Inside these posts: Barack Obama

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Obama to renominate MIT’s Diamond to Fed

President Barack Obama will renominate Nobel-prize winning economist Peter Diamond to the Federal Reserve Board next year when the new Senate convenes, a White House official said Thursday.

The Senate scuttled Diamond’s nomination Wednesday by failing to vote on it before adjourning its lame duck session for the year. Get the full story »

2 more Obama economic aides stepping down

Two more of the Obama administration’s top economic advisers are leaving at a time when the White House is facing growing opposition to its economic policies on Capitol Hill.

White House National Economic Committee Deputy Director Diana Farrell and Treasury Department Assistant Secretary for financial institutions Michael Barr are both planning to leave within weeks, people familiar with the matter said. Get the full story »

Scaled-back small business aid bill sent to Obama

The Democratic-controlled Congress on Thursday sent President Barack Obama a long-delayed bill to help struggling small businesses with easier credit and other incentives to expand and hire new workers.

The $40 billion-plus bill is the last vestige of the heralded jobs agenda that Obama and Democrats promoted this year. They ended up delivering only a fraction of that after emboldened Senate Republicans blocked most of the agenda with filibusters. Get the full story »

Obama urges Chinese premier to act on yuan

President Barack Obama said in a meeting Thursday with Chinese Premier Wen Jiabao that China needed to do more to resolve a dispute over the value of the Chinese currency, a senior U.S. official said.

Obama told Wen in their talks on the sidelines of the U.N. General Assembly that the currency was the “most important issue” of their meeting, the official said.

Obama makes small-business tax cuts Job 1

President Barack Obama says Congress should make passing a long-languishing aid package to small business its first order of business when it gets back from summer vacation.

He said in remarks in the Rose Garden Monday that he’ll also have other specific ideas on the nation’s teetering economy in the days and weeks ahead. Get the full story »

Obama administration to help Illinois homeowners

Illinois will receive $166.4 million in foreclosure prevention funds to help unemployed homeowners who are struggling to make their mortgage payments, the Obama administration announced Wednesday.

Illinois is among 17 states and Washington, D.C., to receive part of a $2 billion Treasury Department Hardest Hit Fund. All of the areas were selected because their unemployment levels are above the national average over the past 12 months. Each of the states will use the funds to temporarily help eligible homeowners pay their mortgages while they look for jobs or take job training. Get the full story »

Obama reportedly weighing more open travel to Cuba

From Bloomberg News | President Barack Obama is reportedly considering further easing travel  restrictions to Cuba to allow American to go there for cultural or educational purposes.

Shorebank’s financial hole deepens

ShoreBank’s capital deficiency worsened in the second quarter, according to newly submitted financial results to regulators, and the Chicago-based lender now needs to raise at least $190 million just to meet targets set out in March by state and U.S. banking regulators.

The South Side bank has arranged a capital infusion of about $150 million from Wall Street investment firms, big banks, insurance companies and philanthropic groups. It’s hoping that private investment will then make it eligible for about $75 million in bailout funds from the U.S. Treasury Department. Get the full story »

GM raises production of Volt to 45,000 annually

General Motors said Friday that it is boosting production capacity for its new Chevrolet Volt due to strong public interest in the electric car that goes on sale this year.

GM will now have a production capacity of 45,000 vehicles in 2012, up from previous plans for 30,000.

The automaker made the announcement as President Barack Obama toured the Volt production facility in Detroit.
Get the full story »

Pay czar Feinberg blasts banks’ bonus payments

Kenneth Feinberg on July 22 in Washington. (Alex Wong/Getty Images)

Pay czar Kenneth Feinberg said on Friday that 17 banks overpaid executives in late 2008 and early 2009 by about $1.6 billion during the financial crisis, when taxpayers’ money was being used to support them.

He proposed that financial firms adopt policies that would let them “restructure, reduce or cancel” bonus and other special payments to executives in future crises but said he had no authority to force banks to give back past overpayments. Get the full story »

Obama urges Republicans to help pass jobless aid

President Obama on Monday called on Republicans to put aside politics and to join with Democrats in approving an extension of jobless benefits. Speaking from the Rose Garden, Obama repeated his recent themes, criticizing the Republicans for refusing to pass the $34 billion extension pending in the Senate.

Health care: Obama’s plan will cost $950 billion

By Noam N. Levey |
Four days before his planned health summit with
congressional leaders, President Barack Obama on Monday unveiled his
proposal to overhaul the nation’s health care system, building on the
gargantuan legislation developed by Senate Democrats last year.

The proposal, which the White House has posted on its website,
includes all the major provisions backed by congressional Democrats,
including a major expansion in coverage, broad new insurance regulations
and initiatives to make the health care system more efficient.

Get the full story »