Geithner: Banks Cannot Be Separated From Risk
Treasury Secretary Tim Geithner is scheduled to testify today at the Financial Crisis Inquiry Commission, where he will say that stability cannot be achieved by separating banks from risk. The Treasury released an excerpt from his remarks: “The lesson of this crisis … is that we cannot make the economy safe by taking functions central to the business of banking, functions necessary to help raise capital for business and help businesses hedge risk, and move them outside banks, and outside the reach of strong regulation.”
Obama’s Day Ahead
President Obama will receive the presidential daily briefing at 9:15 a.m. ET, and the economic daily briefing at 10 a.m. ET. He will meet at 11 a.m. ET with his national security team on Afghanistan and Pakistan. He will meet at 3:30 p.m. ET with Secretary of State Hillary Clinton.
Biden: U.S. Committed To Missile Defense In Europe
Speaking to the European Parliament, Vice President Biden said that the United States remains committed to an anti-missile system and other efforts to counter Iran’s nuclear ambitions. “The United States and European Union have stood side-by-side to prevent Iran from developing nuclear weapons,” said Biden. “Iran’s nuclear program violates its obligations under NPT [Non-Proliferation Treaty] and risks sparking a nuclear arms race in the Middle East.”
Karzai May Face Hostile Audience In U.S. Congress
Afghan President Hamid Karzai will visit Washington next week, where he will face a skeptical Congress. “He has a major task ahead of him to convince the Congress that he has the capacity and commitment to be a reliable and committed partner in our efforts to defeat al Qaeda and the Taliban,” said Rep. Nita Lowey (D-NY).
Roll Call: Obama And McConnell Are Perfect Strangers
Roll Call reports that President Obama and Senate Minority Leader Mitch McConnell (R-KY) have not spoken privately since before Obama was sworn in as president: “The situation leaves many Republicans scratching their heads about how far into the future Obama has been looking.”
Clyburn Likens Himself To A Turtle: ‘Slow And Methodical’
The Washington Post interviewed Senate Majority Whip James Clyburn (D-SC), who likened his leadership style to a “velvet glove,” in contrast to Tom “The Hammer” DeLay. Clyburn said that if he had a mascot, it would be the turtle: “Turtles are important. They’re important symbols to me. Slow and methodical, stay focused and every now and then, stick your neck out.”
NYT Looks At Sidney Thomas
The New York Times profiles federal Judge Sidney Thomas, a potential nominee for the Supreme Court: “His long record as a lawyer in private practice, 17 years, would set Judge Thomas apart from most of the justices he would join if selected; before coming to the court, they spent the bulk of their careers on the bench, in government service or in academia. He would bring other kinds of diversity to the court as well. A graduate of Montana State University and the University of Montana law school, he would be the only current justice whose law degree is not from Harvard, Yale or Columbia. And as a Presbyterian, he would also be the sole Protestant on the court.”
