Many States See Potential In The Idea

United States District Court for the Western District of Michigan issues decision in Phase I of Kalamazoo River Case

Markets close in 3 hrs 51 mins United States District Court for the Western District of Michigan issues decision in Phase I of Kalamazoo River Case Press Release: NCR Corporation Fri, Sep 27, 2013 10:55 AM EDT -0.150002 DULUTH, Ga.–(BUSINESS WIRE)– Yesterday, the United States District Court for the Western District of Michigan issued its post-trial decision in Phase I of the litigation in Georgia-Pacific Consumer Products LP, et al. v. NCR Corporation, et al., No. 1:11-CV-483 (W.D. Mich.), relating to CERCLA liability at the Kalamazoo River Site (the “Site”). The Court found that NCR is liable as an arranger under Section 107(a)(3) of CERCLA for sales of PCB-containing carbonless copy paper (CCP) broke, at least as of March 1969. PCB-containing CCP was produced from approximately 1954 to April 1971. NCR is one of a number of Potentially Responsible Parties at the Site. The Court did not determine NCR’s share of the overall liability or how NCR’s liability relates to the liability of other liable or potentially liable parties at the Site. If NCR were to be found liable for any costs with respect to the Kalamazoo River, it would have claims against Appleton Papers Inc. (now known as Appvion, Inc.) and B.A.T Industries p.l.c. under a 1998 cost sharing agreement and associated arbitration award and judgment.

The Bank of North Dakota, the only state-owned bank operating in the United States, primarily aims to promote agriculture, commerce and industry, and to stimulate economic development through several lending programs. Unlike infrastructure banks that operate more as finance authorities, the Bank of North Dakota is a depository institution. And unlike other financial institutions, the state bank is not F.D.I.C. insured; its deposits instead are guaranteed by the full faith and credit of the state of North Dakota. With 12 bills introduced in 2013, other states could decide to follow the path that North Dakotas legislature took in 1919. Proponents of state-owned banks argue that they create new jobs and encourage broader economic growth by providing more loans to small businesses at a time when commercial financial lending is limited. State-owned banks generate revenue for states without raising taxes (through the banks dividends) and may offer affordable alternatives for public infrastructure projects at lower borrowing costs. Proponents also contend that these institutions strengthen local banks by acting as a bankers bank, lending to commercial financial institutions. Critics counter that state-owned banks require significant start-up capital from public coffers and could disrupt the economy because they would withdraw the public funds now held by large commercial banks. Because there would be no F.D.I.C. insurance, these institutions pose a risk to states in the event of any bank losses. Critics also assert that state-owned banks are unnecessary because commercial financial institutions already lend to qualified borrowers meaning a state-owned bank would unfairly compete against commercial banks. State lawmakers have been weighing the options.

United States braces for long shutdown as lawmakers go home

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The Republican-led House of Representatives which had linked passage of a spending bill or a continuing resolution to keep the government running to defunding Obamacare as the healthcare law is nicknamed, instead offered to keep a few popular programmes funded. The first government closure in nearly 18 years began at the end of fiscal year Oct 1 midnight forcing the administration to furlough close to 800,000 federal workers or about a fourth of government workforce, close national parks and end several non-essential services. The Republican move to approve piecemeal funding for three popular programmes the American capital of Washington in District of Columbia, veterans affairs and national parks failed to muster necessary two-thirds majority for passage. The Republicans plan to bring up the same measures again Wednesday in a way that would require only a simple majority to pass, but Democratic-led Senate is bound to reject it once again. The White House has also promised a veto. As the stalemate continued, Obama made a television appearance in the White House Rose Garden to publicly admonish the House Republicans to reopen the government rather than continue to block federal spending to the 2010 healthcare act. As long as I am president, I will not give in to reckless demands by some in the Republican Party to deny affordable health insurance to millions of hard-working Americans, he said flanked by a group of beneficiaries of his Obamacare law. Saying the shutdowns goal is to hinder government efforts to provide health insurance to 15 percent of the US population that doesnt have coverage, the president said it was strange that one party would make keeping people uninsured the centrepiece of their agenda. Senate Majority Leader Harry Reid derided the Republican strategy as just another wacky idea by tea party Republicans. Earlier, the Senate began the first day of closure Tuesday by rejecting a Republican plan for a conference committee to work out differences between the two chambers. Although much of the federal workforce will go without pay, cheques will keep coming to the 533 current members of the Congress. The president too will get paid.