Home • WEEKLY ADDRESS: A Unique Opportunity to Secure our Fiscal Future

Staying Competitive Through Education: The President and American Business Leaders Announce New Commitments

July 18, 2011
11:42 AM EDT

President Barack Obama Hosts an Education Roundtable with Alma Powell and General Colin Powell

President Barack Obama hosts an education roundtable in the Eisenhower Executive Office Building with business leaders and America’s Promise Alliance Chair Alma Powell, center, and Founding Chair General Colin Powell, left, to discuss what the business community can do to ensure we have a skilled, educated and competitive US workforce, July 18, 2011. (Official White House Photo by Pete Souza)

On July 18th, the President hosted an education roundtable with key leaders in both the private and public sectors to discuss ways we can ensure a competitive American workforce. The attendees, including business leaders, Secretary of Education Arne Duncan, Senior Advisor Valerie Jarrett, Domestic Policy Council Director Melody Barnes, and General Colin and Mrs. Alma Powell of the America’s Promise Alliance, talked about expanding strong industry-led partnerships that are working to transform the American education system.

The President’s meeting with America's CEOs builds on his continued focus on addressing the pressing needs of educating our children:

“A world-class education is the single most important factor in determining not just whether our kids can compete for the best jobs but whether America can outcompete countries around the world. America's business leaders understand that when it comes to education, we need to up our game. That's why were working together to put an outstanding education within reach for every child.”

The President and First Lady Honor Nelson Mandela on his 93rd Birthday

Kori Schulman

July 18, 2011
11:10 AM EDT

Ed. Note: In 2009, the United States joined the United Nations General Assembly in declaring July 18th Nelson Mandela International Day. Today, the global community honors Nelson Mandela through acts of service. You can find service opportunities in your community on Serve.gov.

"As the people of the world celebrate Nelson Mandela’s 93rd birthday on July 18, Madiba continues to be a beacon for the global community, and for all who work for democracy, justice and reconciliation," President Obama and First Lady Michelle Obama said in a statement, "On behalf of the people of the United States, we congratulate Nelson Mandela, and honor his vision for a better world."

The President and First Lady continued:

Nelson Mandela said, ‘There is no passion to be found playing small - in settling for a life that is less than the one you are capable of living.’ A man who devoted 67 years of his life to public service, Madiba sets the standard for service worldwide, whether we are students, shopkeepers or farmers, cabinet ministers or presidents. He calls on us to serve our fellow human beings, and better our communities.

President Obama Meets with Powells and Leading CEOs on Making Investments to Ensure a Competitive US Workforce

Several CEOs Announce New Investments

Today, the President will host an education roundtable with business leaders, Secretary Duncan, Senior Advisor Valerie Jarrett, Domestic Policy Council Director Melody Barnes, America’s Promise Alliance Chair Alma Powell and Founding Chair General Colin Powell to discuss building upon strong industry-led partnerships that are working to transform the American education system. Other corporate partners in attendance include representatives from the Business Roundtable, the U.S. Chamber of Commerce, the Business Coalition for Student Achievement, the Business-Higher Education Forum, and the United Way.

The President’s meeting with these leading CEOs builds on his continued leadership to work with the business community on the pressing needs of American education. Through efforts such as Change the Equation, with its focus on corporate investment in science, technology, engineering and math (STEM) education, Skills for America’s Future with its support of business partnerships with community colleges, and the President’s Council on Jobs and Competitiveness, the private sector is responding not just with financial support, but with commitments that take advantage of their areas of expertise and the skills of their employees.

New Commitments Being Announced Today:

Community Engagement and Investment to Transform the Nation’s Lowest-Performing Schools: America’s Promise Alliance Grad Nation Community Impact Fund will raise $50 million to support the goal of ending the dropout crisis and prepare young people for college and career. The first planning grants from this social venture fund will be awarded in the fall to communities that demonstrate a commitment to local action aligned with the goals of the Grad Nation Campaign, including student supports for our most vulnerable young people. Applicants will be communities with a low-performing school and a willingness and capacity to build a multi-sector, collaborative approach that includes partnerships with the business community and local school system, and the capacity to raise matching funds to promote local investment to sustain this work.

Expanding Opportunities for Students to Prepare for Livable Wage Jobs: Bank of America will announce a $50 million pledge to education over the next 3 years, launching this goal through $4.5 million in grants. The investment will support programs that bridge the achievement gap to post-secondary education completion and connect the underserved and unemployed, as well as returning veterans, and individuals with disabilities, to workforce success in high-growth sectors, in particular through community colleges. Recognizing the need for knowledgeable and skilled workers to compete in the global economy, Bank of America is investing in education as part of its comprehensive lending, investing and volunteer activities aimed at strengthening the economic and social health of communities.

Research and Development for Next Generation Learning Models and Resources for Students and Teachers: Building on its history of commitment to education and recent $25 million STEM Scholarship grant program in Washington State, Microsoft Education is announcing a new $15M investment in research and development for immersive learning technologies including game based instruction and the creation of a lifelong learning digital archive. Through the creation of these innovative solutions, the disengaged can become passionate problem solvers and the struggling student can be offered other pathways to success. Rooted in this investment is the understanding that technical innovation alone will not help. Therefore, over the next 3 years, Microsoft is committing to train over 150 thousand educators and leaders and provide access to professional learning communities and training to every teacher in the United States through the new Partners in Learning Network.

Supporting a Statewide Focus on Education System Redesign: In the past four years, the Nike School Innovation Fund (NSIF) has provided $7 million in innovation grants and thousands of volunteer hours by senior Nike leaders and other employees to support students, teachers and principals in three Oregon public school districts. The Fund is announcing a new commitment as a primary partner of Oregon Governor John Kitzhaber and his initiative to help make the state’s entire education system more nimble, innovative and supportive of the key grades of 9 to 12. With this news, Nike’s commitment to strengthening education in Oregon totals $10 million. The NSIF will now provide a year of funding, expertise and policy guidance that is expected to serve as a model for the Governor’s larger statewide education transformation plan.

Participants in Today’s Meeting Include:
• Marguerite Kondracke, President & CEO, America’s Promise
• Alma Powell, Chairwoman, America’s Promise
• General Colin Powell, Founding Chairman, America’s Promise
• Craig Barrett, Former President & CEO, Intel
• Glenn Britt, CEO, Time Warner Cable
• Steve Case, Former Chairman & CEO, America Online
• Brian Gallagher, President & CEO, United Way Worldwide
• William Green, President & CEO, Accenture
• Fred Humphries, Senior Vice President, Microsoft
• Rhonda Mimms, Foundation President, ING
• Kathleen Murphy, President, Fidelity Personal Investments
• Ed Rust, CEO, State Farm
• Randall Stephenson, Chairman & CEO, AT&T

PHOTO: The First Family Views the Women’s World Cup Final

Kori Schulman

July 17, 2011
07:58 PM EDT

This afternoon, the First Family gathered in the Treaty Room office in the residence of the White House to cheer on the US women's soccer team in the World Cup Final. Here's a photo of the First Family enjoying the game (view the full size on Flickr here):

President Barack Obama and family watch the World Cup soccer game

President Barack Obama, First Lady Michelle Obama, and their daughters Sasha and Malia watch the World Cup soccer game between the U.S. and Japan, from the Treaty Room office in the residence of the White House. July 17, 2011. (Official White House Photo by Pete Souza)

Statement by the President and Mrs. Obama on Nelson Mandela International Day

As the people of the world celebrate Nelson Mandela’s 93rd birthday on July 18, Madiba continues to be a beacon for the global community, and for all who work for democracy, justice and reconciliation. On behalf of the people of the United States, we congratulate Nelson Mandela, and honor his vision for a better world.

Nelson Mandela said, ‘There is no passion to be found playing small - in settling for a life that is less than the one you are capable of living.’ A man who devoted 67 years of his life to public service, Madiba sets the standard for service worldwide, whether we are students, shopkeepers or farmers, cabinet ministers or presidents. He calls on us to serve our fellow human beings, and better our communities.

Michelle, and my daughters, Sasha and Malia, recently met Madiba during an official visit to South Africa that focused on service, youth leadership, education and healthy living. Their time with Madiba was the most moving part of their trip. Mandela’s legacy exemplifies wisdom, strength and grace, and on the anniversary of his birth we salute the example of his life.

In 2009, the United States was honored to join 192 other United Nations member states in the creation of Nelson Mandela International Day. As the global community honors Madiba on July 18 through individual and collective acts of service, we honor the man who showed his own people, and the world, the path to justice, reconciliation and democracy.

The White House

Office of the Press Secretary

For Immediate Release

July 17, 2011

President Obama Announces Richard Cordray as Director of the Consumer Financial Protection Bureau

WASHINGTON – President Barack Obama will announce his intent to nominate Richard Cordray as the Director of the Consumer Financial Protection Bureau (CFPB). He will make the announcement at an event tomorrow at the White House.

Last year, the President fought to pass and signed into law the strongest consumer protections in history in the Wall Street Reform and Consumer Protection Act. The Act created the CFPB, an independent agency with the primary mission of acting as a watchdog for American consumers. The CFPB ensures that consumers have the information they need to make the financial choices that are best for them and prevents abusive and deceptive financial practices.

President Obama said, “American families and consumers bore the brunt of the financial crisis and are still struggling in its aftermath to find jobs, stay in their homes, and make ends meet. That is why I fought so hard to pass reforms to fix the financial system and put in place the strongest consumer protections in our nation’s history. Richard Cordray has spent his career advocating for middle class families, from his tenure as Ohio’s Attorney General, to his most recent role as heading up the enforcement division at the CFPB and looking out for ordinary people in our financial system.”

President Obama continued, “I also want to thank Elizabeth Warren not only for her extraordinary work standing up the new agency over the past year, but also for her many years of impassioned leadership, and her fierce defense of a simple idea: ordinary people deserve to be treated fairly and honestly in their financial dealings. This agency was Elizabeth’s idea, and through sheer force of will, intelligence, and a bottomless well of energy, she has made, and will continue to make, a profound and positive difference for our country.”

Since being created by law last year, the CFPB has already made progress for consumers in a number of areas:

Credit Cards. CFPB is pushing credit card providers to simplify their forms in order to make sure consumers can better understand the fees and costs associated with credit. Credit cards are the most commonly used form of consumer credit. Almost two out of three families now have at least one credit card, and almost half of all families carry a balance. As of July 21, 2011, CFPB will assume responsibility for enforcing the Credit Card Accountability Responsibility and Disclosure Act (CARD Act), signed by the President in 2009.
Mortgage Disclosures -- “Know Before You Owe.” CFPB has launched an effort to simplify the forms that consumers receive when they shop for a mortgage so they have easy-to-understand information that helps them compare different mortgage offers and find the one that’s best for them. It also aims to reduce the regulatory burden by giving mortgage originators a clearer, less complicated form with which to work.
Protecting Servicemembers. Under the leadership of military families advocate Holly Petraeus, CFPB has started helping service members navigate the unique circumstances that affect their finances. The CFPB has entered into an agreement with the Judge Advocate Generals of all the armed services regarding the protection of service members from financial abuse.
Leveling the Playing Field to Ensure Payday Lenders, Debt Collectors and Other Non-Banks Comply with Consumer Protection Laws. CFPB has taken initial steps required to protect Americans against abuses by certain parts of the financial industry that we were unable to monitor before the passage of the Wall Street Reform and Consumer Protection Act. In addition to strengthening consumer protection, CFPB will level the playing field between banks and non-banks like pay day lenders and debt collectors. The CFPB will supervise both banks and nonbanks to ensure they are in compliance with consumer financial protection laws.
Streamlining Help for Consumers. As of July 21 2011, CFPB will consolidate the authority of seven other agencies and have clear accountability for policing abuses in consumer financial products like credit cards and mortgages and for making sure people have the information they need to make the decisions that are best for them. On that date, the CFPB will become the dedicated cop on the beat protecting American consumers.

A link to the CFPB website, with a full description of its mission to protect consumers and accomplishments to date can be found here: http://www.consumerfinance.gov/

Below is a bio for Richard Cordray:
Richard Cordray, Nominee for Director, Consumer Financial Protection Bureau
Richard Cordray is Chief of Enforcement at the Consumer Financial Protection Bureau. Immediately prior, Cordray served as Attorney General of Ohio from January 2009 to January 2011. As Attorney General, Cordray recovered more than $2 billion for Ohio’s retirees, investors and business owners and took major steps to help protect its consumers from fraudulent foreclosures and financial predators. Prior to his tenure as Ohio’s Attorney General, Cordray spent two years as Ohio’s State Treasurer and four as the Treasurer of Franklin County, Ohio. In 2008, he received a Financial Services Champion award from the U.S. Small Business Administration and a Government Service Award from NeighborWorks America. In 2005, he was named “County Leader of the Year” by American City & County Magazine.

Earlier in his career, Cordray was an adjunct professor at the Ohio State University College of Law (1989-2002), served as a State Representative for the 33rd Ohio House District (1991-1993), was the first Solicitor General in Ohio’s history (1993-1994), and was a sole practitioner and Of Counsel to Kirkland & Ellis (1995-2007). Cordray has argued seven cases before the United States Supreme Court, including by special appointment of both the Clinton and Bush Justice Departments. Cordray is a graduate of Michigan State University, Oxford University, and the University of Chicago Law School. He was Editor-in-Chief of the University of Chicago Law Review and later clerked for U.S. Supreme Court Justices Byron White and Anthony Kennedy.

The President’s Meeting with His Holiness the XIV Dalai Lama

Kori Schulman

July 17, 2011
11:29 AM EDT

President Obama meets with His Holiness the XIV Dalai Lama

President Barack Obama meets with His Holiness the XIV Dalai Lama in the Map Room of the White House. July 16, 2011. (Official White House Photo by Pete Souza)

Yesterday morning President Obama met with His Holiness the XIV Dalai Lama in the Map Room of the White House. Here's the statement from the Press Secretary on their meeting:

The President reiterated his strong support for the preservation of the unique religious, cultural, and linguistic traditions of Tibet and the Tibetan people throughout the world. He underscored the importance of the protection of human rights of Tibetans in China. The President commended the Dalai Lama’s commitment to nonviolence and dialogue with China and his pursuit of the “Middle Way” approach. Reiterating the U.S. policy that Tibet is a part of the People’s Republic of China and the United States does not support independence for Tibet, the President stressed that he encourages direct dialogue to resolve long-standing differences and that a dialogue that produces results would be positive for China and Tibetans. The President stressed the importance he attaches to building a U.S.-China cooperative partnership. The Dalai Lama stated that he is not seeking independence for Tibet and hopes that dialogue between his representatives and the Chinese government can soon resume.

Statement from the Press Secretary on the President’s Meeting with His Holiness the XIV Dalai Lama

The President met this morning at the White House with His Holiness the XIV Dalai Lama. The President reiterated his strong support for the preservation of the unique religious, cultural, and linguistic traditions of Tibet and the Tibetan people throughout the world. He underscored the importance of the protection of human rights of Tibetans in China. The President commended the Dalai Lama’s commitment to nonviolence and dialogue with China and his pursuit of the “Middle Way” approach. Reiterating the U.S. policy that Tibet is a part of the People’s Republic of China and the United States does not support independence for Tibet, the President stressed that he encourages direct dialogue to resolve long-standing differences and that a dialogue that produces results would be positive for China and Tibetans. The President stressed the importance he attaches to building a U.S.-China cooperative partnership. The Dalai Lama stated that he is not seeking independence for Tibet and hopes that dialogue between his representatives and the Chinese government can soon resume.

A photo of the meeting can be found HERE.

President Obama Calls Crews of Atlantis and the International Space Station

Posted by plarson on July 16, 2011 at 09:14 AM EDT

President Obama talks with the crews of the Space Shuttle Atlantis

President Barack Obama talks with the crews of the Space Shuttle Atlantis and the International Space Station during a phone call in the Oval Office. July 15, 2011. (Official White House Photo by Pete Souza)

Last Friday, the Space Shuttle Atlantis embarked on the Space Shuttle program’s final mission—a mission to the International Space Station (ISS) to deliver one year of supplies and a new technology demonstration project. President Obama joined millions of Americans and people around the world in taking a moment to watch the incredible liftoff. Yesterday, President Obama gave the ISS a call—you can watch the full video below:

See more about Innovations, Technology

The White House

Office of the Press Secretary

For Immediate Release

July 16, 2011

WEEKLY ADDRESS: A Unique Opportunity to Secure our Fiscal Future

WASHINGTON – In this week’s address, President Obama called on both parties to work together to find a balanced approach to solving our nation’s deficit problem. The President emphasized the importance of compromise and shared sacrifice so that we can overcome our fiscal challenges and move our country forward. To get our fiscal house in order, we must cut spending, but we must also close tax loopholes for special interests and ask the wealthiest Americans to pay their fair share. Through cooperation and a bipartisan approach, we can get our economy on firmer ground and give our businesses the confidence they need to create more jobs across the United States.

Remarks of President Barack Obama
Weekly Address
The White House
July 16, 2011

Today, there’s a debate going on in Washington over the best way to get America’s fiscal house in order and get our economy on a stronger footing going forward.

For a decade, America has been spending more money than we’ve taken in. For several decades, our debt has been rising. And let’s be honest – neither party in this town is blameless. Both have talked this problem to death without doing enough about it. That’s what drives people nuts about Washington. Too often, it’s a place more concerned with playing politics and serving special interests than resolving real problems or focusing on what you’re facing in your own lives.

But right now, we have a responsibility – and an opportunity – to reduce our deficit as much as possible and solve this problem in a real and comprehensive way.

Simply put, it will take a balanced approach, shared sacrifice, and a willingness to make unpopular choices on all our parts. That means spending less on domestic programs. It means spending less on defense programs. It means reforming programs like Medicare to reduce costs and strengthen the program for future generations. And it means taking on the tax code, and cutting out certain tax breaks and deductions for the wealthiest Americans.

Now, some of these things don’t make folks in my party too happy. And I wouldn’t agree to some of these cuts if we were in a better fiscal situation, but we’re not. That’s why I’m willing to compromise. I’m willing to do what it takes to solve this problem, even if it’s not politically popular. And I expect leaders in Congress to show that same willingness to compromise.

The truth is, you can’t solve our deficit without cutting spending. But you also can’t solve it without asking the wealthiest Americans to pay their fair share – or without taking on loopholes that give special interests and big corporations tax breaks that middle-class Americans don’t get.

It’s pretty simple. I don’t think oil companies should keep getting special tax breaks when they’re making tens of billions in profits. I don’t think hedge fund managers should pay taxes at a lower rate than their secretaries. I don’t think it’s fair to ask nothing of someone like me when the average family has seen their income decline over the past decade – and when many of you are just trying to stretch every dollar as far it it’ll go.

We shouldn’t put the burden of deficit reduction on the backs of folks who’ve already borne the brunt of the recession. It’s not reasonable and it’s not right. If we’re going to ask seniors, or students, or middle-class Americans to sacrifice, then we have to ask corporations and the wealthiest Americans to share in that sacrifice. We have to ask everyone to play their part. Because we are all part of the same country. We are all in this together.

So I’ve put things on the table that are important to me and to Democrats, and I expect Republican leaders to do the same. After all, we’ve worked together like that before. Ronald Reagan worked with Tip O’Neill and Democrats to cut spending, raise revenues, and reform Social Security. Bill Clinton worked with Newt Gingrich and Republicans to balance the budget and create surpluses. Nobody ever got everything they wanted. But they worked together. And they moved this country forward.

That kind of cooperation should be the least you expect from us – not the most you expect from us. You work hard, you do what’s right, and you expect leaders who do the same. You sent us to Washington to do the tough things. The right things. Not just for some of us, but for all of us. Not just what’s enough to get through the next election – but what’s right for the next generation.

You expect us to get this right. To put America back on firm economic ground. To forge a healthy, growing economy. To create new jobs and rebuild the lives of the middle class. And that’s what I’m committed to doing.

Thank you.