By Linnie Frank Bailey
A busy week for the President as he signed into law major
bills designed to, make home refinancing easier; end mortgage fraud; reform
credit card policies; and monitor defense procurement. He also met with his economic advisory board
to gauge progress, and took on former Vice-President Dick Cheney on national
security. Obama created a couple of “firsts” this week by naming an
African-American as his choice to lead NASA, and in a move applauded by Latino
activists across the country—nominated a Hispanic woman for the Supreme Court.
Tuesday, May 19, 2009
African-American Business Leaders Attend White
House Briefing
Senior Obama Advisor Valerie Jarrett hosted a meeting at
the White House for over 150 African-American business leaders.
The purpose of the meeting was to lay out the
administration’s agenda for the year, and to encourage the leaders to implement
the policies in their home areas. The meeting was well attended by MBA’s, with
the Harvard Business School’s African-American Alumni Association serving as
the lead organizer, and members of the National Black MBA Association in
attendance. The group participated in a question-and-answer session with Ms.
Jarrett and members of her staff. She stressed that the White House will
“always be open” to hearing new ideas.
Wednesday, May 20, 2009
Obama Meets With Economic Recovery Advisory Board
The President held his first official quarterly meeting
with members of his economic advisory board to discuss policy, and the status
of the recovery. Members of the board* include (in alphabetical order):
·
Anna Burger, Secretary-Treasurer, SEIU
·
John Doerr, Partner, Kleiner, Perkins, Caufield
& Byers
·
William H. Donaldson, Former Chairman, SEC
·
Roger W. Ferguson, Jr., President & CEO,
TIAA-CREF
·
Mark T. Gallogly, Founder & Managing
Partner, Centerbridge Partners L.P.
·
Austan Goolsbee, Staff Director and Chief
Economist
·
Jeff Immelt, Chairman and CEO, GE
·
Monica C. Lozano, Publisher & Chief
Executive Officer, La Opinion
·
James W. Owens, Chairman and CEO, Caterpillar
Inc.
·
Charles E. Phillips, Jr., President, Oracle
Corporation
·
Penny Pritzker, Chairman & Founder, Pritzker
Realty Group
·
David F. Swensen, Chief Investment Officer, Yale
University
·
Richard L. Trumka, Secretary-Treasurer, AFL-CIO
·
Laura D’Andrea Tyson, Dean, Haas School of
Business at the University of California at Berkeley
·
Paul Volcker, Chairman
·
Robert Wolf, Chairman & CEO, UBS Group
Americas *as listed on whitehouse.gov President Signs Laws to Help Families
The President signed two pieces of legislation to help
cash-strapped families across America. Obama described the “The Helping
Families Save Their Homes Act,” as “advancing the goals of our existing housing
plan by providing assistance to responsible homeowners and preventing avoidable
foreclosures….to help families who found themselves “underwater” as a result of
declining home values—families who owed more on their mortgages than their
homes are worth.” The bill is designed to remove the bureaucratic hurdles that
keep eligible families from applying for much needed assistance, including
providing homeowners with FHA mortgages the opportunity to refinance to more
affordable rates. Stating, “Any plan is only as effective as the number of
people who take advantage of it,” the President encouraged all concerned
homeowners to visit the website:
MakingHomeAffordable.gov to determine eligibility for new
federal programs. The President also
signed the “Fraud Enforcement and Recovery Act” into law, which gives the
government the tools to crack down on consumer scams, mortgage fraud, and
questionable lender policies at all levels. Addressing communities hard hit by consumer
and mortgage fraud, the President stressed, “This bill nearly doubles the FBI’s
mortgage and financial fraud program, allowing it to better target fraud in
hardhit areas.”
Thursday, May 21, 2009
Obama versus Cheney
After being rebuffed by the Senate, which voted against
funding to close the controversial base—Guantanamo, the President gave a major
foreign policy speech while standing alongside the Declaration of Independence,
the Constitution, and the Bill of Rights. While stating that the protection of
the American people will always come first, Obama went on to describe the post
9-11 “season of fear” that caused the country to sway from the values it was
founded on. He addressed past policies by saying, “Too many of us—Democrats and
Republicans, politicians, journalists, and citizens -- fell silent. In other
words, we went off course. And this is not my assessment alone. It was an assessment that was shared by the
American people who nominated candidates for President from both major parties
who, despite our many differences, called for a new approach—one that rejected
torture and one that recognized the imperative of closing the prison at
Guantanamo Bay.”
Following Obama’s speech, former Vice-President Dick
Cheney gave an address to the conservative think-tank The American Enterprise
Institute for Public Policy Research. Cheney’s policy speech revisited much of
the “neo-conservatism” which gained ground post 9-11, during the first term of
the Bush administration. Following the talk, it was noted by many pundits that
although Cheney addressed his national security disagreement to the Obama
administration, much of what he argued against had taken place during the
second term of the Bush administration—of which he served.
Friday, May 22, 2009
Obama Signs McCain-Supported Law
The President signed the “Weapons Systems Acquisition
Reform Act” to implement defense procurement reform. Designed to review defense
project spending, the bill had bi-partisan support, and has been championed as
needed legislation for years by former Presidential candidate John McCain. The
President acknowledged his former rival by saying, “Defense procurement reform
was one of the issues that John McCain and I discussed in our first meeting
after the election. We pledged to work together to get it done, and today I’m
extraordinarily proud to stand here and sign a bill that passed with unanimous
support from both parties at every step of the way.”
Obama Greets McCain’s Son at Graduation
Following his signing of the McCain supported defense
procurement law; the President joined the McCain family in Annapolis, Maryland
where the President spoke at the US Naval Academy Commencement. Senator
McCain’s son—John Sidney McCain IV, commonly known as Jack, became the fourth
McCain to graduate from the Naval Academy, and the fourth with the same name.
President Signs Credit-Card Legislation
Describing the need for “common-sense” reforms in the
credit-card industry, the President signed a sweeping bill—the “Credit Card
Accountability, Responsibility, and Disclosure (CARD) Act of 2009” that he says
will:
·
Ban unfair rate increases;
·
Prevent unfair fee traps;
·
Require plain language in plain sight for
disclosures;
·
Increase accountability all around;
·
And institute protections for students and young
people.
Furthermore, the President stated, “Because of this new
law:
·
Statements will be required to tell credit card
holders how long it will take to pay off a balance and what it will cost in
interest if they only make the minimum monthly payments.
·
We will put a stop to retroactive rate hikes
that appear on a bill suddenly with no rhyme or reason.
·
Every card company will have to post its credit
card agreements online, and we’ll monitor those agreements to see if new
protections are needed.
·
Consumers will have more time to understand
their statements as well:
Companies will have to mail them 21 days before payment is
due, not 14.
·
And, this law ends the practice of shifting
payment dates.”
He continued: “Lastly, among many other provisions, there
will be no more sudden charges—changes to terms and conditions. We require at
least 45 days notice if the credit card company is going to change terms and
conditions. So we’re not going to give people a free pass; we expect consumers
to live within their means and pay what they owe. But we also expect financial
institutions to act with the same sense of responsibility that the American
people aspire to in their own lives.”
Monday, May 25, 2009
Obama and Memorial Day
After spending family time at Camp David, the President
honored all who have served our country in the military. Obama participated in
a wreath-laying ceremony at the Tomb of the Unknown Soldier at Arlington National
Cemetery, and spoke at the cemetery’s amphitheater, saying: “Here lies
Presidents and privates; Supreme Court justices and slaves; generals familiar
to history, and unknown soldiers known only to God…I laid a wreath at their
tomb to pay tribute to all who have given their lives for this country.”
African-American Nominated to Lead NASA
Former Astronaut, and retired Marine Corps Major General,
Charles Bolden Jr., was chosen by President Obama to head the National
Aeronautics and Space Administration (NASA). Bolden, has flown on four Shuttle
missions and previously served as NASA’s assistant deputy administrator. Once
he wins the expected approval of the Senate, Bolden will be the first
African-American to lead the agency.