Obama Daily News Digest

WASHINGTON (Reuters) - The Federal Reserve would take on a greatly expanded role in financial regulation under new legislation unveiled on Monday by a top Senate Democrat, in a push to move ahead with the regulatory reform that has been a top priority of President Barack Obama.

JERUSALEM (Reuters) - Prime Minister Benjamin Netanyahu on Monday rejected any curbs on Jewish settlement in and around Jerusalem, defying Washington in Israel’s deepening crisis with U.S. President Barack Obama’s administration.

WASHINGTON (Reuters) - Congressional Democrats took the first step on Monday toward a quick final vote on a healthcare overhaul and House of Representatives Speaker Nancy Pelosi vowed to muster the votes needed to pass it.

WASHINGTON (Reuters) - President Barack Obama faced growing congressional pressure on Monday to get tough with China over its currency practices, one day after Chinese Premier Wen Jiabao brushed off accusations that Beijing was undervaluing its currency for an unfair trade advantage.

WASHINGTON (Reuters) - The Federal Reserve would retain some but not all of its oversight powers in the changed financial landscape envisioned by Senate Banking Committee Chairman Christopher Dodd in a plan unveiled on Monday.

WASHINGTON (Reuters) - The first of several Democratic job-creation efforts cleared a procedural hurdle in the Senate on Monday and appeared to be headed toward final congressional approval.

Today, comprehensive health reform came one step closer to becoming a reality. This afternoon, the House Budget Committee voted to advance the legislation to the next phase in the process. After over a year of debate, the final package is only days away from getting the up-or-down vote Americans deserve.

This is good news for all the Americans suffering in the current system. Across the country, millions of Americans have seen their health insurance premiums skyrocket or have been denied coverage due to pre-existing conditions. Health care costs are crushing business, family, and government budgets. And without action, we know these problems will only get worse.

Today, the Budget Committee took an important step forward toward giving these families and small business owners some relief. It’s time for Congress to finish the job and pass reform that will give Americans control over their health care choices.

Kathleen Sebelius is Secretary of Health and Human Services

WASHINGTON (Reuters) - A U.S. envoy’s plans to visit the Middle East were up in the air on Monday, the State Department said, as it waited for Israel to respond to U.S. demands it show that it is serious about peace talks with the Palestinians.

WASHINGTON (Reuters) - Compromise climate control legislation being developed in the U.S. Senate will use a cap-and-trade approach to reduce carbon emissions from utilities such as power plants, a key senator said on Monday.

While most people will have to wait to honor Greek Independence Day, three hundred Greek-Americans, Greeks, and Greek-lovers descended upon the White House Tuesday night to celebrate three weeks early. As the President joked, the Greeks never need an excuse to have a good time.

And there’s no doubt a good time was had by all. Not only were our appetites satiated by the talented Iron Chef Cat Cora, but our hearts were warmed by the attendance of His Eminence Archbishop Demetrios and, for the first time, Greek Prime Minister George Papandreou and his wife, Ada. This year also marked the first time the First Lady joined in the celebration which, in the words of the Archbishop, “certainly enhances the joy of the day.”

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But Tuesday’s reception’s significance extends beyond the remembrance of Greek Independence Day. It was also a celebration of what Prime Minister Papandreou called the “lasting link” between the American and Greek people.    – a link further strengthened by the Department of Homeland Security’s announcement that Greece has been added to the Visa Waiver Program. It is an enduring bond forged by our shared history, our common values, and our united obligation to build a better future.

In that spirit, President Obama highlighted the Greek concept of Philotimo – literally, the “love of honor.” But practically, Philotimo means so much more. It is the sense of love for family, community and country. It is the sense of nobility and morality enshrined in Greek mythology. And it is the sense of right and wrong and the duty to do what’s right.

While the English language offers no direct translation of Philotimo, American citizens uphold this essential concept every time they volunteer in their local community, dig deep into their pockets to donate to charity, or generally go out of their way to improve the life of their neighbor.

Darron P. Monteiro is the Deputy Associate Director of the Office of Public Engagement

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