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Malpractice reform has always been a resoundingly popular idea with Republicans, which made the topic a perfect one for President Barack Obama to talk about in his recent address to Congress. George W. Bush had a "good idea" on malpractice reform, the President said--one he intended to pursue as part of a health-care overhaul. Cue a rare moment of bipartisan applause...
...main goal of health-care reform, the subject of Obama's speech to Congress, is to cut costs for everyone. Malpractice premiums make up less than 1% of U.S. heath-care spending. Doctors argue that "defensive medicine"--the extraneous care they provide out of fear of being sued--costs much more, but the data are unclear. Texas, for example, has not seen health-care spending drop since instituting award caps in 2003. While a 1996 study said caps could cut costs up to 9%, the Congressional Budget Office stated in 2008 that it had "not found sufficient evidence to conclude...
President Barack Obama warned in a speech on Wall Street Sept. 14 that "normalcy cannot lead to complacency." But normalcy is leading to complacency. Consider the financial reforms that Obama's Administration wants to push through Congress: the big ones are creating a Consumer Financial Protection Agency, giving the Federal Reserve the job of systemic-risk regulator and establishing a "resolution regime" to wind down troubled nonbank financial institutions (like Lehman) and complex bank holding companies. Steps in the right direction? Probably. Truly major reforms? Not so much--and even they may not win congressional approval...
...months after Franklin D. Roosevelt took office in 1933, Congress legislated a transformation of the financial sector, establishing a new regime of securities regulation, creating the Federal Deposit Insurance Corporation and segregating commercial banks from Wall Street. It's not obvious that we need such a drastic overhaul now, but the contrast with the 1930s is stark. Ironic, too. By leaving financial markets alone, Mellon and his kindred spirits at the Fed ushered in an economic collapse that led to permanent government intervention in the financial sector. By intervening, Paulson and his kindred spirits at the Fed seem to have...
...March 2008, University President Drew G. Faust traveled to Washington to lobby congress for an increase in funding for bio-medical research. She emphasized the need for a real-dollar increase in the total amount of NIH funding, which is the single largest funding source for Harvard projects. This year, Harvard researchers have secured 16 percent of the 2009 NIH grants...