Housing Market Will Face Reforms Within Months, Says Treasury Secretary Geithner

By Benny Martinez - University of New Mexico/Talk Radio News Service

Treasury Secretary Timothy Geithner told the House Financial Services Committee that reforms to the housing finance system should come within months, not years.

Geithner said that changes are necessary to stabilize the housing market and added that a number of proposals have already been put forth as part of financial regulatory reform.

Reform to the two major government sponsored enterprises (GSEs), Fannie Mae and Freddie Mac, must expand to the reform of broader housing policies, according to Geithner.

“Any restructuring of Fannie Mae or Freddie Mac is part of the reform of the wider housing finance system,” Getihner said.

The Treasury Department and the Obama administration intend on developing a comprehensive reform plan for delivery to Congress in the coming months. A list of questions to acquire input from all stakeholders will be submitted by April 15, 2010.

Geithner said that the administration “will seek to work closely with the Congress, on a bipartisan basis, prior to finalizing a comprehensive reform plan.”

Former House Majority Leader Unleashes Armey Of Attacks On Democrats

By Benny Martinez
University of New Mexico/Talk Radio News Service

Former House Majority Leader Dick Armey (R-Texas) called the Tea Party movement an effort to return the Republican Party to its grassroots spirit, and chided lawmakers for passing “panic legislation" in the more than eight years since the attacks of September 11, 2001.

During a luncheon Monday at the National Press Club in Washington, D.C., Armey, CEO of the organization FreedomWorks, defended the Tea Party movement at length, criticizing the leadership of the Democratic party for failing to earn the support of the public. He blasted the Democratic agenda, especially healthcare reform, saying “[Democrats] will get politically bounced” if their bill passes.

For good measure, Armey used the word “inept” to describe the leadership style of current House Speaker Nancy Pelosi (D-Calif.)

Responding to criticism that his organization has helped create an environment of obstruction over key legislative items, Armey attributed the failure to get health reform done to Democrats “accustomed to doing sloppy work."

"I don’t think they have left within them the skills to do the disciplined, hard work that such ventures require," he added.

While the former Congressman did say that he believes President Barack Obama will get the votes necessary to pass health reform, he criticized the undertaking.

“They are ineptly trying to do the wrong thing.”

Proposed Comcast-NBC Merger Must Benefit Consumers, Says FCC Chairman

By Benny Martinez
University of New Mexico/Talk Radio News Service

Federal Communications Commission (FCC) Chairman Julius Genachowski told members of the Senate's Commerce, Science, and Transportation Committee that when reviewing the proposed Comcast/NBC Universal merger, consumer interests will be held in the highest regard.

Comcast, the country's largest cable and broadband company, announced in December 2009 that it planned to take over NBC Universal. Critics wondered whether the merger would create a media mogul that simultaneously would have the power to produce some of America's most popular entertainment, along with the ability to control the nation's access to it.

Genachowski said the FCC is focusing on preventing the merger from not only increasing prices for customers, but also reducing the amount of content they would have access to.

The focus on protecting consumers is one of three main pillars the FCC and Congress are hoping to see materialize from the prospective merger. In addition, Genachowski said the evolving nature of modern media will also be considered in the FCC's analysis, along with the stability of competition in the market.

"The enduring values remain what they were, promoting effective competition, protecting and empowering consumers, ensuring that there is innovation and promoting investment," Genachowski said. "Our focus will be on making sure that those values, those goals are achieved."

Aside from his remarks on the merger, Genachowski said the FCC is working to develop policies that would extend universal broadband to urban and rural America. According to the Chairman, these initiatives would ultimately enhance global competitiveness, create jobs and empower consumers.

Millions Head To The Polls In Iraq, Despite Violence

By Benny Martinez
University of New Mexico/Talk Radio News Service

Amid fears of attacks, Iraqis rushed the polls this weekend to choose their future leaders in the country’s second ever parliamentary election.

Despite some acts of violence on the part of al-Qaeda and other extremist groups that left 38 dead, the U.S. Ambassador to Baghdad said the election “went very, very well.”

Gen. Ray Odierno, the top U.S. military commander in the country, said that most of the casualties resulted from one single attack in Baghdad that brought down an apartment building.

"In the rest of Iraq, it was extremely peaceful," he said. "I was very impressed with the coordination and work done by the Iraqi security forces."

President Barack Obama also commended the Iraqi people for the strong turnout at nearly 50,000 voting booths. The President said that nearly 19 million Iraqis exercised their right to vote “with enthusiasm and optimism.”

“[The election] makes it clear that the future of Iraq belongs to the people of Iraq,” Obama said.

Ballots are being counted but it will most likely be months until results from the historic election are finalized.

Senate Must Extend Medicaid Assistance Within Jobs Bill, Say Democrats

By Benny Martinez
University of New Mexico/Talk Radio News Service

The newly-unveiled jobs bill includes legislation that would extend funding of the states’ Federal Medical Assistance Percentage (FMAP) by six months, said Sen. Jay Rockefeller (D-W.V.).

FMAP legislation is next in line in a series of initiatives for the Senate jobs agenda. According to a press release, the legislation will help states with the cost of Medicaid programs to help preserve critical health care assistance for millions of Americans.

In a conference call with reporters on Friday, Rockefeller, along with Senators Carl Levin (D-Mich.), Jack Reed (D-R.I.) and Michigan Governor Jennifer Granholm (D), said that passing the FMAP extension is necessary to preserve jobs and it must be done quickly.

“We have to act swiftly to pass this because if we don’t, it’ll cost the economy up to 900 thousand jobs lost and we can’t have that,” he said. “It’s the right thing to do.”

Levin said that he doesn’t believe a filibuster will be able to stop the bill from passing.

“There was a lesson learned [with] Senator Bunning,” Levin said. “It was clear that the public outcry was strong [then], and I think that kind of outcry will also be strong here, so I will be optimistic that we’re going to be able to get this bill passed with its FMAP provisions.”

Rockefeller said the six-month extension of FMAP is the second of its kind. The first was included in the legislation of the original stimulus package in 2009.