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Washington
Inside Washington (09/15/2009)
* WASHINGTON (9/16/09)--The Financial Crisis Inquiry Commission, which was established by Congress to investigate the causes of the financial crisis, scheduled its first public meeting for Thursday (Dow Jones Sept. 15). Thomas Greene, a lawyer in the California Attorney General’s office, will serve as executive director. Greene has been involved with coordinating multi-state, anti-trust remedies against Microsoft Corp. and civil actions against Enron. The 10-member commission will issue a final report to Congress by December 2010 ... * WASHINGTON (9/16/09)--The future of Fannie Mae and Freddie Mac is still unknown as the first anniversary of the day the federal government took the enterprises into conservatorship passed. Mike Williams, Fannie’s CEO, said in a speech marking the first anniversary last week of the conservatorship that his focus is on the housing crisis. At a Thursday press briefing, a Treasury Department official said Fannie and Freddie are “more of next year’s business than this year’s” (American Banker Sept. 15). The Obama administration has stated it would propose reforms to the enterprises this year ... * WASHINGTON (9/16/09)--President Barack Obama says job losses are bottoming out and the economy is growing again. However, in an interview with Bloomberg News, he warned against stopping government aid too early because it could stifle recovery plans (Bloomberg.com Sept. 15). Since December 2007, the U.S. has lost 6.9 million jobs. In other news, Obama said he was confident that plans to overhaul financial regulation would pass Congress this year, and said he would overcome bankers’ efforts to kill a proposal for a consumer protection agency. Obama also has opposed limiting pay to financial industry executives, despite criticism over the bonuses and high salaries Wall Street is paying. He questioned why the executives’ pay would be limited but not that of Silicon Valley entrepreneurs or NFL football players ...


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