This Tuesday the Senate Finance Committee passed its version of health care legislation without a public option. Only one Republican, Sen. Cynthia Snow of Maine, joined the committee’s 13 Democrats to pass the legislation in a 14-9 vote. Andre Koop, a biology junior, wasn’t supportive of the committee’s bill, but it didn’t include a public option.

“I’m against the public option because it would take away freedom from the doctors,” Koop said.

Health care reform now falls into the hands of Majority Leader Harry Reid, D-Nev., who will merge the Finance Committee’s bill with the Health, Education, Labor and Pension Committee’s proposal, which includes a public option. The bill would also establish a mandate for most legal residents to obtain health insurance and significantly expand eligibility for Medicaid. Read more…

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Mr. Lieberman’s reluctance underscores the difficult task Democrats may face in trying to cobble together the 60 votes they will probably need to pass health care legislation in the Senate. Though the Democratic assembly comprises 60 members, several members have now criticized the Finance Committee legislation. Liberal Democrats in the Senate have said they would continue to lobby for a government-run insurance plan.

Watch the video “Senate Finance Cmte. Passes Health-Care Bill”

On Wednesday, an aide to Mr. Lieberman affirmed the senator’s opposition to the bill but indicated that Mr. Lieberman was still open to supporting health care legislation that might eventually reach the Senate floor.

“Senator Lieberman wants to know the actual impact of this bill on insurance premiums and on the economy,” the aide said, adding that Mr. Lieberman will also want the bill that reaches the floor to receive a “thorough” cost estimate from the Congressional Budget Office. Read more…

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The Bank of America Corp. (BAC) on this Tuesday unveiled a revamp of its checking-account options and services “that will help customers avoid excessive overdraft fess and better manage their finances.” Its shares are up 0.5% to $17.70.

Most of the US financial shares traded lower on Wednesday ahead of the Federal Reserve’s expected outlook on the economy and its plans for monetary policy later in the day. Federal Reserve officials are trying their best to stay out of the limelight this week out of fear that any steps they might take could be construed as tightening policy. According to the analyst point of view on Wednesday, the Financial Select Sector SPDR ETF (XLF) dipped 0.4% to $15.27. Most financial stocks on the Standard & Poor’s 500 traded lower, but American International Group’s (AIG) shares were up 1.3% to $46.38.

On the other hand in the US, two of the nation’s largest banks have eased controversial overdraft rules for customers as the financial-services industry faces criticism over charging lucrative fees to boost sagging profits in the recession. In Europe, the European Commission on Wednesday cleared asset management company BlackRock Inc. (BLK) to buy Barclays Global Investors from U.K. bank Barclays PLC (BCS). BlackRock shares climbed 4.5% to $217.60.

On the political front, the US Treasury Secretary Timothy Geithner on Wednesday defended the department’s proposal to create a Consumer Financial Protection Agency before a House of Representatives committee, saying it is needed to supervise banks as well as write rules for mortgages and credit cards.

So, these all things are clearly showing that the US is improving slightly so time is demanding some more efforts n order to support the US financial situation.

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The USA is the one of the affected country which is facing this decade’s worst financial and economical crisis and still they are under the high tension. The situation of the US made a very bad impact on different fields of life now with the Supreme Court hearing arguments on campaign finance, and possibly on the threshold of clearing the way for corporations to be freed of all campaign restraints. It is more important than ever that the Justices consider the current economic, political and media context – into which their decisions actuate and serve to hamstring Congress and the people. This thing will also open the way for the corporate sector as they are under the high pressure and already bearing the heavy financial loss.

As we know that we have a capital city drowning in corporate money and their foundations and think tanks overwhelming any advocacy dedicated to the great mass of working Americans. Further, we do not have a National Initiative process by which the people might overrule “their” congress and the courts.

Now thing is to see and observe Supreme Court closely that how and when they made some other decisions to support the Judiciary and decisions to support the financial plans. The Supreme Court must now prove itself capable of protecting the interests of the people as whole and not simply corporate money to overwhelm democracy and the freedom of the people to define their own society.

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As we know that U.S is in the Decade’s worst financial and economical crunch and Obama is giving his 100 % to resolve all these issues. Mr. Obama is trying to shape Fed policy. He has already appointed one Fed governor, Daniel Tarullo, and has an opportunity to fill two more vacancies in the months ahead. The reappointment of Ben Bernanke is a very good decision made by the President Obama. Mr. Bernanke’s to-do list is developing rules to close big, failing financial institutions like Bear Stearns Cos. and Lehman Brothers Holdings Inc. outside of bankruptcy court. It has been nearly 18 months since the failure of Bear Stearns, and Congress hasn’t passed legislation giving the Fed and Treasury the authority they are seeking to deal with institutions other than banks that they deem too big to fail. Bernanke is doing a fantastic job so, In the two years since the onset of the global financial crisis, Mr. Bernanke’s Fed has cut short-term interest rates nearly to zero, has initiated a slew of ways to bypass banks to keep credit flowing in the economy, and is on course to purchase up to $1.25 trillion in mortgage-backed securities and $300 billion in long-term U.S. Treasury.

Mr. Geithner gave a proposal to Mr. Bernanke and he has opposed to strip the Fed of its power to oversee consumer-finance protections. Lawmakers, including Senate Banking Chairman Christopher Dodd of Connecticut, are wary of giving the Fed more power to oversee large financial institutions after some big banks, like Citigroup Inc., teetered under its oversight. Earlier this month, Mr. Geithner lashed out at other financial regulators in a private meeting for not taking a unified stance with the Treasury on overhauls. So, Ben Bernanke’s to do list is long where he has to settle down the Mortgage crisis, renomination elation, Wall Street crisis, banking sector collapse and countries other problem and we are hoping that he will be successful in the future!