NPR 2008-07-11

The Senate is on the verge 1 of approving a massive housing bill aimed at helping 2 homeowners facing foreclosure. NPR's Brian Naylor has more.

The bill would provide homeowners who can no longer afford to make their monthly payments a chance to qualify for government-backed lower interest rate loans if their bankers are willing to absorb part of the loss. Senate Banking 3 Committee Chairman Chris Dodd of Connecticut said it was time lawmakers finished up work on the measure because people are losing their homes at a record pace. “250,000 people went through that in the month of June, 1,500,000 over the last year, and we're still here debating this bill about whether or not we can do anything to make a difference in people's lives.” The Senate bill must still go back to the House, which has passed a somewhat different measure, and the Bush administration opposes part of it. Backers hope they can get an acceptable bill to the president later this month. Brian Naylor, NPR News, the Capitol.

Federal Reserve Board Chairman Ben Bernanke and Treasury 4 Secretary Henry Paulson told members of the House Financial Services Committee today they are working to restore confidence to the jittery 5 financial markets. Bernanke said that includes giving the Fed increased oversight 6 over investment banks as a way of helping prevent problems like the one that recently led to the rescue of Bear Stearns. "This experience indicates a clear need for careful attention to financial regulation and financial stability by the Congress and other policymakers." Bernanke and Paulson noted 7 they can not rule out a possible financial crisis in the future and called on lawmakers to consider reforms aimed at heading off broader damage. 

The second-in-command at the Office of Special Counsel has announced his resignation. The FBI has been looking into whether the head of the office destroyed documents to obstruct 8 a federal investigation 9. NPR's Ari Shapiro reports.

Controversy 10 has been a regular feature of Scott Bloch's tenure 11 at the Office of Special Counsel. The Special Counsel's job is to pursue government whistle-blower complaints. First, Bloch was accused of ignoring those complaints and retaliating 12 against his own employees. Then, a government office started investigating those accusations 13 and Bloch hired a company to scrub his computer. In May, the FBI raided Bloch's home and office to look into whether the computer scrub was illegal. Now, Bloch's deputy has resigned. Jim Byrne sent a letter to employees of the Office of Special Counsel Thursday afternoon, announcing his departure. The letter did not mention Bloch. But sources close to Byrne described this as a resignation in protest to Bloch's leadership. Bloch has given no indication that he plans to leave. Ari Shapiro, NPR News, Washington.

Dow Chemical says it's agreed to acquire rival Rohm & Haas in a cash deal valued at more than 15 billion dollars, which including three billion dollars in debt, pushing the total value of the transaction to more than 18 billion dollars. With purchase of Philadelphia-based Rohm and Haas, Dow would significantly broaden its offerings in such high-margin markets as paints, coatings and electrical products.

On Wall Street, the Dow Jones Industrial Average gained 81 points. The NASDAQ added 22 points today.

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Hours after Iran tested nine short and medium range missiles, intelligence officials are saying there appears to have been an additional test-firing overnight. However, it's believed to have been a much smaller launch, perhaps just involving one anti-ship missile. Still, the latest incidents of muscle-flexing by the Iranians were condemned 14 by the US. Secretary of State Condoleezza Rice said that Iranian leaders should understand that Washington will not dismiss provocations 15 from Tehran and has the ability to counter them.

 The National Medical Association, the largest organization of African-American health professionals, says it accepts the apology of the American Medical Association for past policies that discriminated 16 against blacks. NPR's Brenda Wilson reports.

The NMA was founded in 1895 when membership in AMA was routinely denied to black doctors. Black doctors could only belong if they had been accepted by local affiliates 17 of AMA. When a group of black doctors from Howard University asked to be seated at the AMA annual meeting in 1870, the AMA, then dominated by powerful southern forces, refused. Through the years up to the 1960s, these policies of exclusion 18 made it difficult for black doctors to find residencies and internships, and gain admitting privileges to hospitals. The NMA called on the AMA to seize upon the opportunity of the apology to correct past injustices 19 by actively 20 recruiting African-Americans into the medical profession, and by helping to reduce health disparities in communities of color. Brenda Wilson, NPR News.

Crude oil prices ended the session higher. The near-month contract for benchmark grade crude rose $5.60 a barrel, ending the session at $141.65 a barrel in New York.