BREAKING NEWS: Warren Buffett Diagnosed with Prostate Cancer

Buffett: "My Condition is Not Remotely Life-Threatening...."

Details of the billionaire investor's annoucement available here: MSNBC report

From The G-Man and Newsy.com will continue to monitor this story and provide details as they become available.

Photo source: Mark Hirschey
Author: Mark Hirschey
Permission: Creative Commons Attribution-Share Alike 2.0 Generic

Senate Vote Blocks Buffet Rule

Statement by the President

Tonight, Senate Republicans voted to block the Buffett Rule, choosing once again to protect tax breaks for the wealthiest few Americans at the expense of the middle class.

The Buffett Rule is common sense. At a time when we have significant deficits to close and serious investments to make to strengthen our economy, we simply cannot afford to keep spending money on tax cuts that the wealthiest Americans don’t need and didn’t ask for.  But it’s also about basic fairness – it’s just plain wrong that millions of middle-class Americans pay a higher share of their income in taxes than some millionaires and billionaires.  America prospers when we’re all in it together and everyone has the opportunity to succeed.

One of the fundamental challenges of our time is building an economy where everyone gets a fair shot, everyone does their fair share, and everyone plays by the same rules.  And I will continue to push Congress to take steps to not only restore economic security for the middle class and those trying to reach the middle class, but also to create an economy that’s built to last.

Image courtesy of http://mindmillion.com.

Dr. Jim Yong Kim Chosen World Bank President

Dr. Jim Yong Kim

Statement by the President

On behalf of the United States, I would like to offer my congratulations to Dr. Jim Yong Kim on his selection as the next President of the World Bank.  I am confident that Dr. Kim will be an inclusive leader who will bring to the Bank a passion for and deep knowledge of development, a commitment to sustained economic growth, and the ability to respond to complex challenges and seize new opportunities. I appreciate the strong support offered to Dr. Kim from leaders around the world.

I am also pleased that this has been an open and transparent process, and would like to take this opportunity to acknowledge the outstanding qualifications and commitment of the other two candidates.  I look forward to working with Dr. Kim and our partners throughout the world in support of a strong and effective World Bank.

'The Monthly Employment and Unemployment Numbers Can be Volatile'

Statement on the Employment Situation in February

  

WASHINGTON, DC – Alan B. Krueger, Chairman of the Council of Economic Advisers, issued the following statement today on the employment situation in February. 

   

Today’s employment report provides further evidence that the economy is continuing to heal from the worst economic downturn since the Great Depression. It is critical that we continue the economic policies that are helping us dig our way out of the deep hole that was caused by the recession that began at the end of 2007, including measures to help the sectors that were most severely harmed by the bubble economy that misdirected investment and created too few durable jobs.

After losing millions of good manufacturing jobs in the years before and during the recession, the economy has added 429,000 manufacturing jobs in the past two years. For the first time since the 1990s, the manufacturing sector is adding jobs. To support a revival in manufacturing jobs and output, the President has proposed tax incentives for manufacturers, enhanced training for the workforce, and measures to create manufacturing hubs.

Private sector payrolls increased by 233,000 jobs and overall payroll employment rose by 227,000 jobs in February. The unemployment rate was unchanged at 8.3%. The unemployment rate has fallen by 0.8 percentage point over the last 6 months.

There was an increase in the size of the labor force last month of 476,000. Importantly, the increase in the labor force last month was due in large part to a reduction in the number of workers who exited the labor force between January and February.

Despite adverse shocks that have created headwinds for economic growth, the economy has added private sector jobs for 24 straight months, for a total of more than 3.9 million payroll jobs over that period. In the last 12 months, 2.2 million private sector jobs were added on net. In the last 6 months, 1.3 million private sector jobs were added, the most of any 6 month period in nearly 6 years.

Sectors with net job increases included health care and social assistance (+61,100), temporary help services (+45,200), leisure and hospitality (+44,000), and manufacturing (+31,000). Construction lost 13,000 jobs, reflecting a loss of 15,400 specialty trade contractor jobs. Employment in the Federal government fell by 7,000 jobs.

The monthly employment and unemployment numbers can be volatile, and employment estimates can be subject to substantial revision. Therefore, as the Administration always stresses, it is important not to read too much into any one monthly report; nevertheless, the trend in job market indicators over recent months is an encouraging sign.

Administration Releases Framework for Business Tax Reform

Says Plan Would Simplify Tax Code, Eliminate Tax Loop Holes and Subsidies, Among Other Things

WASHINGTON – The U.S. Department of the Treasury today released the President’s framework for reforming the U.S. business tax system, which would enhance American competitiveness by simplifying the tax code and eliminating dozens of tax loopholes and subsidies, incentivizing job creation and investment here at home and lowering the business rate while broadening the tax base.

“In order to make us more competitive and create jobs here at home, we must reform our corporate tax code,” said Treasury Secretary Tim Geithner.

“The President’s framework would boost growth and provide American companies with incentives to invest in the U.S. while simplifying and cutting taxes for our small businesses.”

According to the Administration, under the current tax system, the United States will soon have the highest statutory corporate tax rate among developed countries, within a system that features a large number of tax expenditures for special interests.

This puts American businesses—especially those in areas like manufacturing that are subject to more intense international competition—at a disadvantage. And this system is also unnecessarily complicated for America’s small businesses.

For these reasons, the current business tax system is uncompetitive, unfair, and inefficient—distorting choices about where to produce, what to invest in, how to finance a business, and how to incorporate.

As a result, the U.S. business tax system does too little to encourage job creation and investment in the United States and creates too many opportunities that encourage shifting production and profits overseas.

The President’s framework for reform seeks to address those deficiencies in a way that is fiscally responsible.

The details put forward today also make clear that the Administration is committed to working with experts, stakeholders and lawmakers on a bipartisan basis to enact tax reform, including business tax reform that improves the tax treatment of a range of businesses from large corporations to small businesses and does so with fewer tax expenditures, less complexity and lower rates without adding to the deficit.

This report describes the current state of the U.S. business tax system and lays out a framework for reform that includes five major elements:

Eliminate dozens of tax loopholes and subsidies, broaden the base and cut the corporate tax rate to spur growth in America: The framework eliminates dozens of different tax expenditures and fundamentally reforms the business tax base to reduce distortions that hurt productivity and growth. It reinvests these savings to lower the corporate tax rate to 28 percent, putting the United States in line with major competitor countries and encouraging greater investment.

Strengthen American manufacturing and innovation: The framework would refocus the manufacturing deduction and use the savings to reduce the effective rate on manufacturing to no more than 25 percent, while encouraging greater research and development and the production of clean energy.

Strengthen the international tax system, including establishing a new minimum tax on foreign earnings, to encourage domestic investment: Our tax system should not give companies an incentive to locate production overseas or engage in accounting games to shift profits abroad, eroding the U.S. tax base. Introducing the principle of a minimum tax on foreign earnings would help address these problems and discourage a global race to the bottom in tax rates. 

Simplify and cut taxes for America’s small businesses: Tax reform should make tax filing simpler for small businesses and entrepreneurs so that they can focus on growing their businesses rather than filling out tax returns.

Restore fiscal responsibility and not add a dime to the deficit: Business tax reform should be fully paid for and lead to greater fiscal responsibility than our current business tax system by either eliminating or making permanent and fully paying for temporary tax provisions now in the tax code.

To view the President’s framework for reforming business taxation, please visit this link.

Image courtesy of http://www.easyvectors.com

Krueger: 'We Need to Extend the Payroll Tax Cut...'

Statement on the Employment Situation in January

WASHINGTON, DC – Alan B. Krueger, Chairman of the Council of Economic Advisers, issued the following statement today on the employment situation in January.   

Today’s employment report provides further evidence that the economy is continuing to heal from the worst economic downturn since the Great Depression. It is critical that we continue the economic policies that are helping us to dig our way out of the deep hole that was caused by the recession that began at the end of 2007. Most importantly, we need to extend the payroll tax cut and continue to provide emergency unemployment benefits through the end of this year, and take the additional steps that President Obama proposed in his State of the Union address to create an economy built to last.

The unemployment rate fell 0.2 percentage point to 8.3%, from a high of 10% in October 2009. The drop in unemployment over the month was entirely due to employment growth, as the labor force participation rate remained constant, once new population weights are taken into account. The unemployment rate has fallen by 0.8 percentage point in the last 12 months. Private sector payrolls increased by 257,000 jobs and overall payroll employment rose by 243,000 jobs in January. Despite adverse shocks that have created headwinds for economic growth, the economy has added private sector jobs for 23 straight months, for a total of 3.7 million payroll jobs over that period. In the last 12 months, 2.2 million private sector jobs were added on net. Nonetheless, we need faster growth to put more Americans back to work.

Sectors with net job increases in December included professional and business services (+70,000), manufacturing (+50,000), leisure and hospitality (+44,000), health care and social assistance (+29,700), and construction (+21,000). Government lost 14,000 jobs.

The monthly employment and unemployment numbers can be volatile, and employment estimates can be subject to substantial revision. Therefore, as the Administration always stresses, it is important not to read too much into any one monthly report; nevertheless, the trend in job market indicators over recent months is an encouraging sign.

President Obama Speaks at Washington Auto Show

President Obama discusses the resurgence of the American auto industry at the Auto Show in Washington, DC.

Advance Estimate of GDP Growth for the Fourth Quarter of 2011

(Click to enlarge graph) 

Report Released by Council of Economic Advisers

The following information was submitted by Alan Krueger, Chairman of the Council of Economic Advisers.

Today’s report shows that the economy posted its tenth straight quarter of positive growth, as real GDP (the total amount of goods and services produced in the country) grew at a 2.8 percent annual rate in the fourth quarter of last year. For 2011 as a whole, GDP rose by 1.7 percent, raising the level of real GDP 0.7 percent above where it was at the start of the recession in the fourth quarter of 2007.  While the continued expansion is encouraging, faster growth is needed to replace the jobs lost in the recent downturn and to reduce long-term unemployment.

Positive contributions to real GDP growth in the fourth quarter included consumer spending (1.5 percentage points) and fixed investment (0.4 percentage point).  Overall government purchases fell (4.6 percent), with substantial declines in Federal defense spending (12.5 percent) and State and local spending (2.6 percent). 

As President Obama has said, this is a make-or-break moment for the middle class, and those who are struggling to get into the middle class.  That is why the President announced on Tuesday his Blueprint for an America Built to Last – an economy built on American manufacturing, American energy, skills for American workers, and a renewal of American values.

President Speaks on an Economy Built to Last in Iowa

President Obama visits Conveyor Engineering and Manufacturing in Cedar Rapids, Iowa and speaks about strengthening our economy and building an American that’s built to last.

We Can't Wait: President Obama Takes Action

President Obama is not letting congressional gridlock slow economic growth. Here are the actions he has taken to support the middle class.

President Obama on Insourcing American Jobs

President Obama welcomes to the White House business leaders whose companies are creating jobs in America.

Weekly Address: Continuing to Grow the Economy in the New Year

President Obama shares his New Year's resolution: doing whatever it takes to move the economy forward and ensure that middle class families regain the security they've lost in the last decade.

Obama Administration Announces $2 Billion in Resources for Job-Creating Startups

Latest Move in a Series of Executive Actions by the Administration

Today, the White House announced administrative and private sector actions that will help entrepreneurs grow their businesses and create jobs by increasing their access to capital and resources.

The U.S. Small Business Administration (SBA) is moving forward with launching a $1 billion Early Stage Innovation Fund, originally announced as part of Startup America, which will provide matching capital to Small Business Investment Companies (SBICs), targeting early-stage small businesses seeking private institutional capital.

The White House also hosted the first board meeting of the Startup America Partnership, where board members will announce commitments from more than 50 private-sector partners to deliver over $1 billion in value – from free software to free consulting and legal services – to 100,000 startups over the next three years.

The President also renewed his call for Congress to work on a bipartisan basis to develop ideas from his American Jobs Act plan that will help our small and growing businesses access capital while continuing to protect investors.

Specifically, the President has called for increasing limits on “miniofferings,” allowing “crowdfunding,” and phasing in some requirements for small firms as they go public.

“Today, we’re announcing $2 billion in public and private resources to help entrepreneurs start and grow their businesses. Now it’s time for Congress to do its part. It was encouraging to see members of both parties in the House come together to pass legislation that will help small businesses get ahead, and I’m calling on the Senate to do the same. But America’s small businesses can’t wait for these important tools to grow and hire faster,” said President Obama.

The Early Stage Innovation Fund will leverage the successful SBIC program to allow privately managed investment funds to put more capital into the hands of small business startups. SBA is acting on this commitment by proposing a modification of its rules allowing private funds that invest in early stage companies to participate in the SBIC program.

The proposed modifications are now up for public display, and the fund will be fully implemented in 2012. Today’s announcement is the latest in a series of executive actions the Obama Administration is taking to strengthen the economy and move the country forward because we can’t wait for Congress to act.

The Startup America Partnership is a nonprofit alliance of entrepreneurs, major corporations, and service providers committing private-sector resources to accelerate the growth of new companies.

The partnership, led by iconic entrepreneurs like Steve Case (AOL) and Reid Hoffman (LinkedIn), was launched earlier this year in response to the President’s call to action to dramatically increase the success of America’s high-growth entrepreneurs. New startup businesses create most of the net new jobs each year, in every industry and all across the country.

In September, when the President announced his American Jobs Act, he called on Congress to take steps to help small businesses raise the funds they need to innovate and grow. He urged Congress to work on a bipartisan basis to develop these ideas in ways that will help our small businesses while continuing to protect American investors.

Regulation A “miniofferings:” Small businesses owners who are seeking private capital of less than $5 million are currently exempt from a variety of regulations. The President has called for raising that limit to up to $50 million, while still protecting investors, in order to make it easier for small companies to raise the capital they need to grow.

Crowdfunding: Already, nonprofits have harnessed the power of online fundraising and social media to help meet their mission. In a similar way, we can allow entrepreneurs to raise money from many small-dollar investors, while also modifying the rules to build in strong investor protections to these new platforms.

Easing costs for small, young firms: Research shows that most job creation for public firms occurs after they go public. By phasing in certain regulations for small, high-growth firms, we can provide a transition period to help these companies ramp up to the full costs of being public, while still protecting investors.

Additional commitments announced today include:

Startup America Policy Challenge - In the spirit of open and participatory government, the White House will use online platforms to ask entrepreneurs and the broader public how to accelerate entrepreneurial innovation in three priority industries: healthcare, clean energy, and education.

Students and other solvers will then compete to translate the best ideas into “Policy Business Plans,” which will be shared with relevant Cabinet Secretaries from the Departments of Health and Human Services, Energy, and Education.

Administration Commits to Advance Entrepreneurship Education - The Dept. of Education and the Dept. of Labor are advancing a youth entrepreneurship agenda that infuses entrepreneurship education into a range of existing programs involving K-12 education, career and technical education, community colleges, universities, and low-income youth.

As part of this effort, the Dept. of Education is launching a new National Education Startup Challenge, inviting middle school, high school, and college students to develop an innovative solution to an education problem and prepare a business plan for a new company or non-profit organization to deliver that solution.

NFTE Expands Entrepreneurship Education for Underserved Youth - The Network for Teaching Entrepreneurship (NFTE) provides a first-class entrepreneurship education for at-risk high school students from low-income communities.

Today, NFTE and the Pearson Foundation are launching Connect, a free online community for teacher collaboration and training focused on entrepreneurship education, fulfilling a commitment made at the launch of Startup America earlier this year.

The Connect community is open to all educators who want to infuse entrepreneurship education best practices into their classroom, with a goal of at least 5,000 registered educators in the next 24 months.

In addition, SuperCamp/Quantum Learning Network, one of the top academic summer camp providers in America, is partnering with NFTE to making its BizCamps widely available to young people across the country.

Junior Achievement Announces Entrepreneurial Reinvention - Junior Achievement, the nation’s oldest and largest youth entrepreneurship program, is announcing a historic reinvention of its century-old JA Company Program to be more contemporary and relevant to today’s dynamic entrepreneurial landscape.

Supported by global technology leader Emerson, this program is designed to reach at least 50,000 students over the next five years.

Over 100 Community College Presidents Commit to Entrepreneurial Transformation - The National Association for Community College Entrepreneurship (NACCE) is launching the Presidents for Entrepreneurship Forum, through which community college presidents make specific commitments to advance entrepreneurship and the impact these colleges have on the economic well-being of their communities.

Over 100 community college presidents have signed on at launch, with the goal of at least 600 by the end of 2012, comprising around half of all community colleges in the U.S.

Image courtesy of http://free-business-illustration.com

Cuomo: 'The Actions of the Committee Could Deprive New York of Billions of Dollars in Promised Federal Aid

Governor Sends Letter to Congressional Delegation Regarding Impact of Super Committee on New York

Governor Andrew Cuomo has sent a letter to the New York congressional delegation regarding the impact of the actions of the "Super Committee" on the state. The letter is below.

Members of the New York State Congressional Delegation:

As you know, the deadline for the Joint Select Committee on Deficit Reduction (the Committee) to approve a consensus plan is this Wednesday, November 23. The actions of the committee, whether or not the members reach a consensus, will have a direct and significant impact on the finances and economy of the state of New York. I write to express my strong concern regarding the possible impacts of either a stalemate, which would trigger across the board cuts to federal programs, or any agreement that targets programs that New Yorkers and state government depend on. We cannot allow the actions of Washington to undo the progress we have made here in New York.

I recognize the fiscal challenges facing Congress at this critical moment in our nation's history. Rising federal deficits and debt pose a serious threat to the economic viability of this nation and must be addressed in a bi-partisan way with shared sacrifice coming from all Americans. Reviving America's economy and putting Americans back to work is the greatest challenge facing our nation's leaders.

Since taking office more than 11 months ago, my administration, in partnership with the Legislature, has achieved historic budgetary reforms allowing us to close a $10 billion budget gap without raising taxes or borrowing, eliminate automatic spending inflators that cost New Yorkers billions, and impose renewed fiscal discipline on state and local governments. These efforts have resulted in the significant reduction of out-year deficits.

However, as the economy has slowed and uncertainty has gripped financial markets at home and overseas, our state's fiscal situation has become more dire. We are watching the state's tax receipts and budget projections closely as the financial markets remain roiled. Now more than ever, we need to work together to come up with ways to stimulate our economy and put New Yorkers, and all Americans, back to work. A vibrant and growing economy is the best way to generate new revenues for the state and the federal government.

I write to you today because the actions of the Committee could deprive New York of billions of dollars in promised federal aid and deal a major blow to the economy and fiscal stability of this state. These are difficult times that require tough decisions. However, the burden of cuts or reductions in tax deductions must be shared evenly by all states and, as New York's representatives in Congress, I urge you to work to minimize the potential damage to New York.

I am specifically concerned that certain proposals could have a catastrophic impact on New Yorkers and our economy. Specifically, dramatic cuts to Medicaid reimbursements, transportation funding, agricultural assistance, and other federal programs could significantly widen the state's budget gap next year and into the future. In addition, proposals to eliminate tax deductions on state and local taxes as well as home mortgage interest payments could cost New Yorkers thousands of dollars a year, dealing a body blow to families across the state. This would not only take money out of the pockets of hard working New Yorkers, but also take money out of our fragile economy.

New York State receives nearly $40 billion in Federal funding on an annual basis to support critical programs and initiatives. This Federal funding represents approximately 30 percent of the State all funds budget, and supports activities including:

$2.4 billion for educational services that primarily support schools with high concentrations of students from low-income families and students with disabilities.

More than $25 billion for the Medicaid program that provides health care services and employment for millions of New Yorkers.

Nearly $4 billion for construction related to transportation and clean water infrastructure programs that ensure a safe and effective infrastructure system across the State.

These Federal resources support more than 670,000 jobs and $32 billion of wages throughout the State.

The Committee is charged with developing deficit reductions of at least $1.2 trillion over 10 years. These recommendations will have a potentially devastating impact in many critical areas.

The loss of Federal transportation aid would reduce the level of capital repairs on our system, diminishing our efforts to repair a system that is already under stress. Over 7,000 of our bridges are over 50 years old and nearly 6,200 bridges are in deficient condition. New York State ranks 46th nationally in Interstate pavement condition. In addition, the loss of this construction funding would hurt job creation in the construction industry – which is already suffering a 20 percent unemployment rate nationally.

Proportional cuts to Federal programs could result in a loss of $2.4 billion for the State Medicaid and Medicare programs. Loss of funding at this level would likely result in closure of fiscally fragile health care institutions, impact individual access to services and displace thousands of health care employees.

Across the country, leaders in government have heard the call to do more with less. We have done this in New York and Washington should do the same. However, cuts to critical programs should be made in a manner that does not undo the progress we have made at the state level or further erode the chances of a strong economic recovery. I believe certain proposals reportedly being considered by the Committee have the strong possibility of doing both. That cannot be allowed to happen.

Thank you for your committed service to this State and its people.

Sincerely,

Andrew M. Cuomo

Governor

BAE Systems to Remain in Southern Tier

State to Provide Incentive Package for Company Significantly Damaged by Hurricane Irene

BAE Systems, a global defense, security, and aerospace company, will continue operations in the Southern Tier. With the State's support and assistance, the company will relocate from its current facility in Johnson City to another location in the region, retaining its 1,350 employees in the Southern Tier.

"Saving nearly 1,400 local jobs is a big win for the people of the Southern Tier," Governor Cuomo said.

"If BAE had been forced to relocate out of state, it would have been a significant loss for the entire region. We pledge to assist companies like BAE that have been significantly affected by natural disasters to ensure our businesses have the tools to keep New York jobs in the hands of New Yorkers."

Dan Gobel, President, BAE Systems Controls, Inc., noted, "We are grateful to Governor Cuomo, Lieutenant Governor Duffy, and the entire economic development team for the diligence with which they have supported us in the wake of the flooding. Our ability to recover our business in the Southern Tier would not have been possible without the State's involvement."

BAE System's Main Street facility sustained major flood damage in the aftermath of Hurricane Irene in September. At the height of the flooding, BAE officials report the plant was inundated with 16 million gallons of water.

A final damage estimate has not been tallied but is estimated to run in the tens of millions of dollars, with some of the plant's custom-made machinery destroyed. The company announced in October it would not be returning to the Johnson City facility and was looking within a 35 mile radius for a new facility.

Losing the company at this location would have meant a staggering impact on the local economy, families, communities and school districts as BAE is one of the largest employers in the area.

To assist BAE, the State has put together an incentive package of $40 million in job and investment-related tax credits over a five-year period, pending legislative approval enabling companies significantly affected by natural disasters – like the recent historic floods experienced in the Southern Tier – to receive disaster-related tax benefits for retaining jobs in New York State.

"When I toured BAE following the devastating flooding, I witnessed BAE's loyalty to its employees, and I am proud New York State can return that loyalty by keeping these jobs in the Southern Tier. This successful effort demonstrates our commitment to supporting the retention of jobs and full recovery of businesses damaged by the flooding," stated Lieutenant Governor Robert Duffy.

Senator Tom Libous added, "This fall's flooding had a devastating effect on some of the Southern Tier's major companies. I was pleased to work in cooperation with Governor Cuomo to provide the resources necessary to allow BAE Systems to stay in the Southern Tier and more importantly to save the jobs of almost 1,400 families."

"Keeping BAE Systems in the Southern Tier is critical to the region's economic viability and future growth. I applaud Governor Cuomo and all of the partners who came to the table to retain this company and its 1,400 employees," said Assemblywoman Donna A. Lupardo.

"Under the leadership of Governor Cuomo and Lieutenant Governor Duffy, this critical manufacturer and major employer will remain in the Southern Tier. ESD is pleased to have been able to work with the company on a business retention package that ensures it will continue to operate effectively in New York State," concluded Empire State Development President, CEO & Commissioner Kenneth Adams.

Image source: Wikipedia
Author: BAE Systems
Permission: Public Domain

The Power of the Pen: Bills Signed into Law

Statement by the Press Secretary

On Saturday, November 12, 2011, the President signed into law:

S. 1487, the “Asia-Pacific Economic Cooperation Business Travel Cards Act of 2011,” which authorizes the Department of Homeland Security to issue Asia-Pacific Economic Cooperation Business Travel Cards to eligible business leaders and U.S. Government officials actively engaged in Asia-Pacific Economic Cooperation business.

Cuomo's Message to New Yorkers on the Property Tax Cap

newyorkstateofficeofthegovernor on livestream.com. Broadcast Live Free

Politics in Action: H.R. 2930

STATEMENT OF ADMINISTRATION POLICY

H.R. 2930 – Entrepreneur Access to Capital Act

(Rep. McHenry, R-North Carolina, and 5 cosponsors)

The Administration supports House passage of H.R. 2930. In the President’s September 8th Address to a Joint Session of Congress on jobs and the economy, he called for cutting away the red tape that prevents many rapidly growing startup companies from raising needed capital, including through a “crowdfunding” exemption from the requirement to register public securities offerings with the Securities and Exchange Commission.

This proposal, which would enable greater flexibility in soliciting relatively small equity investments, grew out of the President’s Startup America initiative and has been endorsed by the President’s Council on Jobs and Competitiveness.

H.R. 2930 is broadly consistent with the President’s proposal. This bill will make it easier for entrepreneurs to raise capital and create jobs. The Administration looks forward to continuing to work with the Congress to craft legislation that facilitates capital formation and job growth and provides appropriate investor protections.

Image courtesy of http://www.cksinfo.com

President Obama Supports EU Economic Plan

Statement by the President on Europe

We welcome the important decisions made last night by the European Union which lay a critical foundation for a comprehensive solution to the Eurozone crisis. We look forward to the full development and rapid implementation of their plan. We will continue to support the EU and our European allies in their efforts to address this crisis as we work together to sustain the global recovery and put our people back to work.

Photo source: The White House

Author: Pete Souza

Permission: Public Domain

Impressions of the American Jobs Act

At a White House event hosted by Interactive One, a network of African-American websites, President Obama talks about the America Jobs Act and attendees discuss their impressions and reactions to what is in the bill.