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Washington
Inside Washington (01/12/2010)
* WASHINGTON (1/13/10)--President Barack Obama said he plans to garner up to $120 billion through a fee on financial institutions that would earn back some of the money lost in the Troubled Asset Relief Program and help reduce the nation’s deficit (Bloomberg News Jan. 12). The administration hasn’t said how it would assess the fee, but details will be released in the fiscal 2011 budget, which Obama will give to Congress next month. The government’s $700 billion financial rescue plan last year contributed to a record $1.4 trillion national deficit ... * WASHINGTON (1/13/10)--Sen. Bob Corker (R-Tenn.) has asked the Obama administration to justify why the cap on Fannie Mae and Freddie Mac’s government financing should be removed (American Banker Jan. 12). He sent a letter to Treasury Secretary Timothy Geithner Monday asking whether the government effectively nationalized the enterprises and how the government will keep shareholders and debt holders from unfairly benefiting from the cap’s removal. Under a Dec. 24 deal, Treasury removed the $200 billion cap on the enterprises’ borrowings. They were placed into conservatorship in September 2008 ... * WASHINGTON (1/13/10)--Testifying this week before the Financial Crisis Inquiry Commission will be: Eric Holder, attorney general; Sheila Bair, Federal Deposit Insurance Corp. chairman; Mary Schapiro, Securities and Exchange Commission chairman, Lisa Madigan, Illinois attorney general; and John Suthers, Colorado attorney general. The commission will hold two days of hearings. Bank executives from Goldman Sachs, JP Morgan Chase, Bank of America and Morgan Stanley, were slated to testify today. The commission aims to find what caused the financial crisis ...


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