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February 1, 2010 - by Eric Naing

President Obama’s 2011 budget dropped today and grabbed most of the headlines, but it wasn’t the only thing happening on Capitol Hill. Here’s what you might have missed:

  • The Washington Post chronicles the slow death of the Consumer Financial Protection Agency. What once was a key component of President Obama’s plan to regulate the financial industry has slowly lost more and more of its teeth as the proposal works its way through the legislative process. The House already passed a version of the agency (H.R.4173). The Senate has yet to pass one of its own. (The Washington Post)
  • In related news, the Financial Times reports that President Obama’s proposed regulations to limit the size and scope of banks has stalled in Congress. The “Volcker rule,” named after former Fed Chairman Paul Volcker who came up with the idea, would need 60 votes to make it out of the Senate. With Scott Brown on his way and other Democrats hesitating, things may look grim for another piece of Obama’s banking strategy. (The Financial Times)
  • President Obama is considering some drastic changes for No Child Left Behind – a signature policy achievement from his predecessor’s agenda. Among the changes are a different formula for doling out federal dollars to schools and an elimination of a 2014 academic achievement deadline. (The New York Times)
  • Regrets – they have a few. Democrats are now saying that a deal cut with Sen. Ben Nelson [D, NE] inserting Stupak-like, anti-abortion language and special Medicaid funding for Nebraska into the Senate’s health care bill (H.R.3590) probably was a mistake. (Talking Points Memo)
  • Ben Adler unloads on Republicans for playing politics for the absolutely critical debt limit vote. He also takes aim at the news media for not holding Republicans accountable for taking a position that he says “would have wreaked havoc on the entire global economy.” Our own Donny Shaw last week noted the hypocrisy of GOP’s position on the debt limit. (Newsweek)
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