Obama proposes restraints for national banks
President Obama publicly proposed putting restraints on some of the largest national banks on Thursday, Jan. 21. Regulations would not only limit the bank’s size but would also limit risky activities. Obama’s proposal would also ban proprietary trading, which is when commercial banks trade their own accounts. The White House administration plans to join together with the Senate to include these proposals in a financial regulation bill.
Brown defeats Coakley in Mass. election
Republican Scott Brown won the Massachusetts special election on Wednesday, Jan. 20 by defeating Democrat Martha Coakley, 52 percent to 47 percent.
Brown has promised that he will oppose the Democrat health bill. The Democrats no longer have control of the 60 votes in the Senate to overcome those opposed to the bill.
Obama looks for alternative health care bill
After the Massachusetts special election, President Obama decided that he might alter his health care bill in order to achieve a bipartisan agreement.
Obama’s two main goals for health care are restriction on insurance companies and to address the rising costs of health care.
The loss of the Democrats’ 60th vote in the Senate weakened their agenda for other domestic issues aside from health care, such as global warming.
Plouffe could centralize control for Democrats
President Obama has ordered his campaign manager, David Plouffe, to oversee upcoming political elections.
By doing so, Obama hopes to try and ensure a victory for the Democrats.
Obama also wants to review the Democrats’ strategy for winning upcoming elections.
Supreme Court makes decision on spending
In a five to four vote, the Supreme Court ruled that there will not be a ban of political spending by corporations in elections.
The five justices who made the majority said their decision was based upon the first amendment.
They also said that a ban would violate freedom of speech.
24 states might have to rewrite laws
Since the Supreme Court ruled that it is unconstitutional to ban corporate spending, 24 state laws may be re-evaluated. These states prohibit union and corporation spending on political elections.