By Julianne LaJeunesse – University of New Mexico/Talk Radio News Service

Hopefully, no one told U.S. Treasury Secretary Timothy Geithner that pitching the Obama administration’s financial reform plan to Congress was going to be painless. During a heated Joint Economic Committee hearing on Thursday, U.S. Republican Reps. Michael Burgess (Texas) and Kevin Brady (Texas) called on Geithner to step down, telling him that his work is not adequately serving Americans.

“Conservatives agree that as point person, you failed,” Brady argued. “Liberals are growing in that consensus as well. Poll after poll shows the public has lost confidence in this President’s ability to handle this economy… for the sake of our jobs, will you step down from your post?”

Geithner responded to Brady by saying he’s privileged to serve in his position, but did not give the Congressman an answer. Responding to Brady’s concerns over unemployment and the types of jobs lost, Geithner remarked, “Almost nothing in what you said represents a fair and accurate perception of where this economy is today.”

The purpose of Geithner’s visit to the Hill, his second in as many days, was to encourage lawmakers to include four elements that he argued, “are critical to a strong package of [regulatory reform] legislation.”

Among them: Forcing non-banks who act as banks to be subjected to the same safeguards as recognized monetary institutions; accountability that includes a proposed council that will ensure that banks, regardless of size, work on a level playing field; a more capable financial system that will better absorb shocks and failures and adoption of a “no institution should be considered too big to fail” motto, which Geithner explained would be enforced by the government under “resolution authority.”

“This emergency authority, what we call resolution authority, has to be designed to facilitate the orderly demise of a failing firm…not ensure its survival,” he said. “Any risk of loss, must be recouped from the largest institutions, in proportion to their size. The financial industry, not the taxpayers, need to be on the hook.”

Sen. Charles Schumer (D-N.Y.) discusses the Congressional Budget Office’s review of the Senate’s health care reform bill.

By John DuBois – University of New Mexico/Talk Radio News Service

During a news conference on Wednesday, Sens. Sherrod Brown (D-Ohio) and Charles Schumer (D-N.Y.) expressed their belief that a public option insurance plan would create competition in the marketplace and would lower healthcare costs for Americans.

Liberal Democrats, like Brown and Schumer, who support the public option have argued that the plan would help small businesses stay in business and provide health insurance for their employees.

Said Schumer, “Small businesses want to provide the coverage. They know it’s good for their workers, good for morale and good for keeping. They just can’t afford [health insurance] any longer and that’s why we need a public option.”

Brown argued that,“the public option will not use pre-existing conditions, [it] won’t discriminate against women who have had c-sections or women who have been victims of domestic violence and call that a pre-existing condition.”

“We are changing the rules, we are also going to have the public option there to help those small businesses to compete to keep prices down,” he added.

Says Sen. Sherrod Brown (D-Ohio), “Health insurance companies, their average CEO salary is into eight figures, that would be over ten million chuck.” Sen. Chuck Schumer (D-N.Y.) follows by seconding Brown’s incredulity. (00:18)

 

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Says Sen. Charles Schumer (D-N.Y.), “Small businesses want to provide the coverage. They know it’s good for their workers, good for moral and good for keeping. They just can’t afford [health insurance] any longer and that’s why we need a public option.” (00:11)

 

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Sen. Charles Schumer (D-N.Y.), who supports the public option plan being pushed for by liberals in the Senate, explains that he wants to see the system reformed before health insurance premiums become too expensive for Americans. (00:33)

 

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Senators Carl Levin (D-Mich.) and Patrick Leahy (D-VT.) comment on the inclusion of a public option in the Senate’s health care reform bill. Both Senators agreed that the option needs to be included to help promote competition, but they both also asked that Senate Majority Leader Harry Reid (D-NV.) include a state opt-out provision, as pushed by Sen. Charles Schumer (D-NY.). (1:00)

 

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