May 25, 2012

JPMorgan Chase CEO invited to testify June 7

Jamie Dimon, chief executive officer of JPMorgan Chase, has been invited to testify June 7 before the Senate Banking Committee.

The company has been under fire since an announcement earlier this month it had lost about $2 billion on trades.

Banking Chairman Tim Johnson (D-SD) said in a statement Friday that the hearing will be "part of the Committee’s continued oversight of the implementation of the Wall Street Reform Act and in an effort to get to the bottom of the massive trading loss announced by JPMorgan Chase..."

The 2010 Dodd-Frank Act was aimed at toughening regulation of the financial industry, much Johnson noted, "As these events have amply demonstrated – much to the dismay of those who endlessly seek to roll back this tough, new law – Wall Street continues to need better risk management, vigorous oversight and unyielding enforcement."

He said he expected Dimon to "come prepared to provide the Committee a better understanding of this massive trading loss so we can take the implications into account as we continue to conduct our robust oversight over the full implementation of Wall Street reform."

House could vote this summer on extending Bush-era tax cuts

The Republican-dominated House of Representatives is likely to vote on extending Bush-era tax cuts, which expire Dec. 31, this summer.

The plan announced Friday by Majority Leader Eric Cantor, R-Va., is likely to have strong support in the House, but stall in the Democratic-dominated Senate. President Barack Obama has said he only wants the cuts extended for most people earning less than $250,000.

The cuts would add about $3.8 trillion to deficits over the next 10 years, according to the nonpartisan Congressional Budget Office, but supporters of the extension contend the cuts will spur enough economic growth to prod the economy and keep revenues healthy.

Here's part of Cantor's Friday memo:

Very little of what we do this summer will be able to offset the harm to small businesses if the largest tax increase in American history is allowed to go into effect on January 1, 2013. In fact, the Congressional Budget Office (CBO) warned us earlier this week that this massive tax increase will likely contribute to what would “probably be judged to be a recession.” Working families and small business should not be saddled with the uncertainty of a looming tax increase as they attempt to invest and grow for the remainder of this year.

That’s why Chairman Camp (Rep. Dave Camp, R-Mich.) and the Ways and Means Committee have been working on pro-growth reform to simplify the tax code.

Knowing that comprehensive reform will take time, we must ensure that while Congress is working to bring about competitive change, government does not increase the cost of business.

Therefore, before we leave for August, I expect to schedule a vote on legislation
preventing the largest tax increase in history.  The Senate should join us in providing this very basic level of certainty prior to November.

May 24, 2012

Senate says no to GOP, Democratic plans to freeze student loan rates

The Senate Thursday rejected both Republican and Democratic versions of legislation to freeze rates on subsidized Stafford loans.

A Republican plan failed, 62 to 34. It would have kept the current 3.4 percent interest rate, scheduled to double July 1, by cutting a health care prevention fund.

Democrats weren't buying that. They offered an alternative way to pay for the freeze, incrasing payroll taxes on some privately held firms. That plan got 51 votes, nine shy of the 60 needed to pass. 43 senators voted no.

The votes mean the issue has to be decide next month, probably in bipartisan talks. No surprise there, said Senate Republican Leader Mitch McConnell of Kentucky.

"Here we are, in a ridiculous staring contest," he said before the vote. “We’ve wasted two weeks on this issue for no good reason."

Latest Obama campaign raffle prize: Bill Clinton and President Obama

The Obama campaign has raffled off dinner with President Obama and First Lady Michelle Obama -- now comes Bill Clinton.

The campaign was out with an e-mail today, asking donors to pitch in and be automatically entered in a raffle for what it's calling "An Evening with Two Presidents, " -- allowing small donors the chance to rub shoulders at a big ticket event: a New York fundraiser with the pair next month.

Clinton went for a bit of nostalgia in his appeal, writing that he'd "been in President Obama's shoes before -- less than six months to go before an election to let you finish what you started. It was tough enough back then, but this election is going to be tougher."

Continue reading "Latest Obama campaign raffle prize: Bill Clinton and President Obama "

Romney trailing Obama by 25 in Massachussetts

Mitt Romney is far behind President Barack Obama in Massachusetts, the state where Romney lives and governed from 2003 to 2007.

A new Suffolk University Political Research Center poll found state voters preferred Obama to the presumptive Republican nominee, 59-34 percent.

"The presidential race in Massachusetts will be no contest," a poll analysis said, "whether measured by voter reality or by perception."

The survey of 600 likely Massachusetts general election voters was conducted May 20-22. Margin of error is plus or minus 4 percentage points.

Romney's new ad talks of Day One, part 2

Mitt Romney Thursday unveiled a new "Day One" ad, his second in recent days, describing what he'd do on Jan. 20, 2013, his first day in office if elected president in November.

The new ad says he'll move quickly on deficit reduction and end the era of big government. Though he can propose cuts, he'll need Congress' consent for big changes, and that is unlikely to happen quickly. He also talks about cutting regulations and getting tough with China.

Here's the ad:

VIDEO TEXT: “What would a Romney Presidency be like?”

VOICEOVER: “What would a Romney Presidency be like?”

VIDEO TEXT: “Day 01”

VOICEOVER: “Day one, President Romney announces deficit reductions, ending the Obama era of big government, helping secure our kids’ futures.”

VIDEO TEXT: “End Obama era of Big Government”

VOICEOVER: “President Romney stands up to China on trade and demands they play by the rules.”

VIDEO TEXT: “Make China Play By The Rules”

VOICEOVER: “President Romney begins repealing job-killing regulations that are costing the economy billions.”

VIDEO TEXT: “Repeal Job-killing Regulations”

VOICEOVER: “That’s what a Romney Presidency will be like.”

MITT ROMNEY: “I’m Mitt Romney and I approve this message

May 23, 2012

Obama touts his creds on gay rights in a video narrated by Glee's Jane Lynch w/ Barney Frank and Lady Gaga cameos

President Obama's campaign is courting the gay community with a new video narrated by Glee's Jane Lynch who introduces him as a leader who "not only acknowleged the LGBT community, but who embraced it."

The video features a cameo of Lady Gaga -- Obama joking at a Human Rights Campaign that he had talks with "your leader, Lady Gaga " and a clip of Obama announcing his support for gay marriage, along the repeal of Don't Ask, Don't Tell.

The campaign earlier today launched "Obama Pride: LGBT Americans for Obama," which it said will include training, phone banks and house parties in a number of states including Pennsylvania, Colorado, Nevada and Michigan.

Michelle Obama's media splash to promote new book on White House garden

First Lady Michelle Obama will promote her new book, American Grown: The Story of the White House Kitchen Garden and Gardens Across America in a series of TV interviews next week.

The White House says the book offers a look at the first vegetable garden at the White House since Eleanor Roosevelt’s Victory Garden and "shares inspiring stories of Americans from across the country who are actively engaged in community, school, and urban gardens."

The First Lady accepted no advance for American Grown and all proceeds benefit the National Park Foundation (www.nationalparks.org), the official charity of America’s national parks, for programs that promote gardening and healthy eating.

Obama will be interviewed on Good Morning America, The View and The Daily Show with Jon Stewart on Tuesday, and on LIVE! with Kelly on Wednesday, with that interview scheduled to air on a later date.

Lawmakers question whether Secret Service Colombia escapade was a one-time event

Secret Service Director Mark Sullivan apologized today for the misconduct of his employees and the "distraction" caused by the sex scandal in Colombia, but skeptical lawmakers questioned whether it was truly a one-time incident.

The Senate Committee on Homeland Security and Governmental Affairs chair found 64 instances of sexual misconduct in the past 5 years, committee chairman Sen. Joseph Lieberman said. He said a number involved sending sexually explicit emails or material on a government computer. Three involved an  "inappropriate relationship" with a foreign national.

Lieberman called the incidents troubling, and said lawmakers need more answers.

Sullivan said the agency "recognized the potential compromise related to the type of behavor engaged in by these employees" -- taking prostitutes back to their hotels in Cartagena -- but found "no adverse information" to indicate security breaches after checking in with the intelligence community.

And he said none of the individuals involved in the misconduct "had received any specific protective information, sensitive security documents, firearms, radios or other security related equipment in their hotel rooms."

But Maine Sen. Susan Collins, who called the behavior "morally repugnant," said she believes it wasn't a one-time event, noting two of the participants were supervisors. 

"That surely sends a message to the rank and file that this kind of activity is tolerated on the road," she said. "The numbers involved, as well as the participation of two senior supervisors, leads me to believe that this was not just a one-time event. Rather, the circumstances unfortunately suggest an issue of culture."

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May 22, 2012

Sen. Blunt's wife raising cash for Romney

Backing Mitt Romney for president has become a family affair in the Blunt household.

While Sen. Roy Blunt, a Missouri Republican, leads the campaign to win congressional support for the likely GOP nominee, his wife, Abigail, a prominent Washington corporate lobbyist, is raising money for him.

Abigail Blunt, a chief lobbyist for Kraft Foods, has become a Romney “bundler,” according to a new report from the nonpartisan Center for Public Integrity, a campaign watchdog group. These are people, often top corporate officials, lobbyists and wealthy individuals, who gather contributions from numerous donors, say from one particular business, and then presents them in one large “bundle” to the campaign.

Abigail Blunt has so far bundled $28,700 in contributions for Romney, federal elections records show. That’s small potatoes (And Kraft produces everything from the chips to au gratin) compared to top Romney bundlers like Patrick Durkin of Barclays financial group, who has so far bundled nearly $1 million.

But Blunt is considered to be one of the capital’s top lobbyists. Give her time.