Bernanke: Financial Reform Should Prevent Further Crises

By Brandon Kosters - Talk Radio News Service

Ben Bernanke, Chairman of the Board of Governors of the Federal Reserve System, believes that the Wall Street Reform bill signed by President Obama this morning will serve the public by giving regulators more power to respond to firms in danger of collapsing.  Bernanke said that the bill, coupled with other regulatory standards for the bank capital, will “place our financial system on a sounder foundation and minimize the risk of a repitition of the devastating effects of the past three years.”

Media Restrictions Along Gulf Coast Indicative Of National Press Issues, Free Press Advocate Says

By Brandon Kosters - Talk Radio News Service

Clothilde Le Coz, the Washington Director of Reporters Without Borders, told Talk Radio News that it’s problematic that the Coast Guard has imposed rules that limit press access to Deepwater Horizon response operations, but that this “kind of decision happens in a broad context for the media” often, indicating that “the U.S. [is] not that transparent.”

Le Coz said that photographers are “the ones who are the most targeted by [this] kind of restriction,” and cited the example of White house photographers, who she said “have been boycotting certain meetings because they have faced too much restrictions on their work.”

“It’s another attempt to constrain the reporters on a certain level of information.”

The rules imposed by the Coast Guard prohibit anyone from coming with 65 feet of booms and response operations. Violators could be fined $40,000 and charged with a felony. Reporters and photographers must get permission from the Coast Guard to gain access to restricted areas.

The Coast Guard claims that it is trying to protect the safety of response workers, but many journalists believe that this is a move to limit press coverage of the disaster.

New Resolution Seeks To Block Iran From Developing Nuclear Weapons

By Brandon Kosters- Talk Radio News Service

Under Secretary of State for Political Affairs William J. Burns spoke during a hearing with the Senate Foreign Affairs committee about a new resolution that aims to deter Iran from developing nuclear weaponry.

The resolution bans transfers of conventional weapons to Iran, imposes new cargo inspection laws to stop Iran's smuggling and acquisition of "nuclear materials and other elicit items", prohibits investment in foreign uranium mining, and will attempt to weaken the Islamic Revolutionary Guard in Iran by freezing their assets.

Burns said that Iran could produce a nuclear weapon in three to five years.

Kerry Backs McChrystal, Urges Washington To 'Back Off'

By Brandon Kosters- Talk Radio News Service

Senator John Kerry (D-Mass.) said he spoke with General Stanley A. McChrystal, Commander of International and U.S. Forces in Afghanistan, this morning about comments McChrystal made in a recent interview with Rolling Stone. McChrystal spoke critically of the Obama administration regarding how it is handling the war in Afghanistan.

"I emphasized to him that...those are comments that he's going to have to deal with," Kerry said. "I have enormous respect for General McChrystal and I think he's a terrific soldier."

Kerry said that it would be best not to fixate on this issue, and emphasized the remaining presence of U.S. troops in Afghanistan.

"All of us would be best served by backing off, staying cool and calm and, you know, not succumbing to the normal Washington twitter about this for the next 24 hours."

Republican Moves To Block Creation Of 'Minority Office Of Inclusion'

By Brandon Kosters-Talk Radio News Service

During a conference committee meeting on Wall Street reform Tuesday, Representatives Maxine Waters (D-Calif.) and Ed Royce (R-Calif.) engaged in a heated debate over the Republican's proposal to remove a section of the bill authored by Waters aimed at establishing the "Minority Office of Inclusion" to assess the diversity policies and practices of banks and credit unions.

Royce said that Waters' language would further politicize credit allocation and divert regulator's attention away from "systemic risks [and] safety and soundness questions" toward "racial and gender lending" when inspecting banks and credit unions.

Waters said that the Office of Minority Inclusion would only offer assessments and would not hold an enforcement role.

Royce's amendment was rejected by a vote of 10 to 6.

Sen. Bob Corker (R-Tenn.) later proposed an amendment outlining that no action would necessarily be taken based upon the office's assessments. Corker's amendment was unanimously approved.