 6 months, the Bureau of Labor Statistics of the U.S. Department of Labor reported today. The unemployment rate continued to rise, increasing from 8.9 to 9.4 percent. Steep job losses continued in manufacturing, while declines moderated in construction and several service-providing industries....The number of unemployed persons increased by 787,000 to 14.5 million in May, and the unemployment rate rose to 9.4 percent. Since the start of the recession in December 2007, the number of unemployed persons has risen by 7.0 million, and the unemployment rate has grown by 4.5 percentage points."

  • Related postings on financial system
  • * Iraq Energy Data, Statistics and Analysis - Oil, Gas, Electricity, Coal

    Energy Information Administration: Iraq Energy Data, Statistics and Analysis - Oil, Gas, Electricity, Coal, June 2009

  • "Iraq was the world’s 13th largest oil producer in 2008, and has the world’s third largest proven petroleum reserves after Saudi Arabia and Canada. Just a fraction of Iraq’s known fields are in development, and Iraq may be one of the few places left where vast reserves, proven and unknown, have barely been exploited. Iraq’s energy sector is heavily based upon oil, with approximately 94 percent of its energy needs met with petroleum. According to the International Monetary Fund, crude oil export revenues represented over 75 percent of GDP and 86 percent of government revenues in 2008."
  • June 04, 2009
    * New GAO Reports: Export Controls, IRS Budget Review, International Food Assistance, Military and Dual-Use Technology
    • Export Controls: Fundamental Reexamination of System Is Needed to Help Protect Critical Technologies, GAO-09-767T, June 4, 2009
    • Internal Revenue Service: Review of the Fiscal Year 2010 Budget Request, GAO-09-754, June 3, 2009
    • International Food Assistance: Local and Regional Procurement Can Enhance the Efficiency of U.S. Food Aid, but Challenges May Constrain Its Implementation, GAO-09-570, May 29, 2009
    • International Food Assistance: Local and Regional Procurement Provides Opportunities to Enhance U.S. Food Aid, but Challenges May Constrain Its Implementation, GAO-09-757T, June 4, 2009
    • Military and Dual-Use Technology: Covert Testing Shows Continuing Vulnerabilities of Domestic Sales for Illegal Export, GAO-09-725T, June 4, 2009
    • Tax Administration: Interim Results of IRS's 2009 Filing Season, GAO-09-640, June 3, 2009
    * Open Government Initiative Discussion Phase: Transparency Principles

    Beth Noveck, Deputy Chief Technology Officer for Open Government: "...this initial public engagement process on open government policy will take place in three phases (brainstorming, discussion, drafting). Following this initial process, we will distill the input received here, from submissions of proposals in From the Inbox, and from government experts and develop a set of draft recommendations for both public and inter-governmental review. These recommendations will, in turn, help to guide the development of government-wide policy on transparency, participation, and collaboration."

    * Proposed Financial Regulatory Overhaul

    FoxBusiness: "Lawmakers and Obama Administration officials are moving closer to finalizing proposals to overhaul the financial regulatory system -- a discussion which now includes federal insurance regulation and institutions such as Fannie Mae and Freddie Mac, but significant conflicts remain unresolved."

  • Related postings on financial system
  • * CBO: Monthly Budget Review, June 2009

    Monthly Budget Review, June 2009 - Based on the Monthly Treasury Statement for April and the Daily Treasury Statements for May: "The federal budget deficit was $984 billion for the first eight months of fiscal year 2009, CBO estimates, $664 billion more than the deficit recorded through May 2008. That estimate includes outlays for the Troubled Asset Relief Program (TARP) of about $130 billion to date for fiscal year 2009, recorded on a net-present-value basis (adjusted for market risk, as required by the Emergency Economic Stabilization Act, which created the TARP). Revenues have fallen by about 18 percent compared with the amounts collected in 2008; in contrast, outlays have grown by more than 18 percent."

  • Related postings on financial system
  • * NIST Delivers Updated Draft Standards for Electronic Voting Machines

    "The Commerce Department’s National Institute of Standards and Technology (NIST) delivered to the Election Assistance Commission (EAC) a draft revision to the 2005 federal Voluntary Voting System Guidelines (VVSG) Version 1.0, specifying how electronic voting machines are built and tested. The EAC has made the draft revision available for public comment today, with a final version expected by the end of 2009...The draft revision, titled Voluntary Voting System Guidelines, Version 1.1, provides improved requirements for electronic voting machine accuracy, reliability, usability, accessibility and security."

    * Data.gov: machine readable datasets generated by the Executive Branch of the Federal Government

    "The purpose of Data.gov is to increase public access to high value, machine readable datasets generated by the Executive Branch of the Federal Government. As a priority Open Government Initiative for President Obama's administration, Data.gov increases the ability of the public to easily find, download, and use datasets that are generated and held by the Federal Government. Data.gov provides descriptions of the Federal datasets (metadata), information about how to access the datasets, and tools that leverage government datasets. The data catalogs will continue to grow as datasets are added. Federal, Executive Branch data are included in the first version of Data.gov."

    June 03, 2009
    * Internet Use Triples in Decade, Census Bureau Reports

    "New data from the U.S. Census Bureau show that 62 percent of households reported using Internet access in the home in 2007, an increase from 18 percent in 1997, the first year the bureau collected data on Internet use. Sixty-four percent of individuals 18 and over used the Internet from any location in 2007, while only 22 percent did so in 1997. Among households using the Internet in 2007, 82 percent reported using a high-speed connection, and 17 percent used a dial-up connection."

  • These figures come from the 2007 Internet and Computer Use Supplement to the Current Population Survey.
  • Detailed tables
  • * Testimony by Chairman Bernanke on current economic and financial conditions and the federal budget

    Chairman Ben S. Bernanke, Current economic and financial conditions and the federal budget, Before the Committee on the Budget, U.S. House of Representatives, Washington, D.C., June 3, 2009

  • "The U.S. economy has contracted sharply since last fall, with real gross domestic product (GDP) having dropped at an average annual rate of about 6 percent during the fourth quarter of 2008 and the first quarter of this year. Among the enormous costs of the downturn is the loss of nearly 6 million jobs since the beginning of 2008. The most recent information on the labor market--the number of new and continuing claims for unemployment insurance through late May--suggests that sizable job losses and further increases in unemployment are likely over the next few months."
  • Related postings on financial system
  • * New GAO Reports: Public Transportation, Rebuilding Iraq, Indian Health Service
    • Alaska Native Villages: Limited Progress Has Been Made on Relocating Villages Threatened by Flooding and Erosion, GAO-09-551, June 03, 2009
    • Influenza Pandemic: Continued Focus on the Nation's Planning and Preparedness Efforts Remains Essential, GAO-09-760T, June 03, 2009
    • Public Transportation: New Starts Program Challenges and Preliminary Observations on Expediting Project Development, GAO-09-763T, June 03, 2009
    • Rebuilding Iraq: Improved Management Controls and Iraqi Commitment Needed for Key State and USAID Capacity-Building Programs, GAO-09-526, June 03, 2009
    • Indian Health Service: Millions of Dollars in Property and Equipment Continue to Be Lost or Stolen, GAO-09-450, June 02, 2009
    • Regulation SHO: Recent Actions Appear to Have Initially Reduced Failures to Deliver, but More Industry Guidance Is Needed, GAO-09-483, May 12, 2009
    * Treasury Releases Capital Purchase Program Monthly Lending Report Data

    News release: "The U.S. Department of the Treasury today released the data from its first Capital Purchase Program (CPP) Monthly Lending Report. The CPP Monthly Lending Report includes all participants in the CPP and will be published in addition to the Monthly Lending and Intermediation Snapshot of the top 21 CPP participants, which Treasury first released in January 2009. The Lending Report, launched today, will make available three data points on a monthly basis: average outstanding balances of consumer loans, commercial loans, and total loans from all CPP participants."

    * ADP National Employment Report

    ADP National Employment Report: "Nonfarm private employment decreased 532,000 from April to May 2009 on a seasonally adjusted basis, according to the ADP National Employment Report®. The estimated change of employment from March to April was revised by 54,000, from a decline of 491,000 to a decline of 545,000. Monthly employment losses in April and May averaged 539,000. This is a notable improvement over the first three months of the year, when monthly losses averaged 691,000. Nevertheless, despite some recent indications that economic activity is stabilizing, employment, which usually trails overall economic activity, is likely to decline for at least several more months, although perhaps not as rapidly as during the last six months. May’s ADP Report estimates nonfarm private employment in the service-providing sector fell by 265,000. Employment in the goods-producing sector declined 267,000, with employment in the manufacturing sector dropping 149,000, its thirty-ninth consecutive monthly decline."

  • Related postings on financial system
  • * National Geological Carbon Capture Program Can Help Develop Cleaner Energy, Reduce Greenhouse Gases

    News release: "Secretary of the Interior Ken Salazar today sent Congress his recommendations for a national program to help reduce greenhouse gases by selecting appropriate underground geological formations on public lands to inject and store carbon dioxide emissions from coal-fired power plants and other carbon-dioxide producing facilities."

  • "The Interior report to Congress, Framework for Geological Sequestration on Public Land...fulfills the requirements of Section 714 of the Energy Independence and Security Act of 2007, also examines existing authorities under the Mineral Leasing Act and the Federal Land Policy and Management Act that could be used to permit carbon sequestration activities."
  • Related postings on climate change
  • * Report Examines Private Long-Term Care Insurance And The Challenges of Paying for Long-Term Care

    "As the ongoing recession places new constraints on family and government budgets, the long-standing gap between Americans’ need for long-term care services and the public and private funding available to pay for them grows ever wider. Policymakers may be interested in exploring whether private long-term care insurance – which now covers only about 6 million individuals – could play a larger role in financing the country’s long-term care needs. A new policy brief, Closing the Long-Term Care Funding Gap: The Challenge of Private Long-Term Care Insurance, from the Kaiser Commission on Medicaid and the Uninsured examines the fundamentals of private long-term care insurance...Also available is related testimony, Filling In the Long-Term Care Gaps, from Diane Rowland, Executive Vice President of the Foundation and the Executive Director of KCMU, who testified June 3 at a U.S. Senate Special Committee on Aging hearing on the role of private insurance in long-term care."

    * European Commission: Financial Services Supervision and Committee Architecture

    "Currently, three committees exist at the EU level in the financial services sector, with advisory powers, the Committee of European Banking Supervisors (CEBS), the Committee of European Insurance and Occupational Pensions Committee (CEIOPS) and the Committee of European Securities Regulators (CESR). These are often known as the “Lamfalussy level 3 Committees” because of the role which they play in the EU framework for financial services legislation, created following a report by a group chaired by Alexandre Lamfalussy."

  • Related postings on financial system
  • * BEA: Economic Slowdown Widespread Among States in 2008

    "New statistics released by the U.S. Bureau of Economic Analysis show that economic growth slowed in most states and regions of the U.S. in 2008 as economic growth overall slowed. Real GDP growth slowed in 38 states, with downturns in construction, manufacturing, and finance and insurance restraining growth in many states.1 Growth in real U.S. GDP by state slowed from 2.0 percent in 2007 to 0.7 percent in 2008."

  • Related postings on financial system
  • June 02, 2009
    * Further Industry Commitments on Over-the-Counter Derivatives

    News release: "The Federal Reserve Bank of New York welcomes the letter published today by major financial market participants, committing to additional changes in the market design and risk management for over-the-counter (OTC) derivatives. The letter, which addresses issues discussed at an April 1 meeting between major market participants and banking supervisors, continues supervisory efforts to reduce systemic risks in the OTC derivatives market. The objectives include expanding use of central counterparties, strengthening risk management and operations, significantly improving transparency and ensuring strong coordination within the regulatory community. Key elements of the letter include establishing, for the first time, deadlines for recording all credit, interest rate and equity derivatives transactions in trade repositories and expanding credit default swap (CDS) central clearing to buy-side firms."

  • Related postings on financial system
  • * CBO: An Analysis of the Army's Transformation Programs and Possible Alternatives

    An Analysis of the Army’s Transformation Programs and Possible Alternatives, June 2009

  • "CBO addresses the question of whether the Army’s current combat units are better able than their predecessors to respond to crises overseas. CBO also evaluates the effect that the [Future Combat Systems] FCS program included in the previous Administration’s 2009 plan would have had on the Army’s armored vehicle fleet and the combat units that it was expected to equip. In addition, CBO attempts to identify the costs through 2030 of the Army’s Modularity Initiative and the FCS and related modernization programs in the previous Administration’s 2009 plan. Last, the agency examines the advantages and disadvantages of several alternative plans for modernizing the Army’s combat brigades, primarily focusing on units equipped with armored vehicles."

  • * New GAO Reports: FDA Info Technology Systems, Nuclear Waste
    • Information Technology: FDA Needs to Establish Key Plans and Processes for Guiding Systems Modernization Efforts, GAO-09-523, June 02, 2009: "In response to federal law and guidance and urgent mission needs, FDA is pursuing numerous modernization projects (including 16 enterprisewide initiatives), many of which are in early stages. However, FDA does not have a comprehensive IT strategic plan to coordinate and manage these initiatives and projects. Such a plan would describe what the agency seeks to accomplish, identify the strategies it will use to achieve desired results, and provide results-oriented goals and performance measures that permit it to determine whether it is succeeding."
    • Nuclear Waste: DOE's Environmental Management Initiatives Report Is Incomplete, GAO-09-697R, June 02, 2009: "The Department of Energy (DOE) spends billions of dollars annually to clean up nuclear waste at sites across the nation that produced nuclear weapons from the 1940s through the end of the Cold War. This waste can threaten public health and the environment. For example, contaminants at DOE’s Hanford site in Washington have migrated through the soil into the groundwater, which generally flows toward the Columbia River. The river is a source of irrigation for agriculture and drinking water for downstream communities as well as a major route for migrating salmon. Cleanup projects decontaminate and demolish buildings, remove and dispose of contaminated soil, treat contaminated groundwater, and stabilize and dispose of solid and liquid radioactive wastes, among other things. DOE’s Office of Environmental Management currently oversees more than 80 of these cleanup projects, primarily at government-owned, contractor-operated sites throughout the nation. Some of these highly complex projects have completion dates beyond 2050."
    * Federal Justice Statistics, 2006 - Statistical Tables

    Federal Justice Statistics, 2006 - Statistical Tables, 5/09: "Describes criminal case processing in the federal justice system, including arrest and booking through sentencing and corrections. These statistical tables present the number of suspects arrested and booked by the U.S. Marshals Service, suspects in matters investigated and prosecuted by U.S. attorneys, defendants adjudicated and sentenced in U.S. district court, and characteristics of federal prisoners and offenders under federal supervision."

    * Council of Economic Advisers - Economic Case for Health Care Reform

    Council of Economic Advisers - The Economic Case for Health Care Reform, June 2009

  • "The Council of Economic Advisers (CEA) has undertaken a comprehensive analysis of the economic impacts of health care reform. The report provides an overview of current economic impacts of health care in the United States and a forecast of where we are headed in the absence of reform; an analysis of inefficiencies and market failures in the current health care system; a discussion of the key components of health care reform; and an analysis of the economic effects of slowing health care cost growth and expanding coverage."
  • * Retirement - Official information and services from the U.S. government

    Retirement - USA.gov: links to several dozen topical sites.

  • Related postings on financial system
  • * FBI Releases Preliminary Annual Crime Statistics for 2008

    News release: "According to the FBI's Preliminary Annual Uniform Crime Report released June 1, 2009, the nation experienced a 2.5 percent decrease in the number of violent crimes and a 1.6 percent decline in the number of property crimes for 2008 compared with data from 2007. The report is based on information that the FBI gathered from 12,750 law enforcement agencies that submitted six to 12 comparable months of data to the FBI for both 2007 and 2008."

    June 01, 2009
    * General Motors Petition for Bankruptcy

    Follow up to previous postings on GM bankruptcy, New York Times: "General Motors filed for bankruptcy protection on June 1, 2009, a move that is expected to result in a drastic downsizing of the company. Judge Robert E. Gerber is hearing the case in United States Bankruptcy Court in New York."

  • Fact Sheet: GM Announces Agreement With U.S. Treasury and Canadian Governments Providing Fast Track to Competitive Future for "New GM"
  • * SEC OIG 2009 Semiannual Reports to Congress

    Securities and Exchange Commission (SEC) Office of Inspector General’s (OIG) Semiannual Report to Congress for the period from October 1, 2008 through March 31, 2009.

  • "This report is required by the Inspector General Act of 1978, as amended, and covers the work performed by the OIG during the period indicated. The reporting period was a very eventful and productive one for the OIG. On December 16, 2008, former SEC Chairman Christopher Cox asked me to undertake an investigation into complaints made to the Commission regarding Bernard L. Madoff, who was arrested on December 11, 2008, for running a Ponzi scheme. Former Chairman Cox asked that the OIG investigate the reasons that allegations made to the SEC about Madoff were found to be not credible. Former Chairman Cox also requested that the OIG investigate all staff contact and relationships with the Madoff family and firm and any impact such relationships had on staff decisions regarding the firm. Early on December 17, 2008, we opened an official investigation into the Madoff matter and, since that time, have made substantial progress in the investigation."
  • * Federal Agencies Propose Rule to Implement S.A.F.E. Act Mortgage Loan Originator Registration Requirements

    News release: "The Federal financial institution regulatory agencies are together issuing for public comment proposed rules requiring mortgage loan originators who are employees of agency-regulated institutions to meet the registration requirements of the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (S.A.F.E. Act). The S.A.F.E. Act requires the agencies to jointly develop and maintain a system for registering residential mortgage loan originators who are employees of agency-regulated institutions, including national and State banks, savings associations, credit unions, and Farm Credit System institutions, and certain of their subsidiaries. These mortgage loan originators must be registered with the Nationwide Mortgage Licensing System and Registry (Registry), a database established by the Conference of State Bank Supervisors (CSBS) and the American Association of Residential Mortgage Regulators to support the licensing of mortgage loan originators by the States. As part of this registration process, mortgage loan originators must furnish to the Registry background information and fingerprints for a background check. The S.A.F.E. Act generally prohibits employees of an agency-regulated institution from originating residential mortgage loans without first registering with the Registry."

  • Related postings on financial system
  • * New GAO Reports: FDA Privacy and Security Issues, Federal Employees Health Benefits Program, Nuclear Forensics
    • Defense Management: Observations on DOD's Fiscal Year 2010 Budget Request for Corrosion Prevention and Control, GAO-09-732R, June 01, 2009
    • Privacy and Security: Food and Drug Administration Faces Challenges in Establishing Protections for Its Postmarket Risk Analysis System, GAO-09-355, June 01, 2009
    • Federal Employees Health Benefits Program: Enrollee Cost Sharing for Selected Specialty Prescription Drugs, GAO-09-517R, April 30, 2009
    • Hospital Emergency Departments: Crowding Continues to Occur, and Some Patients Wait Longer than Recommended Time Frames, GAO-09-347, April 30, 2009
    • New Markets Tax Credit: Minority Entities Are Less Successful in Obtaining Awards Than Non-Minority Entities, GAO-09-536, April 30, 2009
    • Nuclear Forensics: Comprehensive Interagency Plan Needed to Address Human Capital Issues, GAO-09-527R, April 30, 2009
    • Crop Insurance: Opportunities Exist to Reduce the Costs of Administering the Program, GAO-09-445, April 29, 2009
    * 2009 National Intelligence: A Consumer's Guide

    nextgov - Bob Brewin posted the link to this 114 page PDF document, 2009 National Intelligence: A Consumer's Guide, and stated that this handbook, "distributed to intelligence professionals, which, among other things, highlights some top-secret networks that until now have been, well, top secret."

    * New Travel Requirements In Effect

    "Effective June 1, 2009, all citizens of the United States, Canada, Mexico, and Bermuda must carry a passport or other accepted documentation when entering or leaving the U.S. by air, land, or sea. This requirement — known as the Western Hemisphere Travel Initiative — has been gradually implemented since 2007 to allow sufficient time for travelers to obtain proper documentation. Visit this U.S. Department of Homeland Security webpage to see what types of documentation are accepted."

    * NARA: Missing Clinton Administration Hard Drive

    News release: "The National Archives and Records Administration (NARA) learned in late March 2009 that an external hard drive containing copies of Clinton Administration Executive Office of the President (EOP) data was missing from a NARA processing room. The external drive was being used for routine recopying to ensure preservation of the records. Approximately 113 4mm tape cartridges were copied onto a two terabyte Western Digital MY BOOK external hard drive. This small portable hard drive measures 6.5 x 2.1 x 5.4 inches and weighs 2.5 pounds."

    May 31, 2009
    * GM to File for Bankruptcy Protection on June 1

    New York Times: "The bankruptcy, to be filed in New York, is a moment of reckoning for an industry that was once at the heart of the American economy. It culminates a remarkable four months of confrontation between Washington and Detroit that is expected to result in a drastic downsizing of the company. It also places the government in uncharted territory as a business owner, as it takes a 60 percent ownership stake in the company during its restructuring."

    * Tax collectors worldwide to co-operate in revenue-raising to offset fiscal deficits

    News release: "The fifth meeting of the OECD’s Forum on Tax Administration was held in Paris on 28-29 May 2009, bringing together more than 100 participants from 34 OECD and non-OECD countries. The discussions focused on the challenges and opportunities currently facing revenue bodies and taxpayers around the world as a result of the first truly global financial and economic crisis. Working alongside senior business leaders, the heads of revenue bodies from FTA participating countries came together to share experiences and expertise to strengthen the responses of individual revenue bodies and to develop new joint initiatives...The full report will be available in July 2009. Below is the list of documents available:

    * Ranks of Discouraged Workers and Others Marginally Attached to the Labor Force Rise During Recession

    Bureau of Labor Statistics: Ranks of Discouraged Workers and Others Marginally Attached to the Labor Force Rise During Recession

  • "When economic conditions deteriorate, greater attention is paid to persons who are without work and seeking jobs—the unemployed. At such times, there is also greater interest in a group of persons who do not meet the official definition of unemployment but who have shown interest in labor force participation. These individuals—referred to as “marginally attached to the labor force”—wanted and were available for work and had looked for a job sometime in the prior 12 months. They were not counted as unemployed because they had not actively searched for work in the past 4 weeks. The number of persons who were marginally attached to the labor force increased sharply during the current recession, rising to 2.1 million in the first quarter of 2009."
  • Related postings on financial system
  • * UN Labor Agency Says World Unemployment Could Rise By 50 Million In 2009

    "The International Labour Office (ILO) issued new labour market projections for 2009, showing a further increase in unemployment, working poor and those in vulnerable employment...In the Global Employment Trends Update, May 2009 the ILO revised upwards its unemployment projections to levels ranging from 210 million to 239 million unemployed worldwide in 2009, corresponding to global unemployment rates of 6.5 and 7.4 per cent respectively. The Trends report projects an increase of between 39 and 59 million unemployed people since 2007 as the most likely range. Actual outcomes will depend on the effectiveness of fiscal expenditures decided by governments and on a functioning financial sector."

  • Related postings on financial system
  • May 30, 2009
    * Government Printing Office Annual Report

    GPO Sustainable Environmental Stewardship - Good Business, Good Government - Annual Report 2008: "As the largest industrial manufacturer in the District of Columbia, the U.S. Government Printing Office (GPO) tries to be as environmentally sensitive as possible. This includes trying to be green in virtually every step of our pr int ing processes. GPO has a long history of recycling. For nearly 150 years, GPO has been recycling waste paper, copper, brass, and scrap metal. Since 1954, GPO has been recycling corrugated boxes. Other materials we recycle include aluminum, silver, photographic film, phototypesetting paper, empty paint cans, 55-gallon metal drums, plastic drums, CDs, floppy disks, and video cassettes. In this Annual Report, we will show you how GPO is taking heed of the words spoken by President Theodore Roosevelt a century ago. It is our obligation to be a good steward of the resources under GPO’s control. Sustainable Environmental Stewardship is good business and good Government."

    * State and Trends of the Carbon Market 2009

    News release: "Despite the turmoil in the financial world, 2008 saw a doubling of the global carbon market, to an estimated value of more than US$ 126 billion, according to the latest State and Trends of the Carbon Market Report 2009, released today by the World Bank at Carbon Expo in Barcelona. The report is based on data from the trading of European Union Allowances (EUAs) under the European Union Emissions Trading Scheme (EU ETS) and from transactions completed under the Kyoto Protocol’s flexible mechanisms—the Clean Development Mechanism (CDM) and Joint Implementation (JI)—that allow industrialized countries to purchase greenhouse gas emission reductions in developing countries and in countries with economies in transition, as well as data from voluntary markets. It finds that the value of transactions from CDM projects in developing countries declined by 12% to an estimated US$ 6.5 billion in 2008, with an average price of US$ 16.8."

    May 29, 2009
    * Cyberspace Policy Review - Assuring a Trusted and Resilient Information and Communications Infrastructure

    White House: Securing Our Digital Future, Melissa Hathaway, Cybersecurity Chief at the National Security Council, discusses securing our nation's digital future.

  • Cyberspace Policy Review - Assuring a Trusted and Resilient Information and Communications Infrastructure, May 29, 2009: "The President directed a 60-day, comprehensive, “clean-slate” review to assess U.S. policies and structures for cybersecurity. Cybersecurity policy includes strategy, policy, and standards regarding the security of and operations in cyberspace, and encompasses the full range of threat reduction, vulnerability reduction, deterrence, international engagement, incident response, resiliency, and recovery policies and activities, including computer network operations, information assurance, law enforcement, diplomacy, military, and intelligence missions as they relate to the security and stability of the global information and communications infrastructure. The scope does not include other information and communications policy unrelated to national security or securing the infrastructure. The review team of government cybersecurity experts engaged and received input from a broad cross-section of industry, academia, the civil liberties and privacy communities, State governments, international partners, and the Legislative and Executive Branches. This paper summarizes the review team’s conclusions and outlines the beginning of the way forward towards a reliable, resilient, trustworthy digital infrastructure for the future."
  • * FTC Begins Rulemaking to Address Unfair and Deceptive Mortgage Practices

    News release: "In an effort to better protect financially distressed homeowners, the Federal Trade Commission has initiated a rulemaking proceeding involving foreclosure rescue and loan modification services. The FTC is seeking public comment to determine whether certain practices by companies providing these services are unfair or deceptive and should be reined in by proposed rules that would set standards to protect consumers."

    * FTC Provides Tips for Saving Money at the Gas Pump and Cooling Your Home

    News release: "With summer on the way, hotter days and vacation road trips are coming up fast. Because the costs of cooling your home and filling up your car can add up, the Federal Trade Commission is offering tips to save you money. Saving Starts @ Home: The Insider Story on Conserving Energy, offers energy conservation tips to help consumers save money in every room of the house. For example, for the attic, the FTC explains the ABCs of insulation. Among other tips for the kitchen, consumers find advice on using the newly redesigned Energy Guide labels available for all appliances. At Saving Money at the Gas Pump: A Bumper-to-Bumper Guide, consumers can find tips for improving fuel efficiency from bumper to bumper on a car."

    * New GAO Reports: Federal Reserve Banks Security Controls, National Preparedness
    • Defense Management: Observations on DOD's Analysis of Options for Improving Corrosion Prevention and Control through Earlier Planning in the Requirements and Acquisition Processes, GAO-09-694R, May 29, 2009
    • Federal Reserve Banks: Areas for Improvement in Information Security Controls, GAO-09-722R, May 29, 2009
    • Financial Audit: Senate Restaurants Revolving Fund for Fiscal Years 2008 and 2007, GAO-09-409, May 29, 2009
    • Sponsored Noncitizens and Public Benefits: More Clarity in Federal Guidance and Better Access to Federal Information Could Improve Implementation of Income Eligibility Rules, GAO-09-375, May 19, 2009
    • National Preparedness: FEMA Has Made Progress, but Needs to Complete and Integrate Planning, Exercise, and Assessment Efforts, GAO-09-369, May 07, 2009
    * TRAC: Immigration still driving prosecutions upward

    "After several months of declines since reaching all-time highs in September, new immigration prosecutions in February were up 22% from the previous month. According to timely case-by-case data obtained and analyzed by the Transactional Records Access Clearinghouse (TRAC), these 8,179 cases represent an increase of about 90% from a year ago, and 250% from February 2004. While immigration cases still account for more than half (53%) of all new federal prosecutions, new filings rose in nearly every other category as well, including drugs (up 49%), weapons (up 19%), white collar crime (up 24%) and government regulation (up 42%). Overall, new criminal cases are at the second-highest level recorded, up 27% from January and up 39% from a year ago."

    * Report: The Condition of Education 2009

    National Center for Education Statistics, U.S. Department of Education: "The Condition of Education 2009 in Brief contains a summary of 12 of the 46 indicators in The Condition of Education 2009. The topics covered include: public and private enrollment in elementary/secondary education; projections of undergraduate enrollment; student achievement from the National Assessment of Educational Progress in reading and mathematics; status dropout rates; immediate transition to college; educational attainment; expenditures for elementary and secondary education; and undergraduate fields of study."

    May 28, 2009
    * North American Surface Trade Numbers for March 2009

    New release: "Trade using surface transportation between the United States and its North American Free Trade Agreement (NAFTA) partners Canada and Mexico was 27.9 percent lower in March 2009 than in March 2008, dropping to $51.1 billion, according to the Bureau of Transportation Statistics (BTS) of the U.S. Department of Transportation, March was the third consecutive month with a yearly decline of greater than 27 percent. The value of U.S. surface transportation trade with Canada and Mexico rose 6.5 percent in March 2009 from February 2009. Month-to-month changes can be affected by seasonal variations and other factors. Surface transportation consists largely of freight movements by truck, rail and pipeline. About 88 percent of U.S. trade by value with Canada and Mexico moves on land."

  • Related postings on financial system
  • * EPA Launches Annual Efforts to Protect Area Beaches, Coastal Waters and New York/New Jersey Harbor

    News release: "With the beginning of the beach season, the U.S. Environmental Protection Agency (EPA) is again undertaking a beach and harbor protection program, comprising surveillance, sampling and funding activities to safeguard beaches and bays in New Jersey and New York, and the health of the people who enjoy them. Using its helicopter, ships and cutting-edge technologies, EPA’s initiatives and scientific assessments will go farther in 2009 than ever before."

  • For more information on EPA’s diverse coastal water activities, visit here.
  • * New GAO Reports: FDIC Audit, DOD Gift Fund Policies, U.S. Public Diplomacy
    • Financial Audit: Federal Deposit Insurance Corporation Funds' 2008 and 2007 Financial Statements, GAO-09-535, May 28, 2009
    • Financial Management: DOD Needs to Clarify Its General Gift Fund Policies to Provide for Effective Oversight, GAO-09-486R, May 27, 2009
    • U.S. Public Diplomacy: Key Issues for Congressional Oversight, GAO-09-679SP, May 27, 2009
    * The Budgetary Treatment of Proposals to Change the Nation's Health Insurance System

    The Budgetary Treatment of Proposals to Change the Nation's Health Insurance System, May 27, 2009

  • "The Congress is currently considering various approaches for instituting major changes in the nation's system of health insurance. Some of those proposals would signifi­cantly expand the federal government's role in that sys­tem, thus raising the question of how such changes might be reflected in the federal budget. This brief describes the approach that the Congressional Budget Office (CBO) will take in judging the appropriate budgetary treatment."

  • * NIST: Working Definition of Cloud Computing Released

    "NIST announces that its working definition of cloud computing is available. Researchers worked in collaboration with industry and government to draft the definition that serves as a foundation for its research and future publication on the topic. Cloud computing is a pay-per-use model for enabling available, convenient, on-demand network access to a shared pool of configurable computing resources that can be rapidly provisioned and released with minimal management effort or service provider interaction. Researchers are studying cloud architectures, economics, security and deployment strategies for the federal government."

    May 27, 2009
    * Tips from FDIC on How to Protect Against Foreclosure Frauds, Easy Money Schemes and Other Costly Deals

    News release: "Many people concerned about their mortgage, their job or their finances may be especially vulnerable to scams and other costly "fixes" for their problems. The Federal Deposit Insurance Corporation today issued a variety of tips to help consumers be on guard financially in the current economy. The advice was published in the Spring 2009 issue of FDIC Consumer News, the agency's quarterly newsletter for consumers."

  • Foreclosure Rescue and Loan Modification Scammers Still Prey on Stressed Homeowners: Our Latest Tips
  • Related postings on financial system
  • * Quarterly Report to Congress on International Monetary Fund Lending

    Treasury: Quarterly Report to Congress on International Monetary Fund Lending, January 1 – March 31, 2009

    * FDIC Quarterly Banking Profile

    Quarterly Banking Profile: Fourth Quarter 2008 - The 2009 Economic Landscape: How the Recession Is Unfolding across Four U.S. Regions Alternative Financial Services - A Primer - "Provides the earliest comprehensive summary of financial results for all FDIC-insured institutions. This report card on industry status and performance includes written analyses, graphs and statistical tables."

    * World Energy Use Projected to Grow 44 Percent Between 2006 and 2030

    News release: "World marketed energy consumption is projected to grow by 44 percent between 2006 and 2030, driven by strong long-term economic growth in the developing nations of the world, according to the reference case projection from the International Energy Outlook 2009 (IEO2009) released today by the Energy Information Administration (EIA). The current global economic downturn will dampen world energy demand in the near term, as manufacturing and consumer demand for goods and services slows. However, with economic recovery anticipated to begin within the next 12 to 24 months, most nations are expected to see energy consumption growth at rates anticipated prior to the recession. Total world energy use rises from 472 quadrillion British thermal units (Btu) in 2006 to 552 quadrillion Btu in 2015 and then to 678 quadrillion Btu in 2030."

    * Report on devolution and the governance of England

    News release: "Devolution has changed the system of Government of the United Kingdom irreversibly, according to the Commons Justice Committee, but has left England’s government highly centralised and, in the view of many, in need of fundamental change.

  • Report - Devolution: A Decade On - In its report published today, the three-party Committee analyses the "English Question" and the possible answers to it, pointing out that hardly anyone among its witnesses was content with no change, but that there is no consensus on what the changes should be."
  • May 26, 2009
    * Obama Selects Sotomayor for Supreme Court

    New York Times: "President Obama announced on Tuesday that he will nominate the federal appeals judge Sonia Sotomayor for the Supreme Court, choosing a daughter of Puerto Rican parents raised in Bronx public housing projects to become the nation’s first Hispanic justice."

    * Federal Reserve Bank - Reducing Foreclosures: No Easy Answers

    Reducing Foreclosures: No Easy Answers, Christopher Foote, Kristopher Gerardi, Lorenz Goette, and Paul Willen, Working Paper 2009-15, May 2009

  • "This paper takes a skeptical look at a leading argument about what is causing the foreclosure crisis and what should be done to stop it. We use an economic model to focus on two key decisions: the borrower’s choice to default on a mortgage and the lender’s subsequent choice whether to renegotiate or modify the loan. The theoretical model and econometric analysis illustrate that unaffordable loans, defined as those with high mortgage payments relative to income at origination, are unlikely to be the main reason that borrowers decide to default. In addition, this paper provides theoretical results and empirical evidence supporting the hypothesis that the efficiency of foreclosure for investors is a more plausible explanation for the low number of modifications to date than contract frictions related to securitization agreements between servicers and investors. While investors might be foreclosing when it would be socially efficient to modify, there is little evidence to suggest they are acting against their own interests when they do so. An important implication of our analysis is that policies designed to reduce foreclosures should focus on ameliorating the immediate effects of job loss and other adverse life events rather than modifying loans to make them more affordable on a long-term basis."
  • Related postings on financial system
  • May 25, 2009
    * Speech by Fed Vice Chair on interactions between monetary and fiscal policy in the current situation

    News release: "Our current economic situation has altered some of the usual interactions between monetary and fiscal policy. One change regards the relative effects of monetary and fiscal policy. The depth and persistence of economic weakness has meant that traditional monetary policy--the target for the federal funds rate--has become constrained from easing as much as might be desirable under the circumstances, and, as a consequence, the target federal funds rate is anticipated to remain near zero for some time. But as a result, fiscal stimulus has potentially become more effective in boosting economic activity than it usually would be."

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  • May 24, 2009
    * World Health Statistics 2009 presents mid-way report card

    News release: "Deaths of children aged under five years have dropped by 27% globally since 1990, according to the latest WHO estimates. But in WHO’s first progress report on the health-related Millennium Development Goals (MDGs) released today in the World Health Statistics 2009, other results are mixed. An estimated 9 million children aged under five years died in 2007, significantly fewer than the 12.5 million estimated to have died in 1990, the baseline year against which progress towards the goals is measured. However, in many African countries and in low-income countries generally, progress has been insufficient to reach the MDG target, that aims for a two thirds reduction in child mortality by the year 2015."

    * SEC Takes Steps to Strengthen Existing Rules Governing Securities Trading by Personnel

    News release: "Securities and Exchange Commission Chairman Mary Schapiro outlined a series of measures the agency is taking to strengthen its internal compliance program to guard against inappropriate employee securities trading....The measures the agency is taking include:

    • First, the staff has drafted a set of new internal rules governing securities transactions for all SEC employees that will require preclearance of all trades. It also will, for the first time, prohibit staff trading in the securities of companies under SEC investigation regardless of whether the employee has personal knowledge of the investigation. The rules have been submitted to the federal government’s Office of Government Ethics, which approves agency ethics rules.
    • Second, the SEC is contracting with an outside firm to develop a computer compliance system to track, audit and oversee employee securities transactions and financial disclosure in real time.
    • Third, Chairman Schapiro has signed an order consolidating responsibility for oversight of employee securities transactions and financial disclosure reporting within the Ethics Office. And, she has authorized the hiring of a new chief compliance officer."

    May 22, 2009
    * White House Fact Sheet: Reforms to Protect American Credit Card Consumers

    Fact Sheet: "Today, President Obama signs the Credit Card Accountability, Responsibility, and Disclosure (CARD) Act of 2009, marking a turning point for American consumers and ending the days of unfair rate hikes and hidden fees. Americans need a healthy flow of credit in our economy, but for too long credit card contracts and practices have been unfairly and deceptively complicated, often leading consumers to pay more than they reasonably expect. Every year, Americans pay around $15 billion in penalty fees. Nearly 80 percent of American families have a credit card, and 44 percent of families carry a balance on their credit cards. To tackle these problems, the Administration moved swiftly with the Congress to enact reforms."

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  • * New GAO Reports: End-Stage Renal Disease, Federal Transit Administration, Federal Contractors
    • End-Stage Renal Disease: CMS Should Monitor Effect of Bundled Payment on Home Dialysis Utilization Rates, GAO-09-537, May 22, 2009
    • Federal Transit Administration: Progress and Challenges in Implementing and Evaluating the Job Access and Reverse Commute Program, GAO-09-496, May 21, 2009
    • Federal Contractors: Better Performance Information Needed to Support Agency Contract Award Decisions, GAO-09-374, April 23, 2009
    * Treasury OIG: OTS Involvement With Backdated Capital Contributions by Thrifts

    OIG-09-037 – Safety and Soundness: OTS Involvement With Backdated Capital Contributions by Thrifts, May 21, 2009

  • We reviewed the circumstances surrounding the backdating of capital contributions to prior periods at six thrifts and concluded
    that the backdating of these transactions was inappropriate for all six thrifts. For one thrift, the OTS Senior Deputy Director directed the regional office to instruct the holding company to contribute capital and backdate the transaction. For another thrift, IndyMac, an OTS regional director authorized the backdating of the transaction. For a third thrift, OTS objected to backdating the transaction, informed the thrift management not to backdate the transaction, but the thrift proceeded to backdate it anyway. However, in this case, and in the case of two other thrifts where OTS became aware of the backdating after the fact, OTS allowed the backdating to remain. For one of these two other thrifts, OTS did not become aware of the backdating until after the period for amending the thrift’s financial reporting had closed. For the sixth thrift that backdated a transaction, when OTS became aware of the backdating it directed the thrift to reverse the transaction."
  • Related postings on financial system
  • * DOD OIG: Afghanistan Security Forces Fund Phase III, Accountability for Weapons Distributed to Afghanistan National Army

    D-2009-075 Afghanistan Security Forces Fund Phase III-Accountability for Weapons Distributed to the Afghanistan National Army, May 21, 2009 (Project No. D2007-D000LQ-0161.005)

  • We identified material internal control weaknesses in accounting for weapons provided to the Afghanistan National Army (ANA). Combined Security
    Transition Command-Afghanistan (CSTC-A( did not have a formal process in place to transfer weapons to the ANA. In addition, CSTC-A was unable to account for weapons, including weapons purchased with the ASF Fund. CSTC-A records did not list all weapons by serial number, and accountability systems used at ANA Depot 1 had significant data integrity problems. The CSTC-A Logistics Office has implemented corrective action to address these problems."
  • * Economist: The world's best banks - A short list

    As the dust starts to settle, which banks deserve the most plaudits?: "After months of indiscriminate fear, widespread losses and government hand-holding, the banking industry is gradually stabilising. Money markets are steadily calming. American banks that got a clean bill of health in this month’s stress tests are queuing up to repay government money. A first wave of escapees is likely to include Goldman Sachs, Morgan Stanley and JPMorgan Chase. Those banks that emerge from this crisis with reputations and franchises strengthened will find it increasingly easy to raise funds, win clients, attract employees and buy assets."

  • Related postings on the financial system
  • * The Best Places to Work in the Federal Government 2009

    "The Best Places to Work rankings — the most comprehensive and authoritative rating of employee satisfaction and commitment in the federal government — are produced by the Partnership for Public Service and American University's Institute for the Study of Public Policy Implementation (ISPPI)."

    May 21, 2009
    * Fact Sheet: Obama Administration National Fuel Efficiency Policy

    "The proposed national autos program adopts uniform federal standards to regulate both fuel economy and greenhouse gas emissions while preserving the legal authorities of DOT, EPA and California. The program covers model year 2012 to model year 2016 and ultimately requires an average fuel economy standard of 35.5 mpg in 2016. The result is a projected reduction in oil consumption of approximately 1.8 billion barrels over the life of the program and a projected total reduction in greenhouse gas emissions of approximately 900 million metric tons. This groundbreaking policy is good for consumers, good for the auto industry and it helps our country by reducing pollution and promoting energy independence."

    * New GAO Reports: Endangered Species Act, Hearing on ATC Modernization, FAA Personnel Reform
    • Endangered Species Act: The U.S. Fish and Wildlife Service Has Incomplete Information about Effects on Listed Species from Section 7 Consultations, GAO-09-550, May 21, 2009
    • Fiscal Year 2010 Budget Request: U.S. Government Accountability Office, GAO-09-699T, May 21, 2009
    • Responses to Questions for the Record: March 18, 2009, Hearing on ATC Modernization: Near-Term Achievable Goals, GAO-09-718R, May 20, 2009
    • Effect of Personnel Reform on the Federal Aviation Administration's Budget, GAO-09-645R, May 14, 2009
    • Freight Rail Security: Actions Have Been Taken to Enhance Security, but the Federal Strategy Can Be Strengthened and Security Efforts Better Monitored, GAO-09-243, April 21, 2009
    * Largest Quarterly Decline in Farmland Value Since 1985

    The Agricultural Newsletter from the Federal Reserve Bank of Chicago Number 1944, May 2009: "There was a quarterly decrease of 6 percent in the value of “good” agricultural land—the largest quarterly decline since 1985—according to a survey of 227 bankers in the Seventh Federal Reserve District on April 1, 2009. Also, the year-over-year increase in District farmland values eroded to just 2 percent in the first quarter of 2009. Furthermore, the growth in farmland cash rental rates moderated in the District for 2009, with an increase of 7 percent. The number of survey respondents who observed that the demand to purchase farmland during the first three months of 2009 was lower relative to the same period last year exceeded those who observed higher demand. The number of farms sold, the acreage sold, and the amount of farmland for sale were all below the levels of the prior year. Nearly a third of the bankers anticipated further declines in land values during the second quarter of 2009, while almost two-thirds anticipated stable land values."

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  • May 20, 2009
    * Fact Sheets: Helping Families Save Their Homes Act and the Fraud Enforcement and Recovery Act

    News release: "Today, President Obama...sign[ed] the Helping Families Save Their Homes Act and the Fraud Enforcement and Recovery Act into law...The Helping Families Save Their Homes Act is an important step towards stabilizing and reforming our nation’s financial and housing markets – helping American homeowners and increasing the flow of credit during these difficult economic times. This legislation will strengthen our nation's housing sector and facilitate the goals of the Administration's Making Home Affordable Program by helping millions of American homeowners stay in their homes. The Fraud Enforcement and Recovery Act will protect the American people by giving the federal government new tools and resources to prevent fraud. This reform bill will help the federal government keep markets free and fair, so that American consumers can thrive."

  • Related postings on financial system
  • * Senate Oversight Hearing: Troubled Assets Relief Program

    Oversight of the Troubled Assets Relief Program - The witness was The Honorable Timothy Geithner, Secretary, U.S. Department of the Treasury.

  • Statement by Timothy F. Geithner U.S. Secretary of the Treasury before the Senate Banking Committee, May 20, 2009: "Today, just four months into President Obama’s term of office, there are important indications that our financial system is starting to heal. For example, spreads for investment grade corporate bonds have fallen about 210 basis points and spreads on high yield corporate bonds are down about 770 basis points since the end of November. Spreads on AAA municipal bonds have come down 150 basis points since October. Risk premiums in short-term, inter-bank markets have fallen 280 basis points over roughly the same period and the cost of credit protection for the largest U.S. banks has fallen by about 180 basis points just since early April. Treasury is continuing to look into additional metrics that gauge the markets more broadly, as well as additional economic metrics, to determine the effectiveness of the current strategy and whether additional or different steps are needed."
  • Related postings on financial industry
  • * New GAO Reports: Joint Strike Fighter, Space Acquisitions, USPS, Designated Federal Entities
    • Joint Strike Fighter: Strong Risk Management Essential as Program Enters Most Challenging Phase, GAO-09-711T, May 20, 2009
    • Pension Benefit Guaranty Corporation: Financial Challenges Highlight Need for Improved Governance and Management, GAO-09-702T, May 20, 2009
    • Sovereign Wealth Funds: Laws Limiting Foreign Investment Affect Certain U.S. Assets and Agencies Have Various Enforcement Processes, GAO-09-608, May 20, 2009
    • Space Acquisitions: DOD Faces Substantial Challenges in Developing New Space Systems, GAO-09-705T, May 20, 2009
    • U.S. Postal Service: Network Rightsizing Needed to Help Keep USPS Financially Viable, GAO-09-674T, May 20, 2009
    • Designated Federal Entities: Survey of Governance Practices and the Inspector General Role, GAO-09-270, April 20, 2009
    * Over 400 Cases of Swine Flu Around the World

    Follow up to previous postings on swine flu and A/H1N1, from the Economist.com: Where swine flu has hit hardest: "The annual meeting of the World Health Assembly this week has been dominated by swine flu, as the number of cases continues to climb. Over 400 cases have been confirmed since Monday May 18th alone; Greece is the latest country to report a patient with the (A)H1N1 virus, bringing the number of countries with infections to 41. Of the 80 people that have died, most were in Mexico, where the infection originated. Neighbouring America accounts for over half of the world's reported cases. Global efforts will now focus on ensuring that developing countries have sufficient vaccines."

    * PBGC Deficit Climbs to $33.5 Billion at Mid-Year

    News release: "The Pension Benefit Guaranty Corporation posted a $33.5 billion deficit for the first half of fiscal year 2009, PBGC Acting Director Vince Snowbarger told the Senate Special Committee on Aging at a hearing today. Based on unaudited financial numbers as of March 31, the deficit represents an increase over FY 2008’s $11 billion shortfall, and is the largest in the agency’s 35-year history...The $22.5 billion deficit increase was due primarily to about $11 billion in completed and probable pension plan terminations; about $7 billion resulting from a decrease in the interest factor used to value liabilities; about $3 billion in investment losses; and about $2 billion in actuarial charges."

  • "The question of PBGC’s governance comes amidst allegations of mismanagement by the agency’s former director, Charles E.F. Millard, who deviated from PBGC’s conservative investment strategy just before the market downturn. In addition, it has been alleged that Millard improperly influenced the procurement process surrounding the restructure of the Corporation’s investments, according to a draft report released by the PBGC Inspector General."

  • * Report: How Philadelphia and Other Cities are Balancing Budgets in a Time of Recession

    "A new study from the Pew Philadelphia Research Initiative looks at how 13 major cities are coping with the recession and finds that most are facing significant budget gaps and are cutting services and personnel in response. Philadelphia is one of four cities studied that is planning at least one major tax hike—a five-year, one percentage point increase in the sales tax. Tough Decisions and Limited Options: How Philadelphia and Other Cities are Balancing Budgets in a Time of Recession examines the budget decisions that have been proposed or enacted in Philadelphia, placing its challenges in the context of 12 other cities: Atlanta, Baltimore, Boston, Chicago, Columbus (OH), Detroit, Kansas City (MO), Los Angeles, New York, Phoenix, Pittsburgh and Seattle."

  • Related postings on financial system
  • May 19, 2009
    * H1N1 Flu & International Education Information & Resources

    Follow up to previous postings on swine flu and A/H1N1: from the Consortium for North American Higher Education Collaboration (CONAHEC) - "The information in this site is intended to support internationally oriented higher education administrators, study abroad representatives, faculty and students by helping inform their decisions and actions affecting international academic activities stemming from concerns over the H1N1 strain of influenza...We are regularly updating basic statistics about the virus outbreak in the North American region. The information is provided by the appropriate government agencies of Mexico, the U.S. and Canada."

  • Click here to download a MS Excel file that is updated on a daily basis which includes 10 data sets, charts, and information at state/provincial levels.
  • * D.C. Circuit Holds Office of Administration Is Not An Agency, Not Subject to FOIA

    Follow up to previous postings on missing White House emails during Bush administrations, today's news release: "Today, in Citizens for Responsibility and Ethics in Washington (CREW) v. Office of Administration, the U.S. Court of Appeals for the D.C. Circuit issued an opinion upholding the district court's conclusion that the Office of Administration (OA) is not an agency and therefore is not subject to the Freedom of Information Act (FOIA). CREW brought this lawsuit under the FOIA to uncover documents related to OA's response to the discovery that millions of emails had gone missing from White House servers. Although OA had a history of responding to FOIA requests – in fact the office’s own website included regulations for filing FOIA requests with OA – after CREW sued OA suddenly claimed it was not an agency and was not required to produce any of the requested documents. The district court sided with the Bush administration, finding that OA was not an agency because it performed only administrative support functions and did not exercise substantial independent authority. In today's ruling, the D.C. Circuit agreed with that decision."

    * Remarks by President on National Fuel Efficiency Standards

    Remarks: "...While the United States makes up less than 5 percent of the world's population, we create roughly a quarter of the world's demand for oil. And this appetite comes at a tremendous price -- a price measured by our vulnerability to volatile oil markets, which send gas prices soaring and families scrambling. It's measured by a trade deficit where as much as 20 percent of what we spend on imports is spent on oil. It's measured in billions of dollars sent to oil-exporting nations, many that we do not choose to support, if we had a choice. It's measured in a changing climate, as sea levels rise, and droughts spread, forest burns, and storms rage."

  • Statement: Automakers Support President in Development of National Program for Autos
  • * New GAO Reports: DOD Personnel Clearances, Information Security, death and Abuse at Residential Programs for Troubled Teens
    • Commonwealth of the Northern Mariana Islands: Coordinated Federal Decisions and Additional Data Are Needed to Manage Potential Economic Impact of Applying U.S. Immigration Law, GAO-09-426T, May 19, 2009
    • DOD Personnel Clearances: Comprehensive Timeliness Reporting, Complete Clearance Documentation, and Quality Measures Are Needed to Further Improve the Clearance Process, GAO-09-400, May 19, 2009
    • Foreign Assistance: Measures to Prevent Inadvertent Payments to Terrorists under Palestinian Aid Programs Have Been Strengthened, but Some Weaknesses Remain, GAO-09-622, May 19, 2009
    • Information Security: Agencies Make Progress in Implementation of Requirements, but Significant Weaknesses Persist, GAO-09-701T, May 19, 2009
    • Seclusions and Restraints: Selected Cases of Death and Abuse at Public and Private Schools and Treatment Centers, GAO-09-719T, May 19, 2009
    * OCC Releases Community Reinvestment Act Information Evaluations For 39 National Banks

    News release: "The Office of the Comptroller of the Currency (OCC) today released a list of Community Reinvestment Act (CRA) performance evaluations that became public during the period of April 15, 2009 through May 14, 2009. The list contains only national banks and insured federal branches of foreign banks that have received ratings. The possible ratings are outstanding, satisfactory, needs to improve, and substantial noncompliance. Of the 39 evaluations made public this month, 10 were outstanding, 28 were satisfactory, and one was needs to improve. None were substantial noncompliance."

  • Related postings on financial system
  • * EPA Announces Start of Hudson River Dredging

    News release: "The dredging and related work will be conducted by GE under the terms of a November 2006 consent decree. EPA will oversee all aspects of the work; dredging will continue through October 2009, weather permitting. At the conclusion of this first phase of the project, an independent panel of experts will review the results of the dredging and potentially make recommendations for changes that may be incorporated throughout the remainder of the dredging, which is targeted for completion in 2015. This first phase of the dredging project will be conducted 24 hours a day, six days a week and targets the removal of 265,000 cubic yards of sediment and 20,300 kilograms of PCBs from a six-mile stretch of the river between Roger’s Island and Thompson Island. Sediment removed from the river will be carried by barge to a dewatering facility located on the Champlain Canal in Fort Edward. At this facility, water will be squeezed from the sediment and treated to drinking water standards before being returned to the canal. The remaining PCB-laden dirt will be loaded onto railcars for ultimate disposal at a permitted landfill facility in Andrews, Texas. The entire project will remove an estimated 1.8 million cubic yards of sediment and 113,000 kg of PCBs."

  • EPA's Hudson River Dredging Data website
  • General Electric’s website for the Dredging Project
  • May 18, 2009
    * 2009 Department of Justice Guide to the Freedom of Information Act - Procedure for Ordering Copies

    News release: "The Office of Information Policy is planning to publish the 2009 edition of the Department of Justice Guide to the Freedom of Information Act through the Government Printing Office (GPO) in June. The 2009 Guide will contain detailed discussions of the FOIA’s exemptions, as well as its procedural requirements, and FOIA litigation considerations. The 2009 Guide will also discuss proactive disclosures, FOIA fees and fee waivers, exclusions, discretionary disclosures and waiver, FOIA attorney fees, and reverse FOIA cases...The Office of Information Policy will send one courtesy copy of the Guide to the Chief FOIA Officer and principal FOIA contact at each agency."

    * FHFA's First Report to Congress Details Annual Examinations of Fannie Mae, Freddie Mac and the Federal Home Loan Banks

    News release: "James B. Lockhart, Director of the Federal Housing Finance Agency (FHFA), today released FHFA’s first Report to Congress, detailing the findings of the agency’s 2008 annual examinations of Fannie Mae, Freddie Mac, the 12 Federal Home Loan Banks (FHLBanks), and the Office of Finance. The report is the first Report to Congress since FHFA was established by the Housing and Economic Recovery Act of 2008 (HERA), signed into law in July of 2008. A predecessor agency, the Office of Federal Housing Enterprise Oversight (OFHEO), previously published annual reports to Congress on Fannie Mae and Freddie Mac examinations."

  • FHFA's First Report to Congress Details Annual Examinations of Fannie Mae, Freddie Mac and the Federal Home Loan Banks, May 18, 2009
  • Related postings on financial system
  • * American Legislative Exchange Council Report: Path to Economic Recovery for States

    News release: "In the midst of economic turmoil, federal bailouts, and budget deficits in more than 40 states, a new report from the American Legislative Exchange Council (ALEC) offers a roadmap to recovery based on economic performance trends from states over the last 10 years. The second edition of Rich States, Poor States: ALEC-Laffer State Economic Competitiveness Index [note: large file - loads slowly] shows how the federal bailout of the states may simply encourage out-of-control spending by states, which is up 124 percent over the last 10 years, without requiring them to make the tough decisions needed to bring about financial stability."

  • Related postings on financial system
  • * Fact Sheet: IMF Reforms and New Arrangements to Borrow

    News release: "The U.S. Department of the Treasury today released a letter from the Bretton Woods Committee, which includes the bipartisan support of five former secretaries of the Treasury, four former secretaries of State and America's leading foreign economic policy and national security experts to Speaker Pelosi and Majority Leader Reid expressing their support for the Administration's request for prompt enactment of additional funding for the International Monetary Fund (IMF), including the Obama Administration's request for the IMF's New Arrangements to Borrow (NAB). To view full text of the May 14th letter, click here."

  • Related postings on financial system
  • * OC Register Reports on Rate of County Foreclosures

    "Banks have seized homes in Orange County at a pace that dwarfs the darkest days of the housing downturn in the 1990s. Yet eager buyers have grabbed those properties, keeping the county's foreclosure inventory in check, according to a special report from MDA DataQuick. Some economists see a second wave of foreclosures coming. The onslaught will test the depths of buyer demand. According to DataQuick, banks took possession of roughly 7,000 houses and condos from July 2008 to January 2009, but buyers have taken an equal amount off the market. That equates to 1,000 foreclosures selling per month. (Check foreclosures in Orange County ZIP code HERE.)"

  • Related postings on financial system
  • * Financing Comprehensive Health Care Reform: Proposed Health System Savings and Revenue Options

    News release: "Senate Finance Committee Chairman Max Baucus (D‐Mont.) and Ranking Member Chuck Grassley (R‐Iowa) today released policy options for financing reform of America's health care system...Three areas of potential funding sources explored in the financing options are: savings achieved from within the health care system from reductions in current levels of spending; reevaluating current health tax subsidies; and changing non‐health tax provisions."

  • Financing Comprehensive Health Care Reform: Proposed Health System Savings and Revenue Options, Senate Finance Committee, May 20, 2009
  • "The U.S. health care system is in crisis. This crisis is not limited to the 46 million who lack health insurance – it extends to those who have health coverage but are worried about increasing costs. Rising health care costs affect families and American businesses, as health insurance premiums continue to outpace wages and inflation. Between 1999 and 2008, premiums for employer-sponsored health benefits increased 117 percent for families and individuals and 119 percent for employers. And annual health spending growth is expected to outpace average annual growth in the overall economy by 2.1 percentage points in each of the next ten years. In 2009 alone, health spending will increase 5.5 percent while gross domestic product (GDP) is expected to decrease 0.2 percent."
  • * New GAO Reports: DOD Business Systems Modernization, Military Operations in Afghanistan, DOD National Security Personnel System
    • DOD Business Systems Modernization: Recent Slowdown in Institutionalizing Key Management Controls Needs to Be Addressed, GAO-09-586, May 18, 2009
    • Military Operations: Actions Needed to Improve Oversight and Interagency Coordination for the Commander's Emergency Response Program in Afghanistan, GAO-09-615, May 18, 2009
    • Questions for the Record Related to the Implementation of the Department of Defense's National Security Personnel System, GAO-09-669R, May 18, 2009
    May 17, 2009
    * AP Economic Stress Index: Measuring Financial Strain by County

    AP Economic Stress Index, "A visual guide to the state of the economy using a unique formula made up of major economic indicators." October 2007 to Present. Data topics include: Stress Index, Unemployment, Foreclosure, Bankruptcy, Interviews with people impacted.

  • Related postings on financial system
  • * Interview With White House Budget Director Peter Orszag

    CNN Transcripts - "ORSZAG: Well, I think what happened is the free-fall in the economy seems to have stopped and we're, I guess the analogy there are some glimmers of sun shining through the trees, but we're not out of the woods yet. We do have more work ahead."

  • Department of Labor Unemployment Insurance Weekly Claims Report, May 14, 2009: "In the week ending May 9, the advance figure for seasonally adjusted initial claims was 637,000, an increase of 32,000 from the previous week's revised figure of 605,000. The 4-week moving average was 630,500, an increase of 6,000 from the previous week's revised average of 624,500...The fiscal year-to-date average for seasonally adjusted insured unemployment for all programs is 5.011 million."
  • Related postings on financial system
  • * President Obama and Vice President Biden's Personal Financial Disclosures Now Available

    [On May 15, 2009] "the President and Vice President released their 2008 financial disclosure reports. The Ethics in Government Act of 1978 requires high-level Federal officials to disclose publicly their personal financial interests. This is intended to ensure confidence in the integrity of the Federal government by demonstrating that officials are able to carry out their duties free of conflicts of interest. The public filing system serves to prevent such conflicts by providing for a systematic review of the financial interests of government officials. Neither the President nor the Vice President have any conflicts of interest, and their reports have been so certified by the independent Office of Government Ethics."

    * AIADA, NADA and NAMAD Send Joint Letter to President Obama

    National Association of Minority Automobile Dealers (NAMAD) - "Dear Mr. President: We write to convey the concerns of more than 19,000 franchised automobile dealerships on Main Streets all across America and the one million men and women who are directly employed in these local businesses. Together our associations represent every make and model of new cars and trucks (all domestic and all international nameplates) sold in the United States. Despite the fact that the best-made, most environmentally-friendly vehicles ever built are available at extremely competitive prices, the state of our entire industry is dire..."

  • Related postings on financial system and auto industry
  • * Available Online: Recordings of Hearings In Chrysler Bankruptcy Case

    "The United States Bankruptcy Court for the Southern District of New York is pleased to announce a pilot project to make digital audio recordings of court proceedings relating to Chrysler LLC, 09-50002, publicly available online. The audio files are accessible through the Public Access to Court Electronic Records (PACER) system. Registration for PACER access may be obtained at www.pacer.psc.uscourts.gov."

    * Commentary Examines the Backward Movement of Train Travel

    Follow up to previous postings, Spain Announces Superspeed Trains and Vision of High-Speed Rail in America, see Stop This Train! by Tom Vanderbilt: "There is at least one technology in America, however, that is worse now than it was in the early 20th century: the train."

    * Groups Request White House Office of Administration Be Subject to Freedom of Information Act

    News release: "Citizens for Responsibility of Ethics in Washington (CREW), along with 36 other organizations, has sent a letter to the White House urging that the White House's Office of Administration (OA) once again become an agency subject to the Freedom of Information Act (FOIA), as had been the case in previous administrations."

    * WaPo: Cuba's Undersea Oil Could Help Thaw Trade With U.S.

    Cuba's Undersea Oil Could Help Thaw Trade With U.S., by Nick Miroff: "Deep in the Gulf of Mexico, an end to the 1962 U.S. trade embargo against Cuba may be lying untapped, buried under layers of rock, seawater and bitter relations. Oil, up to 20 billion barrels of it, sits off Cuba's northwest coast in territorial waters, according to the Cuban government -- enough to turn the island into the Qatar of the Caribbean. At a minimum, estimates by the U.S. Geological Survey place Cuba's potential deep-water reserves at 4.6 billion barrels of oil and 9.8 trillion cubic feet of natural gas, stores that would rank the island among the region's top producers."

    May 16, 2009
    * NYT: What Does Your Credit-Card Company Know About You?

    New York Times Magazine: "Today companies are focusing on those customers most likely to honor their debts. And they are looking for ways to convince existing cardholders that if they only have enough money to pay one bill, it’s wiser to pay off their credit card than, say, the phone. Put another way, credit-card companies are becoming much more interested in understanding their customers’ lives and psyches, because, the theory goes, knowing what makes cardholders tick will help firms determine who is a good bet and who should be shown the door as quickly as possible."

  • Related postings on financial system
  • * EPA Hearing on Proposed Endangerment Findings for Greenhouse Gases Under the Clean Air Act

    News release: "EPA will hold the first of two public hearings on Monday, May 18 regarding the agency’s proposed findings that greenhouse gases contribute to air pollution that may endanger public health or welfare. The proposed findings identify six greenhouse gases that pose a potential threat."

  • More information on the proposed finding
  • Related postings on climate change
  • May 15, 2009
    * NYT: Minorities Hit Hardest by Foreclosures in New York

    "Late to arrive in the Northeast, the foreclosure crisis has swept through the New York region at an explosive pace in the past two years, destroying billions of dollars in housing wealth, according to a New York Times analysis of foreclosures filed since 2005 and federal mortgage data."

  • Mapping Foreclosures in the New York Region
  • Related postings on the financial system
  • * New GAO Reports: Congressional Award Foundation, Military Housing Privatization
    • Financial Audit: Congressional Award Foundation's Fiscal Years 2008 and 2007 Financial Statements, GAO-09-652, May 15, 2009
    • Military Housing Privatization: DOD Faces New Challenges Due to Significant Growth at Some Installations and Recent Turmoil in the Financial Markets, GAO-09-352, May 15, 2009
    * Treasury Releases March Monthly Bank Lending Survey

    News release: "The U.S. Department of the Treasury today released results from its monthly bank lending survey for March with data from the top 21 recipients of government investments through the Capital Purchase Program (CPP). Overall, balance sheets continued to contract. Outstanding loan balances at these banks slipped 1 percent in March. The survey also collects information on originations, which rose by 27 percent."

    * FTC: Judge Orders Halt to Illegal Robocalls Selling Deceptive Warranties

    Follow up to May 14, 2009 posting, FTC Files Suit to Stop Illegal Robocalls Pushing Vehicle “Warranty Extensions" - "Today Judge John F. Grady of the United States District Court for the Northern District of Illinois issued a temporary restraining order stopping telemarketing company Voice Touch, Inc., its principals James and Maureen Dunne, its business partner Network Foundations LLC, and Network Foundations principal Damian Kohlfeld from making any further calls in violation of the Do Not Call Registry and other provisions of the Telemarketing Sales Rule and the FTC Act. The FTC filed the case yesterday, charging that the defendants were operating a massive telemarketing scheme that used random, pre-recorded phone calls to deceive consumers into thinking that their vehicle’s warranty is about to expire."

    May 14, 2009
    * WSJ Charts Closing of Chrysler Dealerships

    Follow up to previous postings on Chrysler, this WSJ article, downloadable list, and graphic chart: "Chrysler will close one-quarter of its dealerships in the United States...see names, location details of the 789 dealers the embattled auto maker is seeking to drop from its retail network, according to documents filed Thursday with the U.S. Bankruptcy Court in Manhattan."

    • News release: "Chrysler LLC today filed a motion with the U.S. Bankruptcy Court seeking to reject certain U.S. dealer agreements, and a list of U.S. dealer agreements to be assigned to the buyer of its business assets. Subject to Court approval, 2,392 Chrysler, Jeep® or Dodge dealers will continue with the new company in a global alliance with Fiat once the sale is complete. This action will help improve the landscape of the Chrysler dealership network following the sale and enhance the full line portfolio of Dodge, Jeep and Chrysler products for customers."
    • Treasury Department Statement on Chrysler Dealer Consolidation
    • Related postings on financial system

    * New GAO Reports: Military Depot Maintenance, Aviation Security
    • Depot Maintenance: Actions Needed to Identify and Establish Core Capability at Military Depots, GAO-09-83, May 14, 2009: "DOD, through its biennial core process, has not comprehensively and accurately assessed whether it has the required core capability to support fielded systems in military depots. Although DOD internally reported that its maintenance workload of 92.7 million hours in 2007 was “well over” the minimum of 70.5 million hours needed to fulfill core requirements at military depots and that the services were complying with their core capability requirements, this assessment did not show capability shortfalls identified by the services in their core computations."
    • Aviation Security: TSA Has Completed Key Activities Associated with Implementing Secure Flight, but Additional Actions Are Needed to Mitigate Risks, GAO-09-292, May 13, 2009: "As of April 2009, TSA had generally achieved 9 of the 10 statutory conditions related to the development of the Secure Flight program and had conditionally achieved 1 condition (TSA had defined plans, but had not completed all activities for this condition). Also, TSA’s actions completed and those planned have reduced the risks associated with implementing the program."
    * Treasury and HUD Fact Sheet: Foreclosure Alternatives and Home Price Decline Protection Incentives
    * FTC Files Suit to Stop Illegal Robocalls Pushing Vehicle “Warranty” Extensions

    News release: "The Federal Trade Commission is asking a federal court to shut down a telemarketing campaign that has been bombarding U.S. consumers with hundreds of millions of allegedly deceptive “robocalls” in an effort to sell them vehicle service contracts under the guise that they are extensions of original vehicle warranties. In two related complaints filed in federal court, the Commission took action against both the promoter of the phony extended auto warranties, as well as the telemarketing company that it hired to carry out its illegal, deceptive campaign."

    * FDIC OIG Audit: Material Loss Review of Freedom Bank, Bradenton, Florida

    Audit Report: Material Loss Review of Freedom Bank, Bradenton, Florida, Posted May 12, 2009: "FB failed primarily due to bank management’s aggressive pursuit of asset growth concentrated in high-risk
    CRE loans with inadequate loan underwriting and a lack of other loan portfolio and risk management controls. In addition, FB had a lending incentive compensation program without substantive credit quality controls that contributed to the bank’s rapid loan portfolio growth and rewarded loan officers without consideration of actual loan performance. Resulting losses severely eroded FB’s earnings and capital and negatively impacted liquidity, leading to the bank’s failure and a material loss to the DIF."

  • Related postings on financial system
  • * Joint Economic Committee Report: Credit Card Bill of Rights Will Aid Economic Recovery

    News release: "Congresswoman Carolyn B. Maloney, Chair of the Joint Economic Committee (JEC), and Senator Charles E. Schumer, Vice Chairman of the JEC, released a report showing unfair credit card practices are sending American families further into debt and undermining the economic recovery. The report, Vicious Cycle: How Unfair Credit Card Company Practices Are Squeezing Consumers and Undermining the Recovery, outlines how the economic downturn and financial crisis have accelerated the adverse impacts of these practices on consumers, small businesses and our economy as a whole."

  • Related postings on financial system
  • * CDC: Pool Chemical Injuries Send Thousands to ER Each Year

    News release: "Pool chemical injuries account for as many as 5,200 emergency room visits each year. A new study by the Centers for Disease Control and Prevention shows that these injuries are preventable, and during 2007 almost half of those injuries occurred at a residence. According to the study, published in CDC's Morbidity and Mortality Weekly Report (MMWR), persons can be injured by inhaling fumes when they open pool chemical containers, attempting to pre-dissolve pool chemicals, or handling them improperly. Persons can also be injured when chemicals splash into the eyes. These preventable injuries typically occur during the summer swimming season, from Memorial Day to Labor Day, and can occur in or out of the pool.

    In addition to pool chemical injuries, thousands of people each year suffer from recreational water illnesses. The study was released ahead of CDC's National Recreational Water Illness Prevention Week, May 18-24. The week aims to raise awareness about healthy swimming behaviors, including ways to prevent recreational water illnesses and injuries. Recreational water illnesses are illnesses spread by swallowing, inhaling vapors, or having contact with contaminated water in swimming pools, water parks, spas, interactive fountains, lakes, rivers, or oceans."

    * Kaiser Foundation Chartpack and Fact Sheet Highlight Medicare's Fiscal Challenges

    Follow up to Social Security Board of Trustees: Economic Downturn Leads to Worsening of Long-Range Financing Outlook, this news: "the Kaiser Family Foundation has issued a new chartpack and factsheet with updated information on Medicare spending and financing, including new projections and historical data about the program's hospital trust fund, which is projected to be exhausted in 2017. The chartpack also includes recent Kaiser public opinion data highlight the public's views on Medicare and on variation options for addressing its fiscal shortfalls."

    * Statistics on Terrorism Arrests and Outcomes Great Britain

    Home Office Statistical Bulletin: Statistics on Terrorism Arrests and Outcomes, Great Britain 13 May 2009 - 11 September 2001 to 31 March 2008.

  • "For the period between the start of the data collection on 11 September 2001 to 31 March 2008: There were 1,471 terrorism arrests. This excludes 38 arrests made between the introduction of the Terrorism Act 2000 on 19 February 2001 and 11 September 2001 and 119 stops at Scottish ports under Schedule 7 of the Terrorism Act 2000."
  • * Unified Agenda, May 2009 Edition

    Unified Agenda, May 2009 Edition: "The Unified Agenda summarizes the rules and proposed rules that each Federal agency expects to issue during the next six months."

    * OECD African Economic Outlook 2009

    "The 2009 African Economic Outlook focuses on Innovations in Information and Communications Technologies (ICTs). It also presents a comprehensive analysis of the economic, social and political developments on the continent."

    May 13, 2009
    * Secretary Clinton Launches the Virtual Student Foreign Service Initiative

    "Virtual Student Foreign Service (VSFS) Internships, announced by Secretary Clinton at the 2009 New York University commencement speech, are part of a growing effort by the State Department to harness technology and a commitment to global service among young people to facilitate new forms of diplomatic engagement. The VSFS Internships will be developed over the next year and will seek to harness the energy of a rising generation of citizen diplomats."

    * EPA Offers Tips to Save Energy and Fight Climate Change this Summer

    News release: "With summer and the high costs of cooling right around the corner, EPA is offering advice to help Americans reduce both energy bills and greenhouse gas emissions by one third through Energy Star. The energy used in an average home costs more than $2,200 a year and contributes more greenhouse gas emissions than a typical car."

    * CBO: Alternatives for Modernizing U.S. Fighter Forces, May 2009

    CBO Study: Alternatives for Modernizing U.S. Fighter Forces, May 2009

  • "This Congressional Budget Office (CBO) study looks at the composition of today’s fighter fleets and at how the Department of Defense’s (DoD’s) plans for modernizing fighter forces—as set forth in the Bush Administration’s 2009 Future Years Defense Program (FYDP) and other DoD documents—would affect inventories and warfighting capability over the next several decades."
  • * Treasury: Regulatory Reform Over-The-Counter (OTC) Derivatives

    News release: "The crisis of the past 20 months has exposed critical gaps and weaknesses in our financial regulatory system. As risks built up, internal risk management systems, rating agencies and regulators simply did not understand or address critical behaviors until they had already resulted in catastrophic losses. Those failures have caused a dramatic loss of confidence in our financial institutions and have contributed to a severe recession. Last March, Secretary Geithner laid out new regulatory rules of the road to ensure we never face a crisis of this magnitude again. An essential element of reform is the establishment of a comprehensive regulatory framework for over-the-counter derivatives, which under current law are largely excluded or exempted from regulation...Today, to address these concerns, the Obama Administration proposes a comprehensive regulatory framework for all Over-The-Counter derivatives..."

  • Related postings on financial system
  • * National Gang Threat Assessment 2009 Released

    News release: "According to the 2009 National Gang Threat Assessment released by the National Gang Intelligence Center (NGIC) and the National Drug Intelligence Center (NDIC), approximately one million gang members belonging to more than 20,000 gangs were criminally active in the U.S. as of September 2008. The assessment was developed through analysis of available federal, state, and local law enforcement information; 2008 NDIC National Drug Threat Survey (NDTS) data; and verified open source information."

    * Rand: Review of the European Data Protection Directive

    Review of the European Data Protection Directive, by Neil Robinson, Hans Graux, Maarten Botterman, Lorenzo Valeri

  • "The Information Commissioner's Office (ICO) asked a multidisciplinary international research team led by RAND Europe with time-lex and GNKS-Consult to review the strengths and weaknesses of the European Data Protection Directive 95/46/EC and propose avenues for improvement. The Directive can be regarded as a unique legal instrument in how it supports the exercise of a right to privacy and rules for personal data protection. Its principles are regarded in many quarters as a gold standard or reference model for personal data protection in Europe and beyond. However, the Directive must remain valid in the face of new challenges, including globalisation, the ongoing march of technological capability and the changing ways that personal data is used. Although the flexibility of the Directive helps it to remain current, its effectiveness is undermined by the complexity of the cultural and national differences across which it must operate."
  • * CDC: Changing Patterns of Nonmarital Childbearing in the United States

    CDC/National Center for Health Statistics, Changing Patterns of Nonmarital Childbearing in the United States, May 2009

  • "Childbearing among unmarried women has been the subject of intense public policy and public health concern for decades, much of it reflecting concerns about the impact on family structure and the economic security of children. Nonmarital births are at higher risk of having adverse birth outcomes such as low birthweight, preterm birth, and infant mortality than are children born to married women. Children born to single mothers typically have more limited social and financial resources. This report examines data on nonmarital births from the National Vital Statistics System (NVSS). The principal measures reviewed are the number of births to unmarried women, the birth rate for unmarried women, and the percentage of all births to unmarried women...Childbearing by unmarried women has resumed a steep climb since 2002...Births to unmarried women totaled 1,714,643 in 2007, 26% more than in 2002...Nearly 4 in 10 U.S. births were to unmarried women in 2007....Birth rates have risen considerably for unmarried women in their twenties and over, while declining or changing little for unmarried teenagers."
  • May 12, 2009
    * Pew Hispanic Center Report: Minorities, Immigrants and Homeownership

    Through Boom and Bust: Minorities, Immigrants and Homeownership, May 12, 2009:

  • "The boom-and-bust cycle in the U.S. housing market over the past decade and a half has generated greater gains and larger losses for minority groups than it has for whites, according to an analysis of housing, economic and demographic data by the Pew Hispanic Center, a project of the Pew Research Center. From 1995 through the middle of this decade, homeownership rates rose more rapidly among all minorities than among whites. But since the start of the housing bust in 2005, rates have fallen more steeply for two of the nation's largest minority groups-blacks and native-born Latinos-than for the rest of the population. Overall, the ups and downs in the housing market since 1995 have reduced the homeownership gap between whites and all racial and ethnic minority groups. However, a substantial gap persists. As of 2008, 74.9% of whites owned homes, compared with 59.1% of Asians, 48.9% of Hispanics and 47.5% of blacks."
  • Related postings on financial system
  • * Social Security Board of Trustees: Economic Downturn Leads to Worsening of Long-Range Financing Outlook

    News release: "The Social Security Board of Trustees today released its annual report on the financial health of the Social Security Trust Funds. The Trustees project that program costs will exceed tax revenues in 2016, one year sooner than projected in last year’s report. The combined assets of the Old-Age and Survivors, and Disability Insurance (OASDI) Trust Funds will be exhausted in 2037, four years sooner than projected last year. The worsening of the long-range outlook for the Social Security program is due primarily to the recent economic downturn and faster reductions in mortality than previously assumed."

  • The 2009 Annual Report of the Board of Trustees of the Federal Old-Age and Survivors Insurance and Federal Disability Insurance Trust Funds
  • Statement by Secretary Geithner on the Releases of Social Security and Medicare Trustees Reports
  • * DOJ Antitrust Division Announces Initiative to Help Protect Recovery Funds from Fraud, Waste and Abuse

    News release: "The Department of Justice’s Antitrust Division today announced the details of its newly formed initiative aimed at preparing government officials and contractors to recognize and report efforts by parties to unlawfully profit from the stimulus projects that are being awarded as part of The American Recovery and Reinvestment Act of 2009. Consistent with its mission to protect the welfare of the American economy by promoting open and fair competition, the Department’s Antitrust Division launched an initiative to help government agencies insulate procurement, grant and program funding processes from collusion and fraud, as well as to ensure that those who abuse those processes are prosecuted to the fullest extent of the law...The Antitrust Division’s Recovery Initiative involves training procurement and grant officials, government contractors, and agency auditors and investigators, on techniques for identifying the "red flags of collusion" before stimulus awards are made and taxpayer money is unnecessarily wasted. The initiative makes available to agencies Antitrust Division competition experts who can evaluate procurement and program funding processes. These Division experts will make recommendations on "best practices" that may be adopted by the agencies to further protect processes from fraud, waste and abuse and maximize open and fair competition. Finally, the initiative commits the Antitrust Division to playing a significant role in assisting agencies investigate and prosecute those who seek to or succeed in defrauding the government’s efforts to maximize competition for stimulus funds."

  • The Antitrust Division has also launched a Recovery Initiative Web site through which consumers, contractors and federal, state and local agencies, can review information about the antitrust laws and the Division’s training programs, request training, and report suspicious activity. The Web site is located at http://www.usdoj.gov/atr/public/criminal/economic_recovery.htm."
  • * March Airline On-Time Performance Higher Than Last Year, Down from February

    March Airline On-Time Performance Higher Than Last Year, Down from February (05/12/09)

  • "The nation’s largest airlines had a rate of on-time flights this past March that was higher than the same month last year but down from the mark posted in February 2009, according to the Air Travel Consumer Report released by the U.S. Department of Transportation (DOT). According to information filed with the Bureau of Transportation Statistics (BTS), a part of DOT’s Research and Innovative Technology Administration (RITA), the 19 carriers reporting on-time performance recorded an overall on-time arrival rate of 78.4 percent in March, better than the 71.6 percent on-time rate of March 2008 but down from February 2009’s 82.6 percent. The monthly report also includes data on lengthy tarmac delays, flight cancellations and the causes of flight delays by the reporting carriers, as well as information on airline bumping, reports of mishandled baggage filed with the carriers, and consumer service, disability and discrimination complaints received by DOT’s Aviation Consumer Protection Division. This report also includes reports of incidents involving pets traveling by air, as required to be filed by U.S. carriers."
  • * New GAO Reports: Motor Carrier Safety, Strategic Petroleum Reserve
    • Motor Carrier Safety: Commercial Vehicle Registration Program Has Kept Unsafe Carriers from Operating, but Effectiveness Is Difficult to Measure, GAO-09-495, May 12, 2009
    • Strategic Petroleum Reserve: Issues Regarding the Inclusion of Refined Petroleum Products as Part of the Strategic Petroleum Reserve, GAO-09-695T, May 12, 2009
    • See also related postings on Petroleum Reserve
    * Network Airlines Report Fifth Consecutive Quarterly Loss Margin

    Fourth-Quarter 2008 System Airline Financial Data: Network Airlines Report Fifth Consecutive Quarterly Loss Margin (05/11/09)

  • "The seven largest network airlines, as a group, reported an operating loss margin of 6.7 percent in the fourth quarter of 2008, the fifth consecutive quarterly loss margin since the group reported a profit margin in the third quarter of 2007, the Bureau of Transportation Statistics (BTS) of the U.S. Department of Transportation reported today in a release of preliminary data. BTS, a part of the Research and Innovative Technology Administration, reported that six of the seven reporting network airlines, most of the industry’s largest carriers, reported an operating loss margin in the October-to-December period. Only Alaska Airlines reported an operating profit."
  • * Radioisotope Power Systems: An Imperative for Maintaining U.S. Leadership in Space Exploration

    Radioisotope Power Systems: An Imperative for Maintaining U.S. Leadership in Space Exploration, 2009

  • "Spacecraft require electrical energy. This energy must be available in the outer reaches of the solar system where sunlight is very faint.It must be available through lunar nights that last for 14 days, through long periods of dark and cold at the higher latitudes on Mars, and in high-radiation fields such as those around Jupiter. Radioisotope power systems (RPSs) are the only available power source that can operate unconstrained in these environments for the long periods of time needed to accomplish many missions, and plutonium-238 (238Pu) is the only practical isotope for fueling them. Plutonium-238 does not occur in nature. The committee does not believe that there is any additional 238Pu (or any operational 238Pu production facilities) available anywhere in the world.The total amount of 238Pu available for NASA is fixed, and essentially all of it is already dedicated to support several pending missions the Mars Science Laboratory, Discovery 12, the Outer Planets Flagship 1 (OPF 1), and (perhaps) a small number of additional missions with a very small demand for 238Pu. If the status quo persists, the United States will not be able to provide RPSs for any subsequent missions."
  • * Council of Economic Advisors: Estimates of job creation from the American Recovery and Reinvestment Act of 2009

    White House Council on Economic Advisers, Estimates of Job Creation from the American Recovery and Reinvestment Act of 2009, May 2009: "The American Recovery and Reinvestment Act (ARRA) was designed to save and create jobs, as well as to cushion the economic downturn and make crucial public investments. At the time of passage, the Council of Economic Advisers (CEA) made estimates of the employment effects of the Act for the economy as a whole. As the money is being distributed by the various agencies, there is interest in estimates of the likely jobs effects of the individual pieces. Of course, as projects swing into action, the government will gather actual data on reported job creation. This report describes the estimating procedures used so far; specifies procedures to be used by recipients for estimating job creation going forward; discusses reporting requirements for job creation; and describes the procedures the CEA will use to evaluate the job creation and retention benefits of the ARRA going forward."

  • Related postings on financial system
  • May 11, 2009
    * Treasury Releases the President's FY2010 Budget 'Greenbook'

    News release: "As part of the Administration's effort to develop a budget that invests in our nation's future, the U.S. Treasury Department today released the General Explanations of the Administration's Fiscal Year 2010 Revenue Proposals (Greenbook) to provide details of plans to cut taxes for small businesses and middle class families and close unfair corporate tax loopholes. The plan includes $736 billion in tax cuts for working families over the next ten years and provides almost $100 billion in tax cuts for businesses, providing support to the entrepreneurs who will help drive an economic recovery. The plan also promotes fairness and fiscal responsibility by closing hundreds of billions in loopholes, including $36 billion in tax breaks for oil companies and the $86.5 billion "check-the-box" loophole which allows U.S. companies that invest overseas to shift income to tax havens."

  • Related postings on financial system
  • * Special Inspector General for Iraq Reconstruction Quarterly Report to the United States Congress

    Special Inspector General for Iraq Reconstruction Quarterly Report to the United States Congress, April 30, 2009 - (Public Law 108-106, as amended, and Public Law 95-452)

  • "This quarter marked the sixth anniversary of the U.S. entry into Iraq. Since the March 20, 2003, invasion, the Congress has appropriated $51 billion in foreign aid for relief and reconstruction efforts that have touched every aspect of Iraqi society, from training and equipping its security forces to improving the delivery of essential services. These tens of billions in taxpayer dollars were provided chiefly to four major funds: the Iraq Relief and Reconstruction Fund ($20.86 billion), the Iraq Security Forces Fund ($18.04 billion), the Economic Support Fund ($3.74 billion), and the Commander’s Emergency Response Program ($3.5 billion). As of March 31, 2009, the United States had obligated $42.16 billion and expended $37.89 billion for Iraq reconstruction."
  • Related postings on Special Inspector General for Iraq Reconstruction
  • * FTC Alleges That Mortgage Lender Charged Hispanics Higher Prices for Loans

    News release: "The Federal Trade Commission has charged a home mortgage lender and its owner with violating federal law by charging Hispanic consumers higher prices for mortgage loans than non-Hispanic white consumers – price disparities that cannot be explained by the applicants’ credit characteristics or underwriting risk. The FTC seeks to bar future violations and obtain redress for consumers...According to the FTC’s complaint, the defendants violated the Equal Credit Opportunity Act (ECOA) in pricing mortgage loans. They allegedly gave loan officers and branch managers wide discretion to charge, in addition to the risk-based price, “overages” through higher interest rates and higher up-front charges. The defendants allegedly paid loan officers a percentage of the overages as a commission and failed to monitor whether Hispanic consumers were paying higher overages than non-Hispanic white borrowers."

    * Expanding Health Care Coverage: Proposals to Provide Affordable Coverage to All Americans

    Description of Policy Options Expanding Health Care Coverage: Proposals to Provide Affordable Coverage to All Americans, Senate Finance Committee, May 14, 2009

  • "The U.S. is the only developed country that does not guarantee health coverage for all its citizens, with 46 million uninsured and another 25 million underinsured. Today, the cost of caring for the uninsured is largely borne by those with insurance; providers charge higher prices to patients with private coverage to make up for uncompensated care, and these costs are passed on to consumers in the form of increased premiums. A high-performing health system would guarantee all Americans affordable, quality coverage regardless of age, health status, or medical history. This document outlines policy options for providing affordable health care coverage for all Americans."
  • * DOJ OIG: Review of the Federal Bureau of Investigation’s Disciplinary System

    Review of the Federal Bureau of Investigation's Disciplinary System, Evaluation and Inspections, Report I-2009-002, May 2009

  • "The OIG conducted this review to examine the FBI’s investigations of allegations of misconduct against FBI employees and to assess whether the FBI imposed consistent, reasonable, and timely discipline for misconduct. In this Executive Digest, we first provide a brief overview of the FBI’s disciplinary system, followed by a summary of our results and our recommendations."
  • * New GAO Reports: Federal Rulemaking, IRS Management
    • Federal Rulemaking: Improvements Needed to Monitoring and Evaluation of Rules Development as Well as to the Transparency of OMB Regulatory Reviews, GAO-09-205, April 20, 2009
    • IRS Management: IRS Practices Contribute to Its Resilience, but It Would Benefit from Additional Emergency Planning Efforts, GAO-09-418, April 9, 2009
    * The Final Installment of the FY 2010 Budget

    Follow up to GPO Access: Budget of the United States Government and The President’s 2010 Budget, from OMB: "Today, we released the final volumes of the President’s FY 2010 Budget. These volumes include the Summary Tables, which show aggregate budget projections for the next 10 years; Historical Tables, which offer a wealth of budget data over the last century; and Analytical Perspectives, which provides a detailed discussion of certain budget concepts and Administration policies."

  • Related postings on financial system
  • * EIA: International Petroleum Monthly, Petroleum Supply Surveys, World LNG Imports by Origin
    • Coal News and Markets : "he Weekly Coal Production (WCP) Report provides estimates for U.S. coal production by State based on railroad car loading data."
    • International Petroleum Monthly - April 2009 (05/11/2009) - "This report contains world petroleum production data through February 2009; and OECD country petroleum demand, imports, and stocks data through January 2009. Also included are international oil balance data for 2004-2008 and annual petroleum data series for 1970-2008."
    • Federal Register notice - Petroleum Supply Surveys (05/06/2009) "The attached document is the Federal Register notice for the Petroleum Supply Reporting System Surveys. Comments are due by July 6, 2009.
    • Federal Register notice - Petroleum Marketing Surveys (05/06/2009): "The attached is the Federal Register notice for the Petroleum Marketing Surveys. Comments are due by July 6, 2009."
    • World LNG Imports by Origin, 2007 (05/05/2009): "A table with country-level imports of liquefied natural gas (LNG) by country of origin for the year 2007 is now available. The table is also provided in Excel spreadsheet format. These tables for 2007, as well as tables for the years 1993-2006, are also available on the International LNG Imports Page."
    * Three Banks Announce Plans Stock Offerings to Repay TARP Funds

    New York Times DealBook: "Three United States banks, apparently emboldened by the clean bills of health they received under the federal stress tests, announced plans Monday to pay down the government’s investments under the TARP program by selling billions of dollars in new stock. The announcements came from Capital One Financial, US Bancorp and BB&T Corporation, each of which were found not to need additional capital under the examinations of 19 large financial institutions, whose results were made public last week."

    May 10, 2009
    * 2009 Credit Card Survey of Small Business

    News release: "The National Small Business Association (NSBA) today released data showing that reliance on credit cards is growing among small businesses. Unfortunately, so, too, is the number of small-business respondents who reported worsening credit-card terms. The NSBA 2009 Small Business Credit Card Survey provides a detailed view of how small businesses are utilizing their credit cards, how their credit-card companies are treating them, and the impacts of deteriorating credit-card terms on their business."

  • Related postings on financial system
  • * President Obama at the White House Correspondent's Dinner

    YouTube: President Obama at the White House Correspondent's Dinner, May 10, 2009

    * GovFresh - Government 2.0 - Offers Live RSS Updates

    "GovFresh is a live feed of official news from U.S. Government Twitter, YouTube, RSS, Facebook, Flickr accounts and more, all in one place."

  • See also White House Website Adds Links to FaceBook, Twitter, MySpace
  • * A Borrower's Guide to an FDIC Insured Bank Failure

    A Borrower's Guide to an FDIC Insured Bank Failure, May 5, 2009 - "Information for the borrowers whose loans are acquired in the bank failure process."

  • Related postings on financial system
  • * EPA OIG: EPA Does Not Provide Oversight of Radon Testing Accuracy and Reliability

    09-P-0151 EPA Does Not Provide Oversight of Radon Testing Accuracy and Reliability, May 4, 2009
    "EPA does not perform oversight of radon testing device accuracy or reliability. The 1988 Indoor Radon Abatement Act required that EPA establish proficiency programs for firms offering radon-related services, including testing and mitigation. EPA established and operated proficiency programs until 1998, when it disinvested in these programs. According to Agency representatives, EPA has neither the authority nor resources to ensure radon testing devices and testing laboratories are accurate and reliable. EPA asserts that it shares oversight responsibility with States and industry, including the two national proficiency programs operating under private auspices. However, without oversight, EPA cannot assure that radon testing devices provide accurate data on indoor radon risks or that radon testing laboratories accurately analyze and report radon results."

    * New Study Ranks Homeownership and Rental Housing Affordability for More Than 60 Occupations in Over 200 U.S. Metro Areas

    News release: "Despite declining home prices, many of the jobs created through the federal stimulus package do not pay enough to afford a home, according to Paycheck to Paycheck: Wages and the Cost of Housing in America. This new study compares housing costs in more than 200 U.S. metropolitan areas with the wages earned by workers in 60 occupations and was released today by the Center for Housing Policy, the research affiliate of the National Housing Conference. In particular, the study takes an in-depth look at housing affordability for five construction-related occupations that may see a boost from the stimulus package, including construction managers, carpenters, equipment operators, long haul truck drivers and construction laborers. For all of these occupations except construction managers, homeownership remains unaffordable, even after the recent drop in home prices. Construction laborers also struggle to pay rents in three out of four markets studied, while equipment operators and long-haul truck drivers are unable to afford rents in approximately one-fourth of the markets."
    U.S. Metropolitan Area Rankings - Homeownership and Rental Affordability Findings for More Than 200 U.S. Metropolitan Areas:

    * New CBO Reports: Monthly Budget Review, Financing Federal Aviation Programs, Cap-and-Trade Program
    • Monthly Budget Review, May 2009 - Based on the Monthly Treasury Statement for March and the Daily Treasury Statements for April: "The federal government incurred a deficit of close to $800 billion for the first seven months of fiscal year 2009, CBO estimates—$646 billion more than the deficit recorded through April 2008. That estimate includes outlays for the Troubled Asset Relief Program (TARP) measured on a net-present-value basis (adjusted for market risk), consistent with statutory requirements and with the approach used in the President’s budget request for fiscal year 2010, which was transmitted today. On a present-value basis, CBO estimates that outlays for the TARP were $116 billion through April."
    • Financing Federal Aviation Programs, May 7, 2009 - Testimony before the Committee on Ways and Means, U.S. House of Representatives: "In reauthorizing activities of the FAA, particularly modernizing and operating the air traffic control system, the Congress faces a decision about how to split the costs between users of the agency’s services and taxpayers. During recent years, about 75 percent to 85 percent of funding for the FAA has come from users of the air traffic control system through various taxes, while the remaining amount has come from the general fund of the Treasury."
    • The Distribution of Revenues from a Cap-and-Trade Program for CO2 Emissions, May 7, 2009 - Testimony before Committee on Finance, United States Senate: "Under a cap-and-trade program, consumers would ultimately bear most of the costs of emission reductions. Firms that used emission allowances for CO2 would generally pass along to consumers the cost of using those allowances in the form of higher prices for their products—regardless of whether the government sold emission allowances or gave them away. Such price increases would be essential to the success of a cap-and-trade program because they would be the most important mechanism through which businesses and households were encouraged to make investments and behavioral changes that reduced CO2 emissions. see also related postings on climate change].
    * Commentary: Consequences of Raising the Retirement Age

    Economic Policy Institute Briefing Paper - Working the Graveyard Shift, Why raising the Social Security retirement age is not the answer, by Monique Morrissey and Emily Garr: "The life expectancy of older Americans has increased by three and a half years over the past half century. In 2005, Americans who survived to age 65 could expect to live another 18.6 years, up from 15.1 years in 1955. By 2050, the Social Security Administration estimates that the average 65-year-old will live 21 years in retirement. As our golden years grow longer, we will need to work longer, work harder, or increase the share of earnings devoted to funding retirement in order to ensure a comfortable old age. The choice depends on whether we prefer to enjoy the fruits of economic growth in the form of increased leisure or increased consumption."

  • Economic Policy Institute: "Americans are living longer, so why shouldn’t they work longer? That’s a prevailing thought in Washington, where lawmakers nine years ago raised the retirement age from 65 to 67 years, and now they are reportedly considering making workers wait even longer to collect full social security benefits. At first glance, it seems like a sensible and fair way to reverse a projected shortfall in social security. On Wednesday, the Washington Post described Senator Lindsey Graham (R-S.C.) and House Majority Leader Steny Hoyer (D-Md.) as both favoring this approach in recent talks about ways to overhaul the social security system. But research shows that this seemingly logical strategy would actually place a disproportionate burden on lower-income and minority workers, cutting their benefits and shortening their retirement more than for the average worker..."
  • Hoyer Delivers Keynote Address on Entitlement and Health Care Reform, May 6, 2009: "...I believe we would have the easiest challenge in reforming Social Security. Here, the options are well and widely understood. We can bring in more revenues. We can restrain the growth of benefits, particularly for higher-income workers, while we strengthen the safety net for lower-income workers. And/or we can raise the retirement age, recognizing that our life expectancy is significantly higher today. What is missing here is not ideas—it is political will..."
  • May 09, 2009
    * GPO Access: Budget of the United States Government

    Fiscal Year 2010 Budget Documents

    • A New Era of Responsibility: Renewing America’s Promise - "Provides a description of the Obama Administration’s fiscal policies and major budgetary initiatives. This document is an overview of the full Fiscal Year 2010 Budget expected to be released this spring."
    • Appendix - "Contains detailed information on the various appropriations and funds that constitute the budget."

    May 08, 2009
    * New GAO Reports: Statutory Authorities to Prohibit IG Activities, Financial Management Systems, SEC Enforcement Division
    • Statutory Authorities to Prohibit Inspector General Activities, GAO-09-660R, May 08, 2009: "The IG Act provides specific protections intended to help ensure the independence of IG audits and investigations. For example, the IG Act prohibits an agency head from preventing an IG from initiating, carrying out, or completing any audit or investigation, or from issuing any subpoena during the course of any audit or investigation. However, the IG Act authorizes the heads of six agencies to prohibit their respective IGs from carrying out or completing an audit or investigation, or from issuing any subpoena if the head determines that such prohibition is necessary to prevent either the disclosure of certain sensitive information or significant harm to certain national interests."
    • Financial Management Systems: OMB's Financial Management Line of Business Initiative Continues but Future Success Remains Uncertain, GAO-09-328, May 07, 2009
    • Securities and Exchange Commission: Greater Attention Is Needed to Enhance Communication and Utilization of Resources in the Division of Enforcement, GAO-09-613T, May 07, 2009
    * Bureau of Labor Statistics: Employment Situation Summary, April 2009

    Employment Situation Summary, April 2009: "Nonfarm payroll employment continued to decline in April (-539,000), and the unemployment rate rose from 8.5 to 8.9 percent, the Bureau of Labor Statistics of the U.S. Department of Labor reported today. Since the recession
    began in December 2007, 5.7 million jobs have been lost. In April, job losses were large and widespread across nearly all major private-sector industries. Overall, private-sector employment fell by 611,000."

  • Related postings on financial system
  • * DOT OIG: Review of Web Applications Security and Intrusion Detection in Air Traffic Control Systems

    Review of Web Applications Security and Intrusion Detection in Air Traffic Control Systems, May 04, 2009

  • "On May 4, 2009, we issued our report on Federal Aviation Administration (FAA) web applications security and intrusion detection in air traffic control (ATC) systems, requested by the Ranking Minority Members of the full House Transportation and Infrastructure Committee and its Aviation Subcommittee. We found that web applications used in supporting ATC systems operations were not properly secured to prevent attacks or unauthorized access. During the audit, our staff gained unauthorized access to information stored on web application computers and an ATC system, and confirmed system vulnerability to malicious code attacks. In addition, we found that FAA had not established adequate intrusion–detection capability to monitor and detect potential cyber security incidents at ATC facilities. Intrusion–detection systems have been deployed to only 11 (out of hundreds of) ATC facilities. Also, cyber incidents detected were not remediated in a timely manner."
  • * CRS: The 2009 Influenza A(H1N1) Outbreak: Selected Legal Issues

    CRS Report - The 2009 Influenza A(H1N1) Outbreak: Selected Legal Issues - May 4, 2009: "Recent human cases of infection with a novel influenza A(H1N1) virus have been identified both internationally and in the United States. Since there has been human to human transmission and the new virus has the potential to become pandemic, it is timely to examine the legal issues surrounding this emerging public health threat. This report provides a brief overview of selected legal issues including emergency measures, civil rights, liability issues, and employment issues."

  • Related postings on swine flu and A/H1N1
  • May 07, 2009
    * Federal Reserve, OCC, and FDIC release results of the Supervisory Capital Assessment Program

    News release: "The results of a comprehensive, forward-looking assessment of the financial conditions of the nation's 19 largest bank holding companies (BHCs) by the federal bank supervisory agencies were released on Thursday. The exercise--conducted by the Federal Reserve, the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation--was conducted so that supervisors could determine the capital buffers sufficient for the 19 BHCs to withstand losses and sustain lending--even if the economic downturn is more severe than is currently anticipated. In a detailed summary of the results of the Supervisory Capital Assessment Program (SCAP), the supervisors identified the potential losses, resources available to absorb losses, and resulting capital buffer needed for the 19 participating BHCs. The SCAP is a complement to the Treasury's Capital Assistance Program (CAP), which makes capital available to financial institutions as a bridge to private capital in the future. Together, these programs play a critical role in ensuring that the U.S. banking sector will be in a position of strength."

    * Congressional Commission on the Strategic Posture of the United States Issues Final Report

    News release: "The final report of the Congressional Commission on the Strategic Posture of the United States provides over 100 findings and recommendations on critical issues related to U.S. nuclear strategy. Key themes on which recommendations are focused include (1) challenges and opportunities inherent in the current security environment; (2) the roles, functions, and projection of U.S. nuclear forces, including missile defense; (3) the safety, security, and reliability of the nuclear stockpile; (4) the state of the nuclear weapons complex; (5) arms control and nonproliferation; and (6) additional steps for the prevention of proliferation and the protection against nuclear use." [Peggy Garvin]

  • America’s Strategic Posture - The Final Report of the Congressional Commission on the Strategic Posture of the United States
  • May 06, 2009
    * Zillow Real Estate Market Reports First Quarter: January-March 2009

    News release: "U.S. home values continued to slide for the ninth consecutive quarter, declining 14.2 percent from a year ago, and falling 21.8 percent since the market peak in 2006. Additionally, one-fifth (21.9%) of all homeowners in the United States is in negative equity, and one in five homes sold in the past 12 months was a foreclosure. Zillow Q1 Real Estate Market Reports track 161 metropolitan statistical areas (MSAs) throughout the U.S., identifying market trends including, but not limited to: five and 10-year annualized change, negative equity, short sales and foreclosure transactions [includes excel, graphs and maps]."

  • Related postings on financial system
  • * Obama Administration Opens Up Government to New World of Social Networking

    Time: "At the new President's urging and by his example, the entire Federal Government [well, not really] has bounded into the world of social-networking. Twenty-five agencies now have YouTube channels. The Library of Congress has begun posting thousands of free historical photos on Flickr. In the past week alone, about 30 agencies, including the White House, have joined Facebook."

  • News release: "The U.S. General Services Administration now has a terms of service agreement with Facebook, a site with more than 200 million active users and MySpace a leading social portal for connecting people, content and culture. GSA has also reached agreements with Blist which provides a consumer focused service for publishing data on the web, Slideshare a site for sharing of PowerPoint, word and PDF documents and AddThis, a bookmarking and sharing platform reaching more than a half billion users worldwide."
  • * FTC Testifies on Efforts to Combat Foreclosure Rescue and Loan Modification Scams

    News release: "The Federal Trade Commission today told the U.S. House Subcommittee on Housing and Community Opportunity of the Committee on Financial Services that, with the rapid increase in mortgage delinquencies and foreclosures, the FTC has intensified its efforts to protect consumers from foreclosure rescue and loan modification scams. The FTC also recommended legislative and other remedies to enhance the agency’s effectiveness. Associate Director of the FTC’s Division of Financial Practices, Peggy Twohig, testified that the Commission has brought 11 cases targeting mortgage foreclosure rescue and loan modification scams in a little over one year, and is actively engaged in ongoing, non-public investigations."

  • Related postings on financial system
  • * Joint statement on Treasury Capital Assistance Program and Supervisory Capital Assessment Program

    News release: "During this period of extraordinary economic uncertainty, the U.S. federal banking supervisors believe it to be important for the largest U.S. bank holding companies (BHCs) to have a capital buffer sufficient to withstand losses and sustain lending even in a significantly more adverse economic environment than is currently anticipated. In keeping with this aim, the Federal Reserve and other federal bank supervisors have been engaged in a comprehensive capital assessment exercise--known as the Supervisory Capital Assessment Program (SCAP)--with each of the 19 largest U.S. BHCs...Under the SCAP, supervisors evaluated the extent to which each of the 19 BHCs would need to alter either the amount or the composition (or both) of its Tier 1 capital today to be able to comfortably exceed minimum regulatory requirements at year-end 2010, even under an more adverse economic scenario."

    * 2008 National Healthcare Quality & Disparities Reports

    News release: "For the sixth year in a row, the Agency for Healthcare Research and Quality (AHRQ) has produced the National Healthcare Quality Report (NHQR) and the National Healthcare Disparities Report (NHDR). These reports measure trends in effectiveness of care, patient safety, timeliness of care, patient centeredness, and efficiency of care. The reports present, in chart form, the latest available findings on quality of and access to health care. The National Healthcare Quality Report tracks the health care system through quality measures, such as the percentage of heart attack patients who received recommended care when they reached the hospital or the percentage of children who received recommended vaccinations. The National Healthcare Disparities Report summarizes health care quality and access among various racial, ethnic, and income groups and other priority populations, such as children and older adults."

    * The G20 Meetings: No Common Framework, No Consensus

    The G20 Meetings: No Common Framework, No Consensus, Michael Pettis, Nonresident Senior Associate, Carnegie China Program, Policy Brief No. 79, May 2009

  • "Participants in the recently completed G20 meeting in London agreed on a number of measures, some substantial and some merely symbolic, but they sidestepped the real issues dividing the major economic powers and, in so doing, failed to address the root causes of the global trade and investment imbalances. This was almost inevitable. China, Europe, and the United States have incompatible conceptual frameworks for understanding the causes of the global financial crisis; furthermore, their conflicting domestic political constraints make agreement on solutions hard to reach."
  • Related postings on financial system
  • * DOJ OIG Audit: FBI's Terrorist Watchlist Nomination Practices

    The Federal Bureau of Investigation's Terrorist Watchlist Nomination Practices, Audit Report 09-25, May 2009

  • "The federal government’s consolidated terrorist watchlist was created in March 2004 by merging previously separate watchlists that were once maintained by different agencies throughout the federal government. The watchlist is managed by the Federal Bureau of Investigation (FBI), through its supervision of the Terrorist Screening Center (TSC). The watchlist is used by frontline screening personnel at U.S. points of entry and by federal, state, local, and tribal law enforcement officials. Since the establishment of the watchlist in 2004, the FBI has nominated or processed the nominations for more than 68,000 known or The watchlist serves as a critical tool for these screening and law enforcement personnel by notifying the user of possible encounters with known or suspected terrorists and by providing instruction on how to respond to the encounter. Each day the watchlist is updated with new or revised biographical information on known or suspected terrorists gathered by U.S. intelligence and law enforcement agencies, including the FBI."
  • * New GAO Reports: DOD Financial Statement Auditability, Intelligent Mail Benefits, SEC Enforcements Division, Passport Issuance Process
    • Architect of the Capitol: Plans for Renovating the Cannon House Office Building and Garages, GAO-09-673T, May 06, 2009
    • Financial Management: Achieving Financial Statement Auditability in the Department of Defense, GAO-09-373, May 06, 2009
    • U.S. Postal Service: Intelligent Mail Benefits May Not Be Achieved if Key Risks Are Not Addressed, GAO-09-599, May 06, 2009
    • Securities and Exchange Commission: Greater Attention Needed to Enhance Communication and Utilization of Resources in the Division of Enforcement, GAO-09-358, March 31, 2009
    • State Department: Significant Vulnerabilities in the Passport Issuance Process, GAO-09-681T, May 05, 2008
    * Postal Service Ends Second Quarter with $1.9 Billion Loss

    News release: "The U.S. Postal Service ended its second quarter (Jan 1 – March 31) with a net loss of $1.9 billion, as the economic recession and longer-term financial pressures, such as the diversion of letter mail to electronic alternatives, continued to reduce mail volume and revenue. Despite aggressive actions to reduce costs and grow revenue, the Postal Service will likely face a cash shortfall of over $1.5 billion at the end of the fiscal year. The Postal Service has incurred net losses from operations in 10 of the last 11 fiscal quarters. The year-to-date net loss is $2.3 billion, compared to a loss in the same period last year of $35 million. A significant portion of the losses over this period can be attributed to an unprecedented decline in mail volume. In the second quarter, mail volume totaled 43.8 billion pieces, down 7.5 billion pieces, or 14.7 percent, compared to a year ago.

  • Postal Service financial information site
  • * Commerce and Interior Restore Scientific Consultations under the Endangered Species Act to Protect Species and their Habitats

    News release: "Secretary of Commerce Gary Locke and Secretary of the Interior Ken Salazar today announced that the two departments are revoking an eleventh-hour Bush administration rule that undermined Endangered Species Act (ESA) protections. Their decision requires federal agencies to once again consult with federal wildlife experts at the U.S. Fish and Wildlife Service and the National Oceanic and Atmospheric Administration – the two agencies that administer the ESA – before taking any action that may affect threatened or endangered species."

    May 05, 2009
    * CBO: Potential Impacts of Climate Change in the United States

    Potential Impacts of Climate Change in the United States, May 2009

  • "This paper summarizes the current state of scientific understanding of the potential effects of projected changes in climate and related developments. The paper describes the wide range of potential impacts, including changes in: seasonal weather patterns; the amount and type of precipitation; storms and sea level; regular climate fluctuations; ocean acidity; ecosystems and biodiversity; agriculture, forestry, and fishing; water supply and other infrastructure; and human health. The discussion focuses mainly on projections of impacts in the United States but also refers to impacts elsewhere that could be particularly severe and could indirectly affect the United States. The paper draws from various primary and secondary sources, particularly the Fourth Assessment Report of the Intergovernmental Panel on Climate Change (IPCC), a major national assessment recently released by the National Science and Technology Council in the Executive Office of the President, and a number of surveys published by the U.S. Climate Change Science Program, which integrates executive-branch research on climate and global change."
  • Related postings on climate change
  • * FTC Testifies on Data Security, Peer-to-Peer File Sharing

    News release: "The Federal Trade Commission today testified on the Commission’s efforts to promote better security for sensitive consumer information and to prevent the inadvertent sharing of consumers’ personal or sensitive data over Peer-to-Peer Internet file-sharing networks. As part of these efforts, the agency also announced that it had reached an agreement with one of the largest privately held lenders in the United States to resolve charges that the company violated federal law by failing to provide reasonable security for consumers’ sensitive information. In testimony before the House Energy and Commerce Committee Subcommittee on Commerce, Trade and Consumer Protection, Acting Director of the Bureau of Consumer Protection Eileen Harrington said the agency strongly supports the goals of H.R. 2221, the Data Accountability and Trust Act, which would require companies to put reasonable data security policies and procedures in place, and to notify consumers when there has been a data security breach that affects them. The legislation also would give the Commission the authority to obtain civil penalties for violations."

    * EPA Lays out a Plan for the Nation's Increase in Renewable Fuels

    News release: "The U.S. Environmental Protection Agency is proposing its strategy for increasing the supply of renewable fuels, poised to reach 36 billion gallons by 2022, as mandated by the Energy Independence and Security Act of 2007."

  • Renewable Fuel Standard Program (RFS2) Notice of Proposed Rulemaking: "EPA, under the Energy Independence and Security Act of 2007 is responsible for revising and implementing regulations to ensure that gasoline sold in the United States contains a minimum volume of renewable fuel. The Renewable Fuel Standard program will increase the volume of renewable fuel required to be blended into gasoline from 9 billion gallons in 2008 to 36 billion gallons by 2022. The new RFS program regulations are being developed in collaboration with refiners, renewable fuel producers, and many other stakeholders."
  • * Energy & Commerce Democrats Announce "Cash for Clunkers" Agreement

    "Chairman Henry A. Waxman, Subcommittee Chairman Edward J. Markey, Chairman Emeritus John D. Dingell, Congresswoman Betty Sutton, Congressman Jay Inslee, and Congressman Bart Stupak reached an agreement on a "Cash for Clunkers" program that will help the auto industry while cleaning our air. This agreement is based on H.R. 1550 [Consumer Assistance to Recycle and Save Act of 2009], introduced by Congresswoman Sutton, and H.R. 520, introduced by Congressman Inslee."

  • Fact Sheet: Cash for Clunkers
  • * New GAO Reports: Cyber Threats and Federal Systems, GAO Oversight
    • Information Security: Cyber Threats and Vulnerabilities Place Federal Systems at Risk, GAO-09-661T, May 5, 2009: "Cyber threats to federal information systems and cyber-based critical infrastructures are evolving and growing. These threats can be unintentional and intentional, targeted or nontargeted, and can come from a variety of sources, such as foreign nations engaged in espionage and information warfare, criminals, hackers, virus writers, and disgruntled employees and contractors working within an organization. Moreover, these groups and individuals have a variety of attack techniques at their disposal, and cyber exploitation activity has grown more sophisticated, more targeted, and more serious. As government, private sector, and personal activities continue to move to networked operations, as digital systems add ever more capabilities, as wireless systems become more ubiquitous, and as the design, manufacture, and service of information technology have moved overseas, the threat will continue to grow."
    • Recovery Act: GAO's Efforts to Work with the Accountability Community to Help Ensure Effective and Efficient Oversight, GAO-09-672T, May 5, 2009: "GAO is carrying out its responsibilities to review the uses of Recovery Act funds and will also target certain areas for additional review using a riskbased approach. GAO’s first bimonthly report examined the steps 16 states, the District of Columbia, and selected localities are taking to use and oversee Recovery Act funds. These states contain about 65 percent of the U.S. population and are estimated to receive about two-thirds of the intergovernmental grant funds available through the Recovery Act. GAO’s report made several recommendations to the Office of Management and Budget (OMB) toward improving accountability and transparency requirements; clarifying the Recovery Act funds that can be used to support state efforts to ensure accountability and oversight; and improving communications with Recovery Act funds recipients."
    • Related postings on financial system
    * GPO Relaunches GPO.gov

    "GPO is pleased to announce the re-launch of its agency Web site. This enhanced site includes separate Web pages for FDLP and LSCM information for the public. The new Web pages will help inform the public about and lead the public to Federal depository libraries. The redesigned site includes links to FDsys, GPO Access, the Catalog of U.S. Government Publications, the Federal Depository Library Directory, The FDLP Desktop, Ben's Guide, and more, as well as Web pages for each of the agency's departments."

    * Testimony by Chairman Bernanke on the economic outlook

    Chairman Ben S. Bernanke, The economic outlook - Before the Joint Economic Committee, U.S. Congress, Washington, D.C., May 5, 2009

  • "The U.S. economy has contracted sharply since last autumn, with real gross domestic product (GDP) having dropped at an annual rate of more than 6 percent in the fourth quarter of 2008 and the first quarter of this year. Among the enormous costs of the downturn is the loss of some 5 million payroll jobs over the past 15 months. The most recent information on the labor market--the number of new and continuing claims for unemployment insurance through late April--suggests that we are likely to see further sizable job losses and increased unemployment in coming months."
  • Related postings on financial system
  • * CFR Task Force Report: U.S. Must Act to Reduce Nuclear Force Levels and Dangers of Proliferation and Use

    "The Task Force report, titled U.S. Nuclear Weapons Policy [uncorrected proofs], focuses on near-term policies to reduce nuclear weapons to the lowest possible level consistent with maintaining a credible deterrent, while also ensuring that the U.S. nuclear arsenal is safe, secure, and reliable for as long as it is needed. “The imperative before the Obama administration,” the report says, “is to use all available tools to prevent the use and further acquisition of nuclear weapons.”

    * EPA Does Not Provide Oversight of Radon Testing Accuracy and Reliability

    EPA OIG: "EPA does not perform oversight of radon testing device accuracy or reliability. The 1988 Indoor Radon Abatement Act required that EPA establish proficiency programs for firms offering radon-related services, including testing and mitigation. EPA established and operated proficiency programs until 1998, when it disinvested in these programs. According to Agency representatives, EPA has neither the authority nor resources to ensure radon testing devices and testing laboratories are accurate and reliable. EPA asserts that it shares oversight responsibility with States and industry, including the two national proficiency programs operating under private auspices. However, without oversight, EPA cannot assure that radon testing devices provide accurate data on indoor radon risks or that radon testing laboratories accurately analyze and report radon results." At a Glance | Report

    * EPA Lifecycle Analysis of Greenhouse Gas Emissions from Renewable Fuels

    EPA Lifecycle Analysis of Greenhouse Gas Emissions from Renewable Fuels, EPA-420-F-09-024, May 2009

  • "As part of proposed revisions to the National Renewable Fuel Standard program (commonly known as the RFS program), EPA analyzed lifecycle greenhouse gas (GHG) emissions from increased renewable fuels use. The Energy Independence and Security Act of 2007 (EISA) establishes new renewable fuel categories and eligibility requirements. EISA sets the first U.S. mandatory lifecycle GHG reduction thresholds for renewable fuel categories, as compared to those of average petroleum fuels used in 2005. The regulatory purpose of the lifecycle greenhouse gas emissions analysis is to determine whether renewable fuels meet the GHG thresholds for the different categories of renewable fuel."
  • May 04, 2009
    * Federal Reserve Board - April 2009 Senior Loan Officer Opinion Survey

    The April 2009 Senior Loan Officer Opinion Survey on Bank Lending Practices: Current survey | Full report |
    Table 1 | Table 2 | Chart data | Table 1 | Table 2 | Charts

  • "The April 2009 Senior Loan Officer Opinion Survey on Bank Lending Practices addressed changes in the supply of, and demand for, loans to businesses and households over the previous three months. The survey also included two sets of special questions: The first set asked banks about their expectations for delinquencies and charge-offs on existing loans to business and households; the second set queried banks about international trade finance. This article is based on responses from 53 domestic banks and 23 U.S. branches and agencies of foreign banks."
  • Related postings on financial system
  • * EU Commissioner Reding calls for full privatisation and full accountability of ICANN as of 1 October

    News release: "In a video posted on her website this morning, Viviane Reding, EU Commissioner for Information Society and Media, called for greater transparency and accountability in Internet Governance as of October 2009. Key decisions related to Internet Governance, like top level domains and managing the internet's core directory, are currently made by the Internet Corporation for Assigned Names and Numbers (ICANN), a private not-for profit corporation established in California. So far, ICANN has been operating under an agreement with the US Department of Commerce. However, this agreement expires on 30 September this year. For the time after, Commissioner Reding today outlined a new governance model for the internet. This would include a fully private and accountable ICANN, accompanied by an independent judicial body, as well as a "G12 for Internet Governance" – a multilateral forum for governments to discuss general internet governance policy and security issues."

  • Related postings on ICANN
  • * Treasury: Leveling the Playing Field: Curbing Tax Havens and Removing Tax Incentives for Shifting Jobs Overseas

    News release: "Today, President Obama and Secretary Geithner are unveiling two components [Fact Sheet and Backgrounder] of the Administration's plan to reform our international tax laws and improve their enforcement. First, they are calling for reforms to ensure that our tax code does not stack the deck against job creation here on our shores. Second, they seek to reduce the amount of taxes lost to tax havens – either through unintended loopholes that allow companies to legally avoid paying billions in taxes, or through the illegal use of hidden accounts by well-off individuals. Combined with further international tax reforms that will be unveiled in the Administration's full budget later in May, these initiatives would raise $210 billion over the next 10 years. The Obama Administration hopes to build on proposals by Senate Finance Committee Chairman Max Baucus and House Ways and Means Chairman Charles Rangel – as well as other leaders on this issue like Senator Carl Levin and Congressman Lloyd Doggett – to pass bipartisan legislation over the coming months."

  • Related postings on financial system
  • * 400 Chrysler Dealers Close Since 2008

    IDD Magazine.com: There has been a drop in sales and foot traffic at car dealerships ahead of the actual bankruptcy and many have been forced to close - "The downturn in the auto industry has forced 400 Chrysler car dealers to close their doors since January 2008, and the pace is picking up amid a slowing U.S. economy and less available credit for consumers and dealers, according to a company official. The rate of failures was detailed by a Chrysler executive who works with dealerships in the U.S. on Monday at a hearing in a New York bankruptcy court where the auto giant, less than a week into its bankruptcy, asked for court approval to get a massive debtor in possession loan, or DIP, from the government."

  • Related postings on Chrysler and financial system
  • * New GAO Reports: Graduate Medical Education, Managing Army Force Growth
    • Graduate Medical Education: Trends in Training and Student Debt, GAO-09-438R, May 4, 2009
    • Military Personnel: Army Needs to Focus on Cost-Effective Use of Financial Incentives and Quality Standards in Managing Force Growth, GAO-09-256, May 4, 2009
    * Spring forecasts 2009-2010: a tough 2009, but EU economy set to stabilise as support measures take effect

    News release: "In the Commission's spring forecast, GDP in the European Union is projected to fall by 4% this year and to broadly stabilise in 2010. The main factors behind the recession are the worsening of the global financial crisis, a sharp contraction in world trade and ongoing housing market corrections in some economies. However, with the impact of fiscal and monetary stimulus measures kicking in, growth is expected to regain some momentum in the course of 2010. Labour markets will be severely affected, with the unemployment rate expected to increase to 11% in the EU in 2010. The public deficit is also projected to rise sharply, to 7¼% of GDP in 2010, reflecting both the slowdown and the discretionary measures taken to support the economy, in line with the European Recovery Plan proposed by the Commission....A more detailed report is available here."

  • Related postings on financial system
  • * Solving the Puzzle: Researching the Impacts of Climate Change Around the World

    National Science Foundation - Solving the Puzzle: Researching the Impacts of Climate Change Around the World, released May 1, 2009.

  • "This report addresses some of the major questions facing climate change researchers, and how those puzzles are being addressed by NSF-funded activities. Complex computer models are being developed and refined to predict Earth’s future climate. Observations of climate conditions from observatory networks distributed in Earth’s oceans, polar regions, land masses, and near-
    Earth orbit improve the accuracy of the climate models. Records of Earth’s past climate provide important insights into the mechanisms involved in climate cycles of the past, and can help to refine computational models by allowing researchers to simulate past climate. But understanding climate is only part of the story—as we improve our knowledge of how Earth’s climate is changing, we also improve our ability to cope with the impacts of global climate change and variability. Through social, economic, and behavioral science, researchers are learning how human behavior factors into climate change—and how human behavior can be modified to ameliorate our impact on Earth’s climate. Physical scientists and engineers are developing alternative ways of creating, storing, and using energy to reduce the amount of carbon that human activities contribute to the atmosphere. Researchers are also building the scientific foundation for the tools that humanity may need in the future to counteract the eff ects of global climate change."
  • Related postings on climate change
  • * CIA - A Tradecraft Primer: Structured Analytic Techniques for Improving Intelligence Analysis

    A Tradecraft Primer: Structured Analytic Techniques for Improving Intelligence Analysis, Prepared by the US Government, March 2009

  • "Using the analytic techniques contained in this primer will assist analysts in dealing with the perennial problems of intelligence: the complexity of international developments, incomplete and ambiguous information, and the inherent limitations of the human mind. Understanding the intentions and capabilities of adversaries and other foreign actors is challenging, especially when either or both are concealed. Moreover, transnational threats today pose even greater complexity, in that they involve multiple actor —including nonstate entities—that can adapt and transform themselves faster than those who seek to monitor and contain them. Finally, globalization has increased the diversity of outcomes when complex, interactive systems such as financial flows, regional economies or the international system as a whole are in flux."
  • * National Counterterrorism Center 2008 Report on Terrorism

    National Counterterrorism Center 2008 Report on Terrorism, 30 April 2009

  • "Consistent with its statutory mission to serve as the United States (US) government's knowledge bank on international terrorism, the National Counterterrorism Center (NCTC) is providing the Department of State with required statistical information to assist in the satisfaction of its reporting requirements under Section 2656f of title 22 of the US Code (USC). The statistical information included in this Annex to the 2008 Country Reports on Terrorism is drawn from the data that NCTC maintains on the www.nctc.gov website."
  • 2008 Country Reports on Terrorism Press Conference Slides
  • Related postings on terrorism
  • * White Paper: Defending Australia in the Asia Pacific Century: Force 2030

    Australian Government, Department of Defense White Paper: Defending Australia in the Asia Pacific Century: Force 2030, May 2, 2009.

  • "The global economic crisis is the most fundamental economic challenge facing this Government. At times such as these, the Government must be fiscally responsible. It would be reckless to commit substantial new resources to Defence while uncertainty surrounding the crisis remains. This new Defence White Paper explains how the Government plans to strengthen the foundations of Australia's defence. It sets out the Government's plans for Defence for the next few years, and how it will achieve those plans. Most importantly, it provides an indication of the level of resources that the Government is planning to invest in Defence over coming years and what the Government, on behalf of the Australian people, expects in return from Defence."
  • May 03, 2009
    * Bloomberg: Joblessness Probably Rose to 25-Year High

    May 3 (Bloomberg), by Shobhana Chandra, U.S. Economy Preview - "Unemployment in the U.S. probably climbed in April to a 25-year high, showing the labor market will be one of the last areas to emerge from the worst recession in at least 50 years, economists said before reports this week. The jobless rate jumped to 8.9 percent last month from 8.5 percent in March and employers cut at least 600,000 workers from payrolls for a fifth straight time, according to the median estimate in a Bloomberg News survey ahead of a May 8 Labor Department report. Other figures may show service industries shrank at a slower pace."

  • See also: "Economic activity in the manufacturing sector failed to grow in April for the 15th consecutive month, and the overall economy contracted for the seventh consecutive month, say the nation's supply executives in the latest Manufacturing ISM Report On Business®."
  • Related postings on financial system
  • * World Health Organization Update on Influenza AH1N1

    News release: "As of 1600 GMT, 3 May 2009, 18 countries have officially reported 898 cases of influenza A(H1N1) infection. Mexico has reported 506 confirmed human cases of infection, including 19 deaths. The higher number of cases from Mexico in the past 48 hours reflects ongoing testing of previously collected specimens. The United States Government has reported 226 laboratory confirmed human cases, including one death. The following countries have reported laboratory confirmed cases with no deaths - Austria (1), Canada (85), China, Hong Kong Special Administrative Region (1), Costa Rica (1), Denmark (1), France (2), Germany (8), Ireland (1), Israel (3), Italy (1), Netherlands (1), New Zealand (4), Republic of Korea (1), Spain (40), Switzerland (1) and the United Kingdom (15)."

  • Related postings on swine flu and A/H1N1
  • * 2007 Economic Census Industry Series

    "The economic census provides a detailed portrait of the United States' economy once every five years, from the national to the local level. The 2007 Economic Census covers most of the U.S. economy in its basic collection of establishment statistics. There also are several related programs, including statistics on minority- and women-owned businesses. Censuses of agriculture and governments are conducted at the same time. Results from the 2007 Economic Census are being issued on American FactFinder, starting in early 2009 and continuing through late 2011."

  • To see an example data set, try 2007 Economic Census, Sector 52: Finance and Insurance
  • * AARP Research Report: Social Security: Ten Facts that Matter

    Social Security: Ten Facts that Matter - Research Report, Selena Caldera, AARP Public Policy Institute, April 2009.

  • "Social Security insures families against the loss of income caused by retirement, disability, or death, with nearly universal coverage; Social Security insurance covers 94 percent of workers in paid employment and self-employment. The program has been a success; however, Social Security has a long-term solvency challenge."
  • * THOMAS Launches First RSS Feed

    "The Congressional Record Daily Digest is now available as the first RSS feed from THOMAS. The Daily Digest from THOMAS is one of five RSS feeds available from the Law Library of Congress as described on our RSS Feeds and Email Delivery http://www.loc.gov/law/news/rss.php page. To see a complete list of RSS feeds and email updates available through the Library of Congress, please visit Library of Congress RSS Feeds and Email Subscriptions. For help with subscribing and suggestions for news readers, please see Library of Congress RSS Feeds http://www.loc.gov/rss/faq.html." [Emily Carr, Legal Reference Specialist, Law Library of Congress]

    * U.S. Geological Survey Study Demonstrates How Methylmercury, Known to Contaminate Seafood, Originates in the Ocean

    News release: "A new landmark study published [May 1, 2009] documents for the first time the process in which increased mercury emissions from human sources across the globe, and in particular from Asia, make their way into the North Pacific Ocean and as a result contaminate tuna and other seafood. Because much of the mercury that enters the North Pacific comes from the atmosphere, scientists have predicted an additional 50 percent increase in mercury in the Pacific by 2050 if mercury emission rates continue as projected."

  • Mercury sources, distribution and bioavailability in the North Pacific Ocean--Insights from data and models and information on other USGS mercury research
  • * Quarterly Public-Employee Retirement Systems Survey: 4th Quarter 2008

    News release: "This survey provides quarterly summary data on assets, revenue and expenditure of the largest public-employee retirement systems in the United States, which comprise about 85 percent of national activity among such entities. It provides the most current data about investment decisions by public employee retirement systems, which are among the largest types of institutional investors in the U.S. financial markets. These reports are published three months after each calendar quarter, and show national financial transactions and trends for the past five years."

    * A Framework for Assessing the Systemic Risk of Major Financial Institution

    A Framework for Assessing the Systemic Risk of Major Financial Institutions, by Xin Huang, Hao Zhou and Haibin Zhu, Working Papers No 281, April 2009. Bank for International Settlements.

  • "In this paper we propose a framework for measuring and stress testing the systemic risk of a group of major financial institutions. The systemic risk is measured by the price of insurance against financial distress, which is based on ex ante measures of default probabilities of individual banks and forecasted asset return correlations. Importantly, using realized correlations estimated from high-frequency equity return data can significantly improve the accuracy of forecasted correlations. Our stress testing methodology, using an integrated micro-macro model, takes into account dynamic linkages between the health of major US banks and macro-financial conditions. Our results suggest that the theoretical insurance premium that would be charged to protect against losses that equal or exceed 15% of total liabilities of 12 major US financial firms stood at $110 billion in March 2008 and had a projected upper bound of $250 billion in July 2008."
  • Related postings on financial system
  • May 02, 2009
    * The OIE strongly counsels against the culling of pigs

    In following postings on A/H1N1 influenza virus, with references of attribution to swine flu, please see this statement from the World Organisation for Animal Health:

  • "The OIE strongly counsels against the culling of pigs in the current situation with A/H1N1 influenza that started in North America. Scientific information currently available to the OIE and partner organisations indicates that this novel A/H1N1 influenza virus is being transmitted amongst humans; there is no evidence of infection in pigs, nor of humans acquiring infection directly from pigs. Moreover, and despite the fact that the currently circulating A/H1N1 influenza virus is not simply a swine influenza virus (it has reassortant genetic material of human, avian and swine origin), it is important to note that swine influenza has not been shown to be transmissible to people through eating pig meat or other products derived from pigs. The OIE advises Members that the culling of pigs will not help to guard against public or animal health risks presented by this novel A/H1N1 influenza virus and such action is inappropriate. Instead, Members should focus their efforts on appropriate disease surveillance and strengthening the general biosecurity measures applied at premises where pigs are handled and slaughtered."
  • * Keep Flu at Bay - Wash Your Hands

    May 3, 2009 - Swine Flu: First, Sow No Panic, By Elisabeth Rosenthal: "Wash your hands. I know this sounds silly, but it is far more effective at preventing flu than having a dose-pack of Tamiflu in the medicine chest. Take it from a doctor, mother and reporter who covered SARS as well as bird flu where they were most virulent."

  • Related postings on swine flu and H1N1 influenza virus
  • * Free access to world-renowned public health database to assist swine flu effort

    Follow up to related postings on swine flu, news that CABI has "announced free access to its specialist Global Health database, the definitive database for public health information, to assist in the battle against swine flu."

  • Direct link to Global Health current and archival databases search engine.
  • * Senate Passes Judiciary Committee-Reported Anti-Fraud Legislation

    "On Tuesday, April 28, the Senate overwhelmingly passed anti-fraud legislation that was reported earlier this year by the Senate Judiciary Committee. The Fraud Enforcement and Recovery Act was introduced on February 5 by Committee Members Patrick Leahy (D-Vt.), Chuck Grassley (R-Iowa), and Ted Kaufman (D-Del.). On February 11, the Committee held a hearing to consider the legislation. The Fraud Enforcement and Recovery Act was reported by the Committee on March 5. The Fraud Enforcement and Recovery Act of 2009 is also cosponsored by Committee Members Arlen Specter (R-Pa.), Charles Schumer (D-N.Y.), Richard Durbin (D-Ill.), Ben Cardin (D-Md.), Sheldon Whitehouse (D-R.I.), and Amy Klobuchar (D-Minn.). In total, nearly 30 senators have cosponsored the legislation."

    May 01, 2009
    April 30, 2009
    * White House Highlights Agency Progress Reports

    White House: "A lot of people were taking stock today of the change that the President has so far. But throughout the federal government change has been unfolding at the agency level in thousands of ways you have likely never even heard about. Take a look at the agency reports for whatever issues you are most interested in:

    * State Department Releases Country Reports on Terrorism 2008

    "U.S. law requires the Secretary of State to provide Congress, by April 30 of each year, a full and complete report on terrorism with regard to those countries and groups meeting criteria set forth in the legislation. This annual report is entitled Country Reports on Terrorism."

  • Country Reports on Terrorism 2008, United States Department of State Publication Office of the Coordinator for Counterterrorism Released April 2009351 pages, PDF
  • The Report and Related Material, available as HTML files
  • * New GAO Reports: Health Resources and Services Administration, Higher Education, New DOD Space Systems, Nation's Long-Term Fiscal Outlook
    • Defense Acquisitions: Charting a Course for Lasting Reform, GAO-09-663T, April 30, 2009
    • Health Resources and Services Administration: Many Underserved Areas Lack a Health Center Site, and Data Are Needed on Service Provision at Sites, GAO-09-667T, April 30, 2009
    • Higher Education: Approaches to Attract and Fund International Students in the United States and Abroad, GAO-09-379, April 30, 2009
    • Space Acquisitions: Government and Industry Partners Face Substantial Challenges in Developing New DOD Space Systems, GAO-09-648T, April 30, 2009
    • The Nation's Long-Term Fiscal Outlook: March 2009 Update, GAO-09-405SP, April 30, 2009
    • U.S. Customs and Border Protection's Secure Border Initiative Fiscal Year 2009 Expenditure Plan, GAO-09-274R, April 30, 2009
    • Financial Literacy and Education Commission: Progress Made in Fostering Partnerships, but National Strategy Remains Largely Descriptive Rather Than Strategic, GAO-09-638T, April 29, 2009
    • Recovering Servicemembers: DOD and VA Have Made Progress to Jointly Develop Required Policies but Additional Challenges Remain, GAO-09-540T, April 29, 2009
    * Chrysler Announces Alliance with Fiat and Files Chapter 11

    News release: "Chrysler LLC today announced that, as a result of the comprehensive restructuring plan agreed to by many of its stakeholders, it has reached an agreement in principle to establish a global strategic alliance with Fiat SpA to form a vibrant new company. It will allow Chrysler and Fiat to fully optimize their respective manufacturing footprints and the global supplier base, while providing each with access to additional markets. Fiat powertrains and components will also be produced at Chrysler manufacturing sites."

    * Hearing: Swine Flu Outbreak and the U.S. Federal Response

    "The Subcommittee on Health held a hearing titled, Swine Flu Outbreak and the U.S. Federal Response, on Thursday, April 30, 2009. The hearing examined the recent outbreak of swine flu and the next steps for a federal response at the Department of Health and Human Services.

  • Related resources on swine flu
  • * Association of Health Care Journalists Resources on Flu

    Via Pia Christensen, Managing Editor/Online Services, Association of Health Care Journalists: "the Association has constantly updated resources about covering flu, pandemics and public health preparedness. We have detailed tip sheets, speaker presentations about pandemics, animal-borne diseases, emergency preparedness and public health, inks to press briefings, hearings and news conferences..."

  • Related postings on swine flu
  • * Public Papers of the Presidents of the United States: George W. Bush Book II - July 1 to September 30, 2004

    Public Papers of the Presidents of the United States: George W. Bush

  • "Each Public Papers volume contains the papers and speeches of the President of the United States that were issued by the Office of the Press Secretary during the specified time period. The material is presented in chronological order, and the dates shown in the headings are the dates of the documents or events. In instances when the release date differs from the date of the document itself, that fact is shown in the textnote. Files are available in ASCII text and PDF formats."

  • April 29, 2009
    * World Health Organization: Current level of influenza pandemic alert raised from phase 4 to 5

    Follow up to previous postings on swine flu, from the World Health Organization (WHO) today: "Based on assessment of all available information and following several expert consultations, Dr Margaret Chan, WHO's Director-General raised the current level of influenza pandemic alert from phase 4 to 5. She stated that all countries should immediately activate their pandemic preparedness plans. At this stage, effective and essential measures include heightened surveillance, early detection and treatment of cases, and infection control in all health facilities."

    * Treasury: Protecting American Credit Card Owners

    News release: "Today, Treasury Secretary Tim Geithner, joined by Congresswoman Carolyn Maloney, met with consumer groups, civil rights leaders and credit card consumers to discuss the national need for credit card reform. The discussion centered on the House Bill, Credit Card Holders Bill of Rights of 2009, (HR 627) which is set for a vote tomorrow and would significantly strengthen consumer protections in the credit card market."

  • WSJ: "President Barack Obama stepped up pressure to overhaul credit-card regulations, targeting banks and card issuers that are boosting fees and tightening lending during the recession. After meeting with industry executives at the White House on Thursday, Mr. Obama said consumer protections have "been out of balance" with credit-card companies' interests. He said his administration would work with lawmakers to shape legislation."
  • Related postings on financial system
  • * American Lung Association - State of the Air: 2009

    "Air pollution continues to threaten the lives and health of millions of people in the United States despite great progress since the modern Clean Air Act was first passed in 1970. Even as the nation explores the complex challenges of global warming and energy, air pollution remains widespread and dangerous. This year marks the tenth annual American Lung Association State of the Air report and provides an excellent opportunity to look back over the changes in the past ten years. This 2009 report looks at ozone and particle pollution year round (annual average) and over short-term levels (24-hour) of particle pollution (PM2.5) found in monitoring sites across the United States in 2005, 2006, and 2007."

  • State of the Air: 2009 Full Report
  • What's the State of Your Air? Find out your county's grade by clicking on the state via this graphical map.
  • Related postings on climate change
  • * BEA: Gross Domestic Product - First Quarter 2009

    News release: "Real gross domestic product -- the output of goods and services produced by labor and property located in the United States -- decreased at an annual rate of 6.1 percent in the first quarter of 2009, (that is, from the fourth quarter to the first quarter), according to advance estimates released by the Bureau of Economic Analysis. In the fourth quarter, real GDP decreased 6.3 percent. The Bureau emphasized that the first-quarter “advance” estimates are based on source data that are incomplete or subject to further revision by the source agency. The first-quarter “preliminary” estimates, based on more comprehensive data, will be released on May 29, 2009. The decrease in real GDP in the first quarter primarily reflected negative contributions from exports, private inventory investment, equipment and software, nonresidential structures, and residential fixed investment that were partly offset by a positive contribution from personal consumption expenditures (PCE). Imports, which are a subtraction in the calculation of GDP, decreased."

  • Related postings on financial system
  • * New GAO Reports: Recovery Act, Civil Rights Issues, VA Health Care
    • Recovery Act: Consistent Policies Needed to Ensure Equal Consideration of Grant Applications, GAO-09-590R, April 29, 2009
    • Recovery Act: Initial Results on States' Use of and Accountability for Transportation Funds, GAO-09-597T, April 29, 2009
    • U.S. Department of Agriculture: Recommendations and Options Available to the New Administration and Congress to Address Long-Standing Civil Rights Issues, GAO-09-650T, April 29, 2009
    • VA Health Care: Challenges in Budget Formulation and Issues Surrounding the Proposal for Advance Appropriations, GAO-09-664T, April 29, 2009
    • Information Technology: Management and Oversight of Projects Totaling Billions of Dollars Need Attention, GAO-09-624T, April 28, 2009
    * Brennan Center for Justice - Transparency in the First 100 Days: A Report Card

    "President Obama has pledged to take a different approach. Upon taking office, he heralded a "new era of openness" in which "this administration stands on the side not of those who seek to withhold information, but those who seek to make it known." His commitment to transparency is heartening—but promises and action are two different things. If we are to protect our national security and our liberties, we must hold President Obama to his commitment: we must periodically take stock of his administration's performance, acknowledge and commend those actions that enhance government transparency, and insist on a correction of course when transparency is diminished. This report card is an effort to do just that."

    * Human Rights Commitments and Pledges of the United States of America

    State Department, Washington, DC, April 27, 2009: "On March 31, U.S. Secretary of State Hillary Rodham Clinton and U.S. Permanent Representative to the UN Ambassador Susan Rice announced that the United States will seek a seat this year on the United Nations Human Rights Council with the goal of working to make it a more effective body to promote and protect human rights. As part of the process that will culminate in elections on May 12, each candidate country is asked to produce a pledge outlining its commitment to promoting human rights. This information is circulated among countries and posted on the UN Human Rights Council website. The United States has produced its pledge - Human Rights Commitments and Pledges of the United States of America, which can be read in its entirety here."

    * Tracking the Swine Flu in the United States and Around the World

    By Dan Mitchel, California State Library, this resource guide to selected reliable sources for tracking the global status of the swine flu:

    • National Institutes of Health which links to and expands upon the MedlinePlus Swine Flu page. The SIS web page contains information from several U.S. and international agencies and organizations, treatment information, genetic sequence data, information in Spanish, searches of PubMed and the NLM Catalog, and more.
    • MedlinePlus has created a new page on swine flu.
    • Center for Disea