
CHICAGO, Illinois (CNN) - Mary Schapiro will be President-elect Barack Obama's choice to head the Securities and Exchange Commission, two Democratic officials told CNN Wednesday.
Schapiro is CEO of the Financial Industry Regulatory Authority, the largest non-government regulator for all securities firms doing business with the U.S. public. She is a former SEC commissioner and served as chairman of the Commodity Futures Trading Commission in 1994 during the Clinton Administration.
(CNN) – An Obama transition official says reports that the president-elect will release a stimulus plan with a trillion-dollar price tag are overblown, and that the actual figure being discussed is far smaller.
Some outside economists have pushed the trillion-dollar figure. One recent report suggested the transition team was working with an $850 billion plan. But this official describes the amount Obama advisors are currently considering as significantly lower than both.
Obama and his economic team met for four hours yesterday. They are still working on the package, which will not be announced before the president-elect returns from Hawaii later this month.
ST. PAUL, Minnesota (CNN) – A Minnesota justice hearing arguments from attorneys facing off in the year's last remaining Senate contest told a legal veteran of the 2000 presidential recount that his state is "not Florida."
Attorneys for both Republican Sen. Norm Coleman and Democratic challenger Al Franken presented their sides before the Minnesota Supreme Court Wednesday.
Speaking for Coleman before the panel of justices was attorney Roger Magnuson, no stranger to recount battles, who represented the Florida's state senate in Bush v. Gore.
If the state’s canvassing board includes any of the "improperly rejected absentee ballots" at the heart of the dispute, warned Magnuson, this race could easily turn into the debacle that ensued in Florida eight years ago.
He was immediately interrupted by Associate Justice Paul Anderson, who appeared to take serious issue with the analogy.
“I know you’ve been to Florida,” Anderson said. “This is not Florida. And I’m just not terribly receptive to you telling us that we’re going to Florida and we’re comparing to that. This is Minnesota. We’ve got a case in Minnesota. Argue the case in Minnesota.”
WASHINGTON (CNN) – Senate Majority Leader Harry Reid, D-Nevada, clearly remembers what happened to his predecessor in 2004. That is the year when congressional Republicans aimed their fire at then-Senate Minority Leader Tom Daschle, D-South Dakota, and helped defeat him.
In the 2004 election cycle, Republicans coined a new phrase that they said described obstruction in Washington: “Daschle Democrats.” The constant pounding by the GOP, President Bush’s landslide victory in South Dakota, and a strong candidate in John Thune, contributed to Daschle’s defeat. He had been in Congress since 1979, first as a congressman and then as a senator and eventually the Senate Democratic leader.
Reid succeeded Daschle as the senior Democrat in the Senate.
Even though the 2008 election is still fresh in everyone’s minds, Reid is looking ahead to 2010, hoping that what the GOP did to Daschle in 2004 is not repeated in two years.
WASHINGTON (CNN) – More than six weeks after voters headed to the polls, the final House race has been called in favor of the Democratic challenger in Virginia.
Tom Perriello has been certified as the winner in his race against Republican Rep. Virgil Goode. Perriello’s win means that Democrats will hold a 257-to-178 seat advantage over Republicans in the new Congress that will convene next month. Democrats picked up 21 seats in the 2008 election.
In the Senate, the close race in Minnesota between Al Franken and Republican Sen. Norm Coleman is still undecided. A state board convened this week to consider disputed ballots that will decide this contest.
–CNN Polling Director Keating Holland contributed to this report.
WASHINGTON (CNN) - Vice President Dick Cheney had some blunt - and humorous - advice for incoming White House Chief of Staff Rahm Emanuel at a private breakfast earlier this month, CNN has learned.
"The best thing you can do is keep your VP under control," Cheney told Emanuel, according to three sources familiar with the White House meeting that had previously not been disclosed publicly.
One of the sources, who was not authorized to speak publicly about the private meeting, said the room broke up in laughter because of Cheney's reputation for being a hard-charging vice president.
The meeting was called by current White House Chief of Staff Josh Bolten, who decided to bring together 13 of his predecessors in the top job from both parties to try to offer Emanuel some bipartisan advice.
Among the attendees were Cheney and former Defense Secretary Donald Rumsfeld, each of whom served as chief of staff to President Gerald Ford. Other attendees included former Clinton chiefs John Podesta and Leon Panetta.
The sources familiar with the meeting told CNN that Rumsfeld advised Emanuel not to think he's indispensable, and told him that since it's a back-breaking job, he needs to identify his successor early. Rumsfeld's successor as Ford's chief of staff was Cheney.


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