What You Need to Know: 02.24.09

Obama pitching a broad economic case
"Barreling ahead on a mammoth agenda, Barack Obama is ready to offer a detailed sketch of the first year of his presidency, casting the nation's bleeding economy as a tangle of tough, neglected problems.

In a prime-time speech from the House of Representatives, Obama will make his case Tuesday that much more has to be done to turn around the economy — a message he knows he must explain."

U.S. Clears Path to Bank Takeovers
"The Obama administration yesterday revamped the terms of its emergency aid to troubled financial firms, setting a course that could culminate with the government nationalizing some of the country's largest banks by taking a controlling ownership stake.

Administration officials said the change, which allows banks to repay the government with common stock rather than cash, is intended to give banks more capital to withstand a continued deterioration of the economy, and not to nationalize the banking system.

But in seeking to bolster investor confidence in troubled companies such as Citigroup, the government said it is willing to acquire large chunks of their shares."

U.S. to Give $900 Million in Gaza Aid, Officials Say
"The Obama administration intends to provide some $900 million to help rebuild Gaza after the Israeli incursion that ended last month, administration officials said Monday.

In an early sign of how the administration plans to deal with Hamas, the militant Islamist group that controls Gaza, an official said that the aid would not go to Hamas but that it would be funneled through nongovernmental organizations."

Official: Locke likely to head Commerce

"President Barack Obama's likely third pick for Commerce secretary is former Washington Gov. Gary Locke, a senior administration official said Monday.

Locke, a Democrat, was the nation's first Chinese-American governor when he served two terms in the Washington statehouse from 1997 to 2005."

U.S. May Set Greenhouse Gas Standard for Cars

"The Obama administration is considering establishing national rules for regulating greenhouse gas emissions for automobiles, according to White House officials, a move backed by both auto manufacturers and some environmentalists.

For weeks, administration officials have been meeting with car companies as well as green groups and representatives from California -- which is awaiting word on whether it will receive a federal waiver to regulate greenhouse gas emissions from vehicles -- to try to broker a deal on the issue. On Sunday, Carol M. Browner, assistant to the president for energy and climate, said she and others backed the idea of a single standard for cars and trucks."