Word: congression
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...depends on who’s elected President, and whether or not the Democrats retain control of the Congress,” he said...
...don’t have any thoughts that next week, that immediately Congress is going to start legislating our proposals,” she said. “But we are optimistic. Our goal is to change the conversation, to get people to pay attention...
Thabo Mbeki called time on his presidency on Saturday, after South Africa's ruling African National Congress (ANC) called on him to resign - opening the way for his rival and successor as party leader, Jacob Zuma, to be voted in as President despite allegations of corruption against him. ANC party leaders argued through Friday night over Mbeki's fate, announcing early on Saturday afternoon their unanimous decision to remove him from office following allegations that he had used the country's law-enforcement system to undermine Zuma's chances of succeeding him. ANC Secretary General Gwede Mantashe said...
...closest historical parallel to this effort is the Resolution Trust Corporation, which was formed by Congress in 1989 to buy up and dispose of the assets of failed savings and loans. The difference is that while the RTC took over the assets of corporate corpses already in government hands, the assets everybody's worried about now are on the books of still alive banks, investment banks and other firms. The idea would be to get them off the books of these institutions, hold on to them for a few years and possibly try to renegotiate their terms to slow foreclosures...
...There's also the question of whether Congress, which was planning to adjourn at the end of next week so its members could go home to campaign for re-election, could create such an entity on short notice. On Wednesday the answer from several key lawmakers was no, but on Thursday House Speaker Nancy Pelosi told President Bush she'd keep the chamber in session longer if needed. It's also possible that the Treasury and the Fed could come up with an improvised solution that doesn't need congressional approval. Paulson and Fed Chairman Ben Bernanke visited Capitol Hill...