WEEKLY ADDRESS: It?s Time for Congress to Act to Help Responsible Homeowners

WASHINGTON, DC—In this week’s address, President Obama continued his call for a return to American values, including fairness and equality, as part of his blueprint for an economy built to last.  This is why the President is sending Congress his plan to give responsible homeowners the chance to save thousands of dollars on their mortgages by refinancing at historically low rates without adding a cent to the deficit.  The housing crisis has been the single largest drag on the recovery, and although the Administration’s actions have helped responsible homeowners refinance their mortgages and stay in their homes, Congress must act now to do more to continue assisting homeowners and the economy.  President Obama asks all Americans to tell their elected officials to pass this plan to keep more families in their homes and more neighborhoods thriving and whole.

Remarks of President Barack Obama
Weekly Address
The White House
Saturday, February 4, 2012

Over the last couple of weeks, I’ve been traveling around the country and talking with folks about my blueprint for an economy built to last.  It’s a blueprint that focuses on restoring the things we’ve always done best.  Our strengths.  American manufacturing.  American energy.  The skills and education of American workers. 

And most importantly, American values like fairness and responsibility. 

We know what happened when we strayed from those values over the past decade – especially when it comes to our housing market.

Lenders sold loans to families who couldn’t afford them.  Banks packaged those mortgages up and traded them for phony profits.  It drove up prices and created an unsustainable bubble that burst – and left millions of families who did everything right in a world of hurt.

It was wrong.  The housing crisis has been the single biggest drag on our recovery from the recession.  It has kept millions of families in debt and unable to spend, and it has left hundreds of thousands of construction workers out of a job.

But there’s something even more important at stake.  I’ve been saying this is a make-or-break moment for the middle class.  And the housing crisis struck right at the heart of what it means to be middle-class in this country: owning a home.  Raising our kids.  Building our dreams.

Right now, there are more than 10 million homeowners in this country who, because of a decline in home prices that is no fault of their own, owe more on their mortgages than their homes are worth.  Now, it is wrong for anyone to suggest that the only option for struggling, responsible homeowners is to sit and wait for the housing market to hit bottom.  I don’t accept that.  None of us should.

That’s why we launched a plan a couple years ago that’s helped nearly one million responsible homeowners refinance their mortgages and save an average of $300 on their payments each month.  Now, I’ll be the first to admit it didn’t help as many folks as we’d hoped.  But that doesn’t mean we shouldn’t keep trying.

That’s why I’m sending Congress a plan that will give every responsible homeowner the chance to save about $3,000 a year on their mortgages by refinancing at historically low rates.  No more red tape.  No more endless forms.  And a small fee on the largest financial institutions will make sure it doesn’t add a dime to the deficit.

I want to be clear: this plan will not help folks who bought a house they couldn’t afford and then walked away from it.  It won’t help folks who bought multiple houses just to turn around and sell them. 

What this plan will do is help millions of responsible homeowners who make their payments every month, but who, until now, couldn’t refinance because their home values kept dropping or they got wrapped up in too much red tape.

But here’s the catch.  In order to lower mortgage payments for millions of Americans, we need Congress to act.  They’re the ones who have to pass this plan.  And as anyone who has followed the news in the last six months can tell you, getting Congress to do anything these days is not an easy job.

That’s why I’m going to keep up the pressure on Congress to do the right thing.  But I also need your help.  I need your voice.  I need everyone who agrees with this plan to get on the phone, send an email, tweet, pay a visit, and remind your representatives in Washington who they work for.  Tell them to pass this plan.  Tell them to help more families keep their homes, and more neighborhoods stay vibrant and whole. 

The truth is, it will take time for our housing market to recover.  It will take time for our economy to fully bounce back.  But there are steps we can take, right now, to move this country forward.  That’s what I promise to do as your President, and I hope Members of Congress will join me.

Thank you, and have a great weekend.

President Obama Announces More Key Administration Posts

WASHINGTON – Today, President Barack Obama announced his intent to nominate the following individuals to key Administration posts:

The President also announced his intent to appoint the following individuals to key Administration posts:

President Obama said, “I am proud that such experienced and committed individuals have agreed to serve the American people in these important roles.  I look forward to working with them in the months and years ahead.”

President Obama announced his intent to nominate the following individuals to key Administration posts:

Bill Baer, Nominee for Assistant Attorney General for the Antitrust Division, Department of Justice
Bill Baer is the chair of the Antitrust Practice Group at Arnold and Porter LLP.  He joined Arnold and Porter in 1980, becoming a partner at the firm in 1983.   In his practice, Mr. Baer represents a broad range of companies in U.S. and international cartel investigations, mergers and acquisition reviews, and in antitrust litigation.   From 1995 to 1999, he served as the Director for the Bureau of Competition at the Federal Trade Commission (FTC).  Mr. Baer began his legal career in 1975 as a trial attorney for the Bureau of Consumer Protection at the FTC.  Mr. Baer holds a B.A. from Lawrence University and a J.D. from Stanford Law School.

Marcilynn A. Burke, Nominee for Assistant Secretary for Land and Minerals Management, Department of the Interior
Marcilynn A. Burke has served as Acting Assistant Secretary for Land and Minerals Management at the Department of the Interior (DOI) since July 2011 and as Deputy Director of the Bureau of Land Management since August 2009.   Prior to serving in these positions at DOI, Ms. Burke was a tenured Associate Professor of Law at the University of Houston Law Center where she taught natural resources, land use management, environmental, and property law.  Before she began her teaching career, Ms. Burke was an associate at the law firm of Cleary, Gottlieb, Steen, & Hamilton.  She earned her A.B. from the University of North Carolina at Chapel Hill and her J.D. from Yale University.

Joseph Jordan, Nominee for Administrator for Federal Procurement Policy, Office of Management and Budget
Joseph Jordan is currently Senior Advisor to Office of Management and Budget Acting Director Jeffrey Zients, a position he has held since December 2011. Between 2009 and 2011, Mr. Jordan served as Associate Administrator for Government Contracting and Business Development at the Small Business Administration (SBA). Prior to joining SBA, Mr. Jordan was an Engagement Manager with McKinsey & Company, a global management consulting firm.  At McKinsey, he specialized in developing purchasing and supply management strategies for clients across several industries. He also worked with the firm’s public sector practice, advising state governments on how to cut costs and capture efficiencies.   In 2000, Mr. Jordan helped build and manage operations of Backwire, a web-based publisher-marketer. When the company was purchased by Leap Wireless, he transitioned to become Leap’s project manager for strategic planning and product development. From 1998 to 2000, Mr. Jordan worked as an Associate Producer on MSNBC’s Hardball with Chris Matthews.  Mr. Jordan received his B.A. from The College of the Holy Cross and an M.B.A. from the University of Virginia's Darden School of Business Administration.

John Norris, Nominee for Commissioner, Federal Energy Regulatory Commission
John Norris is a Commissioner at the Federal Energy Regulatory Commission (FERC), a position he has held since December 2009.  Over the past 10 years, Mr. Norris has also been involved in numerous local, regional, and national energy related boards and organizations.  Before his appointment to FERC, he was Chief of Staff at the U.S. Department of Agriculture.  From 2005 to 2009, Mr. Norris served as Chairman of the Iowa Utilities Board (IUB).   Prior to joining IUB, he served as Chief of Staff and Energy Advisor to Governor Tom Vilsack, Chief of Staff to U.S. Representative Leonard Boswell, and owned and managed a restaurant in Greenfield, Iowa.  Mr. Norris received a B.A. in Political Science from Simpson College and a J.D. from the University of Iowa College of Law.

Heidi Shyu, Nominee for Assistant Secretary of the Army for Acquisition, Logistics, and Technology, Department of Defense
Heidi Shyu has served as Acting Assistant Secretary of the Army for Acquisition, Logistics, and Technology (ALT) since June 2011, and as Principal Deputy Assistant Secretary for ALT since November 2010.  Prior to joining the Administration, Ms. Shyu worked for the Raytheon Company from 1997 to 2010.  During that time, she held several leadership positions including Vice President of Technology Strategy for Space and Airborne Systems (2009-2010), Corporate Vice President of Technology and Research (2007-2009), Vice President and Technical Director for Space and Airborne Systems (2004-2007), and Vice President of Unmanned and Reconnaissance Systems (2002-2003).   Prior to working at Raytheon, Ms. Shyu worked for Hughes Aircraft Company (1992-1997), Litton (1990-1991), and Grumman Aerospace (1989-1990).  She began her career in 1978 as an Engineer for Hughes Aircraft Company.  Ms. Shyu holds a B.S. from University of New Brunswick in Canada, an M.S. from the University of Toronto, and an M.S.E.E. from University of California, Los Angeles.

President Obama also announced his intent to appoint the following individuals to key Administration posts:

Milton Irvin, Appointee for Member, President's Board of Advisors on Historically Black Colleges and Universities
Milton Irvin is currently Chair of the Advisory Board for Castle Oak Securities, L.P.  In January 2012, Mr. Irvin retired from UBS AG where he had been a Managing Director and the Americas’ Head of Diversity and Inclusion since 2002.  Before working at UBS, Mr. Irvin served as President and COO of Imbot.com, from 2000 to 2002, and Blaylock & Partners L.P., from 1998 to 1999.  Mr. Irvin began his career as a corporate lending officer at Chase Manhattan Bank, and then spent 20 years at Salomon Brothers, holding numerous positions including Managing Director and Head of Generalist Sales.  Mr. Irvin currently serves on the Wharton Graduate Advisory Board, the Board of the Harlem School of the Arts, and LEAD, a non-profit that unites colleges and universities with corporations to encourage minority high school students to explore careers in business, science, engineering, and technology.  In 1994, President Clinton appointed Mr. Irvin to the Advisory Committee of the Pension Benefit Guaranty Corporation for which he served as chairman from 1995 to 1997.  Mr. Irvin earned his B.S. from the United States Merchant Marine Academy and his M.B.A. from the Wharton School of Business at the University of Pennsylvania.

The Reverend George B. Walker, Jr., Appointee for Member, President's Board of Advisors on Historically Black Colleges and Universities
The Reverend George B. Walker, Jr. is the Vice President of Strategic Partnerships at the Gay & Lesbian Victory Fund and Victory Institute (“Victory”), a position he has held since October 2011. From 2008 to 2011, Reverend Walker was the Vice President of Leadership Initiatives at Victory.  Before joining Victory, Reverend Walker worked at the American Constitution Society for Law and Policy as the Development Director from 2006 to 2008; the Human Rights Campaign as Major Gifts Officer from 2004 to 2006; and the Center for Community Change, where he was Deputy Operations Director from 2003 to 2004 and Director of Evaluation from 2001 to 2003.  From 1994 to 1996, Reverend Walker worked as a volunteer for the U.S. Peace Corps.  He later served as Associate Director of the Peace Development Fund from 1998 to 2001.  Reverend Walker is the recipient of the U.S. Peace Corps’ Franklin H. Williams Award, the German Marshall Memorial Fellowship, and the Pipeline Project’s 21st Century Leadership Fellowship.  Reverend Walker holds a B.A. from Morehouse College and an M.Div. from the Divinity School at Duke University.

President Obama Announces Another Key Administration Post

WASHINGTON – Today, President Barack Obama announced his intent to nominate the following individual to a key Administration post:

President Obama announced his intent to nominate the following individual to a key Administration post:

Jeremiah O. Norton, Nominee for Member, Board of Directors of the Federal Deposit Insurance Corporation
Jeremiah O. Norton is currently an Executive Director of J.P. Morgan Securities, LLC.  In this role, Mr. Norton advises financial institutions on mergers and acquisitions and other corporate finance transactions.  Prior to joining J.P. Morgan, Mr. Norton served as the Deputy Assistant Secretary for Financial Institutions Policy at the Department of the Treasury from 2007 to 2009.  In that role, he led the Department’s office that developed, analyzed, and coordinated policies on legislative and regulatory issues affecting financial institutions.  Additionally, he oversaw the Terrorism Risk Insurance Program. Prior to his time at the U.S. Treasury, Mr. Norton served on the legislative staff of Representative Edward R. Royce as the primary advisor on banking and insurance issues.  Prior to joining Representative Royce, Mr. Norton worked in the Financial Institutions and Governments investment banking group at J.P. Morgan.  Mr. Norton received an A.B. in Economics from Duke University, and a J.D. from the Georgetown University Law Center.

U.S. Trade Representative Ron Kirk Announces U.S. Victory in Challenge to Chi...

“Today’s report is a tremendous victory for the United States – particularly its manufacturers and workers,” Ambassador Kirk said. “The Obama Administration will continue to ensure that China and every other country play by the rules so that U.S. workers and companies can compete and succeed on a level playing field. During his State of the Union Address last week, the President laid out a blueprint for an economy that’s built to last – an economy built with the renewed strength of American manufacturing. Today’s decision ensures that core manufacturing industries in this country can get the materials they need to produce and compete on a level playing field.”

The export restraints challenged in this dispute include export quotas and export duties, as well as related minimum export price, export licensing, and export quota administration requirements. The raw materials at issue include various forms of bauxite, coke, fluorspar, magnesium, manganese, silicon carbide, silicon metal, yellow phosphorus, and zinc. Export restraints on these types of industrial products can skew the playing field against the United States and other countries in the production and export of numerous steel, aluminum and chemical, and a wide range of other products. They can artificially increase world prices for these raw materials while artificially lowering prices for Chinese producers. This enables China’s domestic producers to produce lower-priced products from the raw materials and thereby creates significant advantages for China’s producers when competing against U.S. and other producers, both in China’s market and other countries’ markets. Such export restraints can also create substantial pressure on foreign producers to move their operations and, as a result, their technologies to China.

The European Union and Mexico joined the United States as co-complainants in the dispute. Upon a U.S. request, the WTO Dispute Settlement Body (DSB) will adopt the panel and Appellate Body reports within 30 days and call for China to bring its measures into compliance with its WTO obligations.  

BACKGROUND

On June 23, 2009, the United States requested WTO dispute settlement consultations with China regarding export restraints maintained by China on various forms of bauxite, coke, fluorspar, magnesium, manganese, silicon carbide, silicon metal, yellow phosphorus, and zinc. On the same day, the European Union also requested consultations with China. On August 21, 2009, a third WTO Member, Mexico, requested consultations with China. On December 21, 2009, a single WTO panel was established to examine the three complaints. Argentina, Brazil, Canada, Chile, Colombia, Ecuador, India, Japan, Korea, Norway, Saudi Arabia, Chinese Taipei, and Turkey joined as third parties in the dispute.

The panel found that the export duties and export quotas that China maintains on various forms of bauxite, coke, fluorspar, magnesium, manganese, silicon carbide, silicon metal, and zinc constitute a breach of WTO rules and that China failed to justify those measures as legitimate conservation measures, environmental protection measures, or short supply measures. The panel also found that China’s imposition of minimum export price, export licensing, and export quota administration requirements on these materials, as well as China’s failure to publish certain measures related to these requirements, is inconsistent with WTO rules.

On August 31, 2011, China appealed certain aspects of the panel’s report. On September 6, 2011, the United States and its co-complainants filed limited cross appeals on certain procedural and other findings made by the panel. A hearing took place before the WTO’s Appellate Body on November 7-9, 2011. In its report, the Appellate Body rejected China’s appeal and confirmed that: China may not seek to justify its imposition of export duties pursuant to the exceptions provided in Article XX of the GATT 1994; China failed to demonstrate that certain of its export quotas were justified as measures for preventing or relieving a critical shortage under Article XI:2(a) of the GATT 1994; and the Panel correctly made recommendations for China to bring its measures into conformity with its WTO obligations. The Appellate Body also found that the Panel erred: in making findings related to licensing and administration claims identified in Section III of the U.S. panel request, declaring those findings moot; and in the Panel’s legal interpretation of one element of the exception set forth in Article XX(g) of the GATT 1994 (China did not appeal the Panel’s conclusion that China had failed to establish a defense under Article XX(g)).