The Senate Banking, Housing and Urban Affairs Committee held a full committee hearing on the Federal Reserve’s semiannual monetary policy report to Congress. Sen. Chris Dodd (D-Conn.) presided over the hearing and said that in considering the state of the U.S. economy, it is important to distinguish between fear and facts. Dodd explained that in the country’s markets today, in particular during the turmoil of recent days, far too many actions are being driven by fear, and are ignoring crucial facts. This neglect of the facts, Dodd said, has caused Americans to experience unprecedented hardship and uncertainties, and now more than ever, they need to know when things will start to turn around and when the country will get back on track. (more…)

Briefer: Dana Perino

President’s Schedule:

President Bush had his normal briefings at 8 am this morning. At 11 am the President will make a statement on the 10th Anniversary of the International Religious Freedom Act, in the Roosevelt Room of the White House. At 1.30 pm, the President will make a statement in the Rose Garden on the energy needs of the country, and the importance of expanding exploration for resources here at home. The President will announce that he has decided to lift the executive ban on oil exploration in America’s outer continental shelf, and he will again call on Congress to lift its legislative ban.
Perino also made remarks about the news of former Press Secretary Tony Snow who passed away on Saturday. She thanks everyone on behalf of the Snow family for the outpour of support, and quoted the President: “Tony Snow was a great friend to everybody at the White House. “ Perino also announced the funeral services for Thursday July 17, 2008 to be held at 10 am at the Basilica at Catholic University. The President will be attending this service. (more…)