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Geithner Unveils New Economic Plan

Treasury Secretary Timothy Geithner laid out the new administration’s highly-anticipated blueprint for the nation’s economic recovery Tuesday morning in Washington. In his remarks, Geithner said, The financial system is working against recovery, and that’s the dangerous dynamic we need to change.

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Senate Approves Stimulus Bill

The U.S. Senate voted 61-to-37 to approve an $838 billion stimulus package on Tuesday. Dissension over the bill fell largely along party lines. Next come negotiations with the House, who approved their own version of the stimulus in late January, with an $820 billion price tag.

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Texas Bankers Endorse Wolters Kluwer Financial Services

The Texas Bankers Association (TBA), the largest and oldest state banking association in the nation, has expanded its endorsement of Wolters Kluwer Financial Services’ regulatory compliance and risk management solutions to include several of the company’s mortgage compliance documentation solutions.

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CARES Prepares for Capitol Hill

In the first 30 days of the new presidential administration, the urgency to deal with the nation’s banking and financial crisis has taken top priority. The crisis has escalated and many potential resolutions are being explored – case in point, on Friday, President Obama named former Federal Reserve chairman Paul Volcker, along with 15 other leaders from various industries to an independent committee designed to help the White House combat a growing recession.

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Obama Names Economic Recovery Advisers

President Barack Obama named the members of his new Economic Recovery Advisory Board on Friday – a team that he says will bring with it fresh ideas that go beyond the walls of Washington. The group of outside advisers will offer independent advice to the White House to help the administration craft an effective response to the nation’s growing recession.

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Fannie Needs $16 Billion From Treasury

Fannie Mae will need as much as $16 billion from the Treasury Department to avoid posting a loss in the fourth quarter of 2008, according to an Securities and Exchange Commission filing. The announcement comes just days after Freddie Mac filed a similar report indicating it would as for as much as $35 billion to keep it solvent.

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