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Tom Wheeler, Former Lobbyist and Obama Loyalist, Seen as FCC Frontrunner

Tom Wheeler, a well-regarded venture capitalist and former cable and wireless industry lobbyist, is the frontrunner to be the next chairman of the Federal Communications Commission, according to top telecom analysts and D.C. policy sources. Wheeler, who is currently managing director at D.C.-based firm Core Capital Partners, is a longtime Obama loyalist. During Obama’s first presidential campaign, he and his wife Carol spent six weeks in Iowa, where they worked the phones and knocked on doors for the candidate. Wheeler also raised hundreds of thousands of dollars for Obama’s two presidential campaigns, according to the Center For Responsive Politics. Wheeler recently received a major boost when several prominent former Obama administration officials wrote a letter to the president supporting his candidacy. “Tom has had an impressive career in the telecommunications and high-tech field that makes him eminently qualified for this position,” the officials wrote. “He understands ...

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Found 1 month ago on channel TIME Moneyland

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Obama administration foresees $943 million bailout for FHA

WASHINGTON - The cash-strapped Federal Housing Administration will likely require a $943 million taxpayer bailout to cover expected losses from loans it insured as the U.S. housing bubble was deflating, the Obama administration said on Wednesday.

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Found 1 month ago on channel Reuters

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FCC Chairman Julius Genachowski Stepping Down After Contentious Term

Federal Communications Commission Chairman Julius Genachowski will announce on Friday that he is stepping down, according to multiple reports. Genachowski, who became chairman in 2009, has presided over an agency that has grappled with contentious issues like U.S. broadband policy, cable and telecom industry competition, and media consolidation. In seeking to strike a centrist balance, Genachowski managed to alienate both public interest groups that have pushed for a more activist FCC on issues like media ownership and Internet openness, as well as industry giants, particularly AT&T, which had proposed buying T-Mobile before the FCC objected. Verizon Wireless is currently suing the FCC in federal court over the agency’s “network neutrality” rules.In seeking to strike a centrist balance, Genachowski managed to alienate both public interest groups that have pushed for a more activist FCC on issues like media ownership and Internet openness, as well as industry giants, particularly ...

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Found more than 1 month ago on channel TIME Business

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FCC Chairman Julius Genachowski Stepping Down After Contentious Term: Reports

Federal Communications Commission Chairman Julius Genachowski will announce on Friday that he is stepping down, according to multiple reports. Genachowski, who became chairman in 2009, has presided over an agency that has grappled with contentious issues like U.S. broadband policy, cable and telecom industry competition, and media consolidation. In seeking to strike a centrist balance, Genachowski managed to displease both public interest groups that have pushed for a more activist FCC on issues like media ownership and Internet openness, as well as industry giants, particularly AT&T, which had proposed buying T-Mobile before the FCC objected. Genachowski’s announcement, which was expected, comes just days after another FCC commissioner, Robert McDowell, announced his plan to leave the agency. Their departures create two vacancies on the commission, which will be filled by candidates nominated by President Obama. The job of FCC chairman is particularly important, because the position ...

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Found more than 1 month ago on channel TIME Moneyland

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New Mexico company: Feds may allow horse slaughter

ALBUQUERQUE, N.M. -- Federal officials have indicated they might soon grant the inspection needed to start processing horse meat at a southeastern New Mexico slaughterhouse. But the Obama administration threw a new twist in a more than yearlong debate over how best to humanely deal with a rising number of abused and neglected horses with a statement urging Congress to reinstate a ban on equine slaughter....

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Found more than 1 month ago on channel Associated Press

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