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Inside Washington (11/28/2007)
* WASHINGTON (11/29/07)--Charles Plosser, president of the Federal Reserve Bank of Philadelphia, said he expects the decline in housing activity to “bottom out” by the end of the second quarter in 2008. Plosser spoke Tuesday before the University of Rochester’s graduate school of business administration in Rochester, N.Y. He also noted that he expects the U.S. economy to “go through a brief period of sluggish growth before returning to a sustained expansion,” and inflation to remain about the level I view as consistent with price stability. “We will have to remain vigilant on the inflation front and prepare to act as necessary to avoid the risk of undermining the public confidence in the central bank’s commitment to price stability,” he said … * WASHINGTON (11/29/07)--The National Association of Affordable Housing Lenders (NAAHL) supports legislation, introduced by Sen. Jack Reed (D-R.I.), that would reform the affordable housing goals of Fannie Mae and Freddie Mac. The Government Sponsored Enterprise (GSE) Mission Improvement Act of 2007 “is another strong statement from a key member of Congress that any GSE legislation passed by Congress should be comprehensive, not piecemeal,” said NAAHL President/CEO Judy Kennedy. The bill would direct GSEs Fannie Mae and Freddie Mac to set aside $500 million to $900 million every year for an affordable housing fund. About 65% of the fund would go to a housing program operated by the Department of Housing and Urban Development, while the remaining 35% would be placed in a fund operated by the Treasury Department (News Now Nov. 20) … * WASHINGTON (11/29/07)--Keith Hennessey will replace Al Hubbard as the director of the National Economic Council, President Bush announced Wednesday. Hennessey, who has served as Hubbard’s deputy and deputy to two other council directors, began his career at the White House in 2002. He also has worked for the Senate Budget Committee (Associated Press Nov. 28). Hubbard stated in a letter to the president that he resigned to spend more time with his family. The National Economic Council was created under the Clinton Administration to coordinate economic policy…


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