Obama asks banks, multinationals to help recovery
Posted: Wed Jan 25, 2012 1:18 amObama asks banks, multinationals to help recovery
from MarketWatch.com - MarketPulse
WASHINGTON (MarketWatch) - President Barack Obama used his State of the Union message on Tuesday to ask big banks and multinational corporations to help the economy recover. The speech also contained a slew of dramatic announcements that will impact a host of U.S. business sectors. Obama revealed plans to send Congress a bill to assist homeowners in refinancing their mortgages, to be paid with a fee on large banks. The Justice Department will set up a criminal task force to look at abusive mortgage lending practices and "packaging of risky mortgages" that led to the housing crisis, he said. For the first time, Obama backed a new minimum tax for multinational corporations. The funds from this tax should go to help bring jobs back from overseas, he said. Obama also said he was opening more than 75% of potential offshore oil and gas resources. He announced he would also open public land for clean energy development. Obama was tough on China, saying he would create a special unit to look for unfair bilateral trading practices. Obama was also tough on colleges, warning that he would lower federal aid if they don't stop tuition from rising. Obama called on all 50 states to require that all students stay in high school until they graduate or turn 18.
from MarketWatch.com - MarketPulse
WASHINGTON (MarketWatch) - President Barack Obama used his State of the Union message on Tuesday to ask big banks and multinational corporations to help the economy recover. The speech also contained a slew of dramatic announcements that will impact a host of U.S. business sectors. Obama revealed plans to send Congress a bill to assist homeowners in refinancing their mortgages, to be paid with a fee on large banks. The Justice Department will set up a criminal task force to look at abusive mortgage lending practices and "packaging of risky mortgages" that led to the housing crisis, he said. For the first time, Obama backed a new minimum tax for multinational corporations. The funds from this tax should go to help bring jobs back from overseas, he said. Obama also said he was opening more than 75% of potential offshore oil and gas resources. He announced he would also open public land for clean energy development. Obama was tough on China, saying he would create a special unit to look for unfair bilateral trading practices. Obama was also tough on colleges, warning that he would lower federal aid if they don't stop tuition from rising. Obama called on all 50 states to require that all students stay in high school until they graduate or turn 18.