Former President George W. Bush and his wife Laura drop by the White House today to check out their official portrait and have lunch with the Obamas.
The Bushes have pretty much avoided Washington like the plague since departing the White House, and Obama administration officials like to blame their predecessors for the deficits they inherited, so the conversation may tend toward the awkward side. Suggestions that the picture by Tennessee artist Michael Shane Neal will be hung prominently in a backroom closet are not true — it’s destined for the Grand Foyer, according to the AP.
The main U.S. derivatives regulator meets to discuss whether to tighten exemptions to a proposed ban on proprietary trading after JPMorgan Chase & Co. made its own unveiling — at least $2 billion in credit-derivatives trading losses. The U.S. Commodity Futures Trading Commission is gathering input today for a final rule, required under the Dodd-Frank Act. CFTC Commissioner Gary Gensler will discuss the meeting agenda in an interview on Bloomberg Television.
Shuttering some of the hundreds of U.S. air-traffic control facilities across all 50 states may cause more dischord at a House hearing today than a Robert Mapplethorpe exhibition. One of the goals of the NextGen air-traffic system is to allow the Federal Aviation Administration to save money over the long term by moving controllers to larger, consolidated monitoring centers. In the meantime, the new system may cost as much as $42 billion to install.
And speaking of imaging, the U.S. International Trade Commission trial starting today in Washington involves Apple’s patent-infringement claim against Samsung. Apple accuses its Suwon, South Korea-based rival of copying six patents including ones covering inventions related to touch-screen devices, headset detection and the look and shape of the iPhone. Apple is seeking to block imports of Samsung’s Galaxy Tab tablet computer and phones including the Nexus, Captivate, Indulge, Infuse and Sidekick.