NEWS

FEBRUARY 10, 2010

President Barak Obama issues statement on the Credit Card Accountability, Responsibility and Disclosure Act.

February 22, 2010

Statement by the President on the Credit Card Bill Implementation

Today, the major reforms of the Credit Card Accountability, Responsibility and Disclosure Act that I signed into law last spring take effect, marking a significant turning point for American consumers. For too long, credit card companies have had free rein to employ deceptive, unfair tactics that hit responsible consumers with unreasonable costs. But today, we are shifting the balance of power back to the consumer and we are holding the credit card companies accountable. The new rules taking effect today mean that credit card companies can no longer retroactively increase rates or increase rates in the first year you open an account, charge misleading late fees or use over-limit fee traps. They’re now required to send ample notification if they plan to make changes to the terms of your card and they must employ clear, simple standard payment dates and times. There are new protections for underage consumers, restrictions on double billing and caps on high-fee cards. The new rules are an unprecedented step in my administration’s ongoing efforts to strengthen consumer protections and enact meaningful financial reform. These new rules don’t absolve consumers of their obligation to pay their bills, but they finally level the playing field so that every family and small business using a credit card has the information they need to make responsible financial decisions.

Credit card relief is here, but watch out for new traps

NEW YORK (CNNMoney.com) -- If you haven't heard, big changes are here for the credit card industry. On Monday the CARD act goes into effect and consumers finally get some relief from such practices as "double-cycle billing" and arbitrary rate increases.

Congress opens probe into Anthem Blue Cross rate increases

Congress opened an investigation Tuesday into Anthem Blue Cross' impending rate increases in California as President Obama cited the premium hikes -- some as high as 39% -- in his bid to pass national healthcare legislation.

http://www.latimes.com/business/la-fi-anthem10-2010feb10,0,2234973.story

Bernanke to Outline Exit Strategy in Testimony

US Federal Reserve Board Chairman Ben S. Bernanke

U.S. Federal Reserve Chairman Ben Bernanke is expected on Wednesday to outline the U.S. central bank's strategy for tightening monetary policy once it is confident in the strength of the economic recovery. The Fed chairman's prepared testimony will be released at 10 am New York time, even though the congressional hearing where he was due to testify has been postponed.

http://www.latimes.com/business/la-fi-anthem10-2010feb10,0,2234973.story

Back in the game

Two sorts of good news from an unhappy city

NEW ORLEANS is used to big weekends, but the last one stood out. On February 6th, voters elected a new mayor, Mitch Landrieu, in a landslide more unequal than any in memory. The next day, the city’s beloved football team, the Saints—famous mostly for bumbling—won the Super Bowl for the first time in their 43-year existence. To those monumental happenings, the annual bacchanal of Carnival, now in full swing, seemed an appropriate backdrop. The day after the big game, New Orleanians walked around in a blissful haze, with schools, courts, and workplaces operating at half-strength, and strangers greeting one another with hugs and the team’s signature chant: “Who dat!”

http://www.economist.com/displayStory.cfm?story_id=15491938

Virginia governor's anti-bias order removes language regarding sexual orientation

Virginia Gov. Robert F. McDonnell has signed an executive order barring discrimination in the state workforce on grounds that include race, sex, religion and age, but not sexual orientation.

The order, which McDonnell (R) signed Feb. 5, cements federal law, which prohibits discrimination on those grounds.

http://www.washingtonpost.com/wp-dyn/content/article/2010/02/09/AR2010020903739.html

Talk of tax hikes grows louder

Election-year tax hikes are usually the last thing politicians want to consider, but that’s just what officials in Arizona, Pennsylvania and Washington state are talking about this week. Republican Arizona Gov. Jan Brewer — bucking her party’s traditional aversion to tax increases — has long sought an increase in the sales tax to help her state through one of its rockiest fiscal periods ever.

Another Snowstorm: What Happened to Global Warming?

As the blizzard-bound residents of the mid-Atlantic region get ready to dig themselves out of the third major storm of the season, they may stop to wonder two things: Why haven't we bothered to invest in a snow blower and, also, what happened to climate change?

U.S. Census 2010 forms arriving at homes in March

Every household in the country will soon be receiving the U.S. Census 2010 questionnaire and participation is not just important — it is mandatory. Since 1790, the U.S. Census has counted every resident in the United States, and it is required by the Constitution to hold a count every 10 years. The 2010 Census aims to count all U.S. residents — citizens and non-citizens alike.

http://www.tctimes.com/articles/2010/02/09/news/doc4b6c93193d9f7761380721.txt

House may take Medicaid funds to help with budget

House leaders are proposing a daring budget maneuver that would strip $227 million in General Fund money from the state’s Medicaid program for the next budget year in hopes that the federal government will approve additional stimulus funds for the program starting in 2011.

http://www.courier-journal.com/article/20100209/NEWS01/2090336/1024/NEWS0101/House+may+take+Medicaid+funds+to+help+with+budget

U.S. illegal immigrant population declines for second year

The number of illegal immigrants living in the United States fell by 1 million, or 8 percent, between 2007 and 2009, the U.S. government reported Tuesday. The decline, to 10.8 million people in January 2009 from 11.8 million in 2007 and 11.6 million in 2008, coincides with the national economic downturn. It marked the first back-to-back drops in the number of illegal immigrants since the federal government allowed many to obtain legal status after a 1986 amnesty.

http://www.washingtonpost.com/wp-dyn/content/article/2010/02/09/AR2010020903702.html

Safety Agency Scrutinized as Toyota Recall Grows

In November, top auto safety officials made an unusual request of Transportation Secretary Ray LaHood. After reviewing complaints about Toyota vehicles, the regulators said they believed the automaker was stalling their inquiries and wanted to go to Japan to stress just how serious their concerns had become.

http://www.washingtonpost.com/wp-dyn/content/article/2010/02/09/AR2010020903702.html

Talking to tweens about healthy eating

It's an uneasy topic when moms discuss their daughters' weight. It's no different for the first lady. When Michelle Obama mentioned her daughters' weight once had gotten "off balance" in speeches about childhood obesity, she came under criticism from parenting bloggers and anti-eating-disorder activists. They said the first lady inadvertently brought attention to her two young daughters' weight when they are at a sensitive age.

http://www.cnn.com/2010/HEALTH/02/08/obama.children.diet/index.html

Obama and Republicans Jockey for (Bi)partisan Advantage

"I want a substantive discussion," President Obama said Tuesday, just moments before his press secretary, Robert Gibbs, stood before reporters with the words eggs, milk and bread written on his palm — a mocking jab at potential Republican 2012 contender, Sarah Palin, who was caught cribbing speech notes from her hand over the weekend.