November 11, 2009

Kirsten Trusko, President of the Network Branded Prepaid Card Association (NBPCA) released the following statement in response to the introduction of the Restoring American Financial Stability Act of 2009 by Senator Chris Dodd (D-CT): "The Network Branded Prepaid Card Association appreciates the efforts of Chairman Dodd and the Senate Banking Committee to better protect consumer interests. The NBPCA and its members are committed to working with them as this process goes forward. It is absolutely critical that any new regulations not limit access to unique financial products such as prepaid cards, which have become a key tool of financial inclusion for the millions of unbanked and underbanked U.S. consumers who rely on them. "Specifically, the Consumer Financial Protection Agency proposed under the Act includes deposit-taking language that may lead to the elimination prepaid cards at retail locations. Currently, there are approximately 200,000 non-bank locations across the United States where consumers can either purchase a prepaid card or load funds to the card. This would dramatically decrease, if not eliminate, access to these important products for consumers that need them most, throwing up a new and unnecessary roadblock to the financial mainstream. Full release.

With President Barack Obama on his way to meet his Chinese counterpart in Beijing for talks on global climate change and other important issues, a poll by WorldPublicOpinion.org shows that publics in more than half of 20 nations disapprove of the way China and the United States are dealing with global warming. The talks are expected to focus on climate change, economic concerns, and nuclear proliferation.. Climate change is of particular importance in the run-up to December's 192-country conference in Copenhagen. The WPO poll, finds that people in 11 nations disapprove of how [China] is "dealing with the issue of climate change." Clear majorities in six nations -- France (74%), Britain (73%), Germany (72%), the United States (69%), South Korea (69%), and Egypt (58%) -- are disapproving, along with pluralities in five other nations. Full release.

Crowell & Moring LLP is pleased to announce that it has won the "FT Innovative Lawyers Award" for innovation in billing and fees. Financial Times (FT) awarded Crowell & Moring top place as a leader among its peers for its creative and proactive approach to alternative fee arrangements. The honor was presented at a recent awards dinner at the Science Museum in London and recognized in the "FT Innovative Lawyers" report, an annual review of the work of lawyers around the world that have created innovative solutions to some of the most complex problems facing business, governments, and societies. "We are honored to be recognized for our innovative use of performance-based fee arrangements. It speaks to one of our firm's core values, which is partnering with clients in creative ways to meet their goals. In the current economy, it is more important than ever for our billing arrangements to reflect both the value we bring to clients and our willingness -- indeed, eagerness -- to be flexible. We align our goals with our clients' needs, our incentives with our clients' success," said Crowell & Moring Executive Committee member Scott L. Winkelman. Full release.

The University of Rochester Medical Center has announced the creation of a new center that will assist researchers studying the electrical activity of the heart with the goal of improving drug safety, understanding cardiac arrhythmias, and developing new electrocardiograph technologies. The Center for Quantitative Electrocardiology and Cardiac Safety -- funded by a $2.3 million grant from the National Institutes of Health -- brings together an international network of academic researchers, pharmaceutical and medical device companies, and government regulators. "Cardiac toxicity is one of the leading causes of removal of drugs from the market," said University of Rochester biomedical engineer Jean-Philippe Couderc, Ph.D., the director of the new Center. "The goal of this initiative is to foster collaboration on an international scale and support research that will ultimately improve cardiac safety." Full release.

A report released today by the Pew Center on the States shows that some of the same pressures that have pushed California toward economic disaster are wreaking havoc in a number of other states, with potentially damaging consequences for the entire country. Arizona, Florida, Illinois, Michigan, Nevada, New Jersey, Oregon, Rhode Island and Wisconsin join California as the 10 most troubled states, according to Pew's analysis, Beyond California: States in Fiscal Peril. These states' budget troubles can have significant repercussions for their residents: higher taxes or fees; layoffs or furloughs of state workers; longer waits for public services; more crowded classrooms; higher college tuition and less support for the poor or unemployed. They also pose challenges for the nation as a whole. Together, the 10 states account for more than one-third of America's population and economic output. And actions taken by state governments to balance their budgets--such as tax increases and drastic spending cuts--can slow down the country's recovery. Full release.

The Bill & Melinda Gates Foundation today announced that it will provide a $30 million credit support agreement to help secure $300 million in tax-exempt bond issuance to further high-quality public charter school expansion in Houston. It represents the first time a private foundation has backed charter school facility bonds at this scale. The first financing from the aggregate $300 million program is a $67 million issue, which was priced on Oct. 28 and enables KIPP Houston to access the bond market at favorable terms and meet surging parent demand for its academic programs. Future bond offerings would allow other charter management organizations operating in Houston, like YES Prep Public Schools, the option of accessing financing as well. This credit support agreement marks the foundation's first U.S. investment as part of an initiative announced earlier this year that commits a total of $400 million in program-related investments (PRIs) over a two-year period to deepen the impact of the foundation's work through non-traditional means. These include the use of financial tools like low-interest loans, loan guarantees and equity investments that leverage the foundation's balance sheet to secure financing for select organizations and programs that fall within its core focus areas: global development; global health; and U.S. program, which includes education. Full release.

A number of Hispanic organizations have united to address major problems with the health care legislation passed in the U.S. House of Representatives and urge the Senate to come up with a bipartisan solution for real healthcare reform. They are especially concerned the health care legislation will create a greater tax burden and unfair government mandates on Hispanic small businesses and families. During this critical health care debate, these organizations want their voices to be heard and believe that the current approach will lead to loss of jobs and reduced wages for Hispanic workers. In addition, these Hispanic groups believe that seniors will be greatly affected by Medicare cuts, patients will have fewer choices and families will be subject to costly and inefficient government mandates. As opposed to one-size-fits-all, government-run programs, these Hispanic organizations seek market solutions, including allowing businesses and individuals to purchase health insurance across state lines, which would make it easier and less costly for small businesses to provide employees with coverage. Full release.

November 2009 marks an important anniversary for advocates of financial security. Twenty-five years ago, Golden Rule Insurance Company settled a long-running lawsuit in which it argued that the life insurance licensing exam in the state of Illinois was racially biased. While the settlement has made its mark in the academic debate surrounding testing, it has largely been forgotten within the industry where it started: life insurance. On this 25th anniversary of the settlement of the Golden Rule case, the Coalition for Financial Security (CFS) has published a new survey. The survey looks back at events surrounding the Golden Rule case and uses new data to suggest that issues of fairness that led Golden Rule to the courts in the 1970s may still persist in insurance licensing today. Full release.

More than 16 years after the original Family and Medical Leave Act (FMLA) was passed, flight attendants and flight crews across the country, are finally about to be granted access to the same coverage that has long benefited working families. The Association of Flight Attendants-CWA (AFA-CWA) today applauded the U.S. Senate for approving the Airline Flight Crew Family and Medical Leave Act, S. 1422. "We are happy to announce to our over 50,000 members that no flight attendant will be left behind when it comes to FMLA coverage anymore," said AFA-CWA International President Patricia Friend. "We have worked alongside Senator Patty Murray on this very important legislation and her leadership has been essential in making this bill a bi-partisan effort to correct and clarify current FMLA language that has repeatedly denied many flight attendants from qualifying for coverage for years." Full release.

The WhatCanBiotechDoForYou campaign saluted American veterans across the country today for their service in defense of the United States. The biotechnology industry has consistently supported these brave men and women, both veterans and current soldiers, through innovative breakthroughs in medical treatment on and off the battlefield. Today, these innovations include on-the-battlefield surgical sealants, advancements in blood substitutes and stem cell treatments for bone and tissue re-growth after traumatic injuries. A WhatCanBiotechDoForYou campaign spokesperson said today, "Today every American honors the commitment and sacrifices made by our veterans in defense of the United States. We are proud to be at the forefront of lifesaving treatments for our heroes wounded in action and will continue to honor their dedication to us with our dedication to advancing the biotechnologies needed to care for them." The WhatCanBiotechDoForYou campaign outlined many of these advancements today in a post on its website, www.whatcanbiotechdoforyou.com. Full release.

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