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03/15/2010 President Obama: "We cannot wait any longer for real financial reform"

Today, Senate Banking Chairman Chris Dodd introduced a bill to reform the financial sector that failed millions of American workers, households, and small businesses. The proposal would create a new unit of the Federal Reserve with the power to enforce consumer protection rules over mortgage-related businesses and non-bank financial firms like insurers. It would allow the Fed to order the break-up of large financial firms deemed to pose a threat to the financial system's stability, and would make sure that banks return to their core mission of serving their customers instead of operating hedge funds and private equity funds with taxpayers' assistance.

President Obama welcomed the legislation:

"We cannot wait any longer for real financial reform that brings accountability to the financial system and makes sure that the American taxpayer is never again asked to bail out the irresponsibility of our largest banks and financial institutions.

This proposal provides a strong foundation to build a safer financial system.  It creates a new consumer financial protection agency to set and enforce clear rules of the road and establishes stronger supervision for the largest financial firms under the Federal Reserve.  It brings transparency and oversight to derivatives and other financial markets that were central to the crisis and separates banking from proprietary trading and hedge funds. The proposal will also provide the government with essential tools to respond in a financial crisis, so that we can wind down and liquidate a large, interconnected failing financial firm.  It allows us to protect the economy and taxpayers so that we can end the belief that any firm is "Too Big to Fail".

...We need to ensure the ultimate bill provides strong, clear authority for setting and enforcing rules, limiting excessive risk taking in the financial system, and winding down the largest financial firms when necessary in a way that does not cause a financial panic.  All derivatives must be regulated and shareholders should have a say not just on pay but also other compensation that rewards risk taking.  We will stand firm against any attempt by the financial sector to avoid their responsibilities: in any future crisis the big financial companies must pay, not taxpayers."

03/15/2010 "Day 6: Letters -- and an update"

From OFA Political Director Addisu Demissie:

Great news: This weekend's events were a huge success. OFA volunteers all over the country helped tens of thousands of voters in key districts speak out for reform.

Phones have been ringing off the hook in Capitol Hill offices for days, but with everything on the line and so little time left, we have to bring our voice to Congress through every possible channel.

So today, OFA supporters are taking the next step in the Final March for Reform: Writing to Congress. Using our online tool, it just takes a few minutes to write and send your own letter directly to your representative.

Right now, Congress is under attack from insurance lobbyists who are trying to drown us out, so we're aiming to flood Capitol Hill with letters to make sure our message breaks through.

Can you help? Get started here.

In the days ahead, we'll keep you up-to-date on the latest news on health reform as it breaks -- so keep checking your email. In the days ahead, we'll keep you up-to-date on the latest news on health reform as it breaks -- so keep checking your email. But right now, please make sure supporters of reform in Congress continue to hear our thanks for their efforts -- and that everyone hears their constituents' overwhelming support for reform. Click here to write your letter:

http://my.barackobama.com/DaySix

Thanks for making it possible,

Addisu

Addisu Demissie
Political Director
Organizing for America

03/15/2010 President Obama: "I'm here because of Natoma"

Speaking to a crowd in Ohio this afternoon, President Obama spoke passionately about the reasons he is fighting so hard for health reform, and told the story of one of the countless Americans he is fighting for: Natoma Canfield, an Ohio woman without insurance who was diagnosed with leukemia last Saturday.

Natoma wrote a letter to the President last year, after she heard that her health insurance rates would be rising by 40%. Unable to pay for such an increase, Natoma’s last month with insurance was this January. Natoma had cancer 16-years ago, and hoped that she wouldn't get sick again.

Last week, Natoma was rushed to the hospital, where after a series of tests she was diagnosed with leukemia. Still in the hospital today, she now faces more than a month of chemotherapy -- along with worries about how she'll pay for her treatment without insurance.

The President told the Ohio crowd:

“You want to know why I’m here, Ohio?  I’m here because of Natoma.  I’m here because of the countless others who have been forced to face the most terrifying challenges in their lives with the added burden of medical bills they can’t pay.  I don't think that’s right.   Neither do you.  That’s why we need health insurance right now.  Health insurance reform right now.

I’m here because of my own mother’s story.  She died of cancer, and in the last six months of her life, she was on the phone in her hospital room arguing with insurance companies instead of focusing on getting well and spending time with her family.

I’m here because of the millions who are denied coverage because of preexisting conditions or dropped from coverage when they get sick.

I’m here because of the small businesses who are forced to choose between health care and hiring.

I’m here because of the seniors unable to afford the prescriptions that they need.

I’m here because of the folks seeing their premiums go up 20 and 30 and 40 and 50 and 60 percent in a year.

Ohio, I am here because that is not the America I believe in and that’s not the America that you believe in.”

03/15/2010 Today's Number: 1

Today, the White House's health reform number of the day is 1.

1 in every six dollars in the U.S. economy is spent on health care today. And if we do nothing, 1 out of every three dollars will go toward health care in 30 years.

Here is just some of what could happen if we don't pass reform, from a new report highlighted on the White House blog:

• Families will face dramatically higher health care costs. Individual and family spending on premiums and out-of-pocket health care costs will increase significantly. Spending would jump 34 percent by 2015 and 79 percent by 2020.
• Premiums will become increasingly expensive for employers and their workers. Premiums for both single and family policies would more than double by 2020, increasing from $4,800 to $10,300 for single policies, and from $12,100 to $25,600 for family policies.
• Employers will see large increases in premium costs. Employer spending on premiums would increase from $430 billion in 2010 to $851 billion in 2020 -- a 98 percent increase.
• Many small and medium sized firms would quit offering health care coverage to workers. As premiums nearly double, employees in small firms would see offers of health insurance almost cut in half, dropping from 41 percent of firms offering insurance in 2010 to 23 percent in 2020. Medium-sized firms would also cut offers of health insurance, dropping from 90 percent in 2010 to 75 percent in 2020.

Learn more about last week's Health Reform by the Numbers.

41. That's the number of leading economists -- including three Nobel Prize winners -- who sent a letter to President Obama and Congress yesterday urging swift passage of health reform to rein in out-of-control costs. It is also the percentage of adults under age 65 who struggled with medical debt, had trouble paying medical bills, or faced both during a recent year.

625. That's the number of people who lost their health insurance EVERY hour last year.

8. That's the number of people every minute who are denied coverage, charged a higher rate, or otherwise discriminated against because of a pre-existing condition. It's also the number of lobbyists hired by special interests to influence health reform for every member of Congress in 2009.

$1,125. That's the average premium for employer-sponsored family coverage per month last year. Annually, it adds up to $13,375 -- roughly the amount someone earning a minimum wage makes.

03/15/2010 Watch Live: President Obama on Health Reform in Ohio

UPDATED: The even has now ended. 

At 1:05 p.m. Eastern Time, President Obama will speak on health insurance reform at a senior center in Strongsville, Ohio.

Northeastern Ohio is the home of Natoma Canfield, a self-employed cancer survivor who wrote the President a letter about her situation and why we need reform. Last year, Natoma learned that her health insurance premiums would be rising by 40 percent. Unable to afford the rising rates, Natoma gave up her health insurance in January. Last week, she was rushed to the hospital, and on Saturday, after being cancer-free for more than a decade, Natoma was diagnosed with leukemia.

The President read Natoma's letter to a meeting with health insurance executives in the White House earlier this month.

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