Congress

12:56pm

Wed June 13, 2012
The Two-Way

From Our Readers: Keep The Heat Down When Talking Politics

This morning's post about the special election to fill the House seat left vacant by the retirement of Rep. Gabrielle Giffords, D-Ariz., has readers from both sides of the political divide warning about extremism.

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10:49am

Wed June 13, 2012
The Two-Way

JPMorgan Execs Who Bungled Billions May Have To Return Bonuses, Stock

JPMorgan Chase CEO Jamie Dimon during his testimony today on Capitol Hill.
Mark Wilson Getty Images

Along with saying, again, that his bank "let a lot of people down" when it lost more than $2 billion, JPMorgan Chase CEO Jamie Dimon added this prediction during his testimony before the Senate Banking Committee this morning:

"It's likely that there will be clawbacks."

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2:29am

Wed June 13, 2012
Politics

Why The Farm Bill's Provisions Will Matter To You

Originally published on Wed June 13, 2012 10:49 am

Dairy cows feed on a farm in Chilton, Wis., in May. The farm bill being considered by Congress, part of a massive package that could cost nearly $1 trillion over a decade, contains a number of provisions affecting dairies.
Carrie Antlfinger AP

If you think only farmers care about the farm bill currently being considered by Congress, you're very, very mistaken.

The measure will not only set policy and spending for the nation's farms for years to come, but it will also affect dozens of other seemingly unrelated programs — all at a cost of nearly $1 trillion over the next decade. Following are a few questions and answers about the massive legislation:

Why is it called the farm bill, and where did it come from?

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2:29am

Wed June 13, 2012
The Salt

Farmers Split Over Subsidies As Senate Farm Bill Debate Begins

Originally published on Wed June 13, 2012 6:48 am

Larry Sailer on his corn and soybean farm, just north of Iowa Falls, Iowa.
Jonathan Ahl for NPR

The latest proposal for the farm bill — the law governing everything from food stamps to rural development grants — is being considered by the U.S. Senate this week. It's designed to save more than $23 billion over the next 10 years, in part by getting rid of direct payments to farmers. The direct payment program alone costs taxpayers $5 billion per year.

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5:05pm

Tue June 12, 2012
The Two-Way

Dimon Will Tell Congress JPMorgan 'Let People Down' With Trading Loss

Originally published on Wed June 13, 2012 8:00 am

JPMorgan Chase Chief Executive Officer Jamie Dimon.
Mario Tama Getty Images

"This portfolio morphed into something that, rather than protect the firm, created new and potentially larger risks. As a result, we have let a lot of people down, and we are sorry for it."

That's part of JPMorgan Chase President and CEO Jamie Dimon will tell the Senate's Committee on Banking, Housing and Urban Affairs tomorrow, when it looks into the botched trades that lost the bank $2 billion. Chase released Dimon's prepared remarks this afternoon.

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