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Washington
Inside Washington (04/13/2009)
* WASHINGTON (4/14/09)--Insolvent financial institutions should be resolved like failed banks have been in the past, Federal Reserve Bank of Kansas City President Thomas Hoenig said Thursday (American Banker April 13). The government has recapitalized banks with private money, which has not helped, he said. Old methods that have helped failed banks in the past could stabilize some institutions. However, a large failed firm would need to be operated as a conservatorship or a bridge organization, he added ... * WASHINGTON (4/14/09)--Social Security benefits for thousands of people with disabilities are being delayed because of state employee layoffs and furloughs, according to Michael J. Astrue, Social Security commissioner (The New York Times April 13). Laying off employees or giving them furloughs does not save states any money, he said. It just delays payments to the disabled, who rely on the funds. The Social Security Administration anticipates that disability claims will rise to more than three million this year, compared with 2.6 million last year. The agency pays $12 billion per month to more than 13 million people ... * WASHINGTON (4/14/09)--Private student lenders and their congressional allies are trying to offset President Barack Obama’s plan to eliminate a subsidized loan program and put the money into scholarships for low-income students (The New York Times April 13). The Congressional Budget Office says the plan would save $94 billion and broaden Pell grants for poor students. Republicans say the plan indicates that the president is trying to expand the government. Democrats are split on the issue. The private loan industry was rescued last year and has begun fighting the plan, saying that the Obama administration is trying to collect profits from federal student loans ...


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