The newly formed commission discussed how proposals from groups like the president’s bipartisan fiscal commission would impact minority communities.

A group of Republicans on the House Oversight Committee are pushing a bill to end the administration's mortgage modification program.

The Treasury Department spent part of its Friday trying to ensure that eligible taxpayers are aware of the Earned Income Tax Credit.

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Consumer confidence dropped less than expected in January as the economy attempts to build momentum into 2011. 

Sentiment fell to 74.2 this month from 74.5 in December, according to the Thomson Reuters/University of Michigan final index.

The economy expanded by 3.2 percent in the fourth quarter, bolstered by a 4.4 percent jump in consumer spending, which accounts for about 70 percent of the economy, up from 2.4 percent in the third quarter. 

"While this is encouraging news, there is more to be done to put Americans back to work and ensure strong and sustainable economic growth," said House Democratic Whip Steny Hoyer (Md.). "Job creation remains Democrats' top priority, which is why we are pursuing our Make It in America agenda to enhance American manufacturing and create well-paying jobs here at home.

"So far Republicans have yet to take action on jobs, but I hope that we can work together to spur job creation."

Top Republicans on the House Financial Services Committee are pressing federal regulators for more details on what they need to implement the Dodd-Frank financial reform law.

Although regulators handed new responsibilities by the law have said they need hundreds of millions of dollars in new budgetary authority, Reps. Spencer Bachus (R-Ala.) and Randy Neugebauer (R-Texas) are asking for a detailed breakdown of where those dollars would go. Bachus chairs the full committee, while Neugebauer chairs the Subcommittee on Oversight and Investigations.

"It is our responsibility to ensure that federal agencies have the tools they need to carry out congressional mandates," they said Friday. "In addition, it is also our responsibility to ensure that mandates are not overly burdensome or wasteful of taxpayer money.”

The administration's pick to head the agency overseeing Fannie Mae and Freddie Mac has been re-nominated to stay at his current position, overseeing North Carolina's banks.

Joseph A. Smith Jr., who was nominated by the president to head the Federal Housing Finance Agency (FHFA) in the last Congress, recently informed the administration that he did not want to be re-nominated for the position in the new Congress.

On Friday, Smith announced that North Carolina Gov. Bev Perdue (D) planned to nominate him for another term as the state's commissioner of banks.

South Korea’s ambassador on Friday said he’s confident Congress will approve a trade deal with his country.

A taxpayer watchdog is expressing doubt that recent budget proposals from both parties will be able to solve the country’s growing deficit problem.

In a Friday release, Taxpayers for Common Sense wrote that Congress needs to examine a broad array of budgetary items to effectively tackle the deficit, from entitlements such as Social Security and Medicare to the entire discretionary budget.

The Federal Housing Administration (FHA) extended on Friday the temporary waiver of the agency anti-flipping rule to help speed up the resale of homes that have been repossessed by banks and provide some price stability in the housing market. 

The extension, which will permit buyers to continue to use FHA-insured financing to purchase HUD-owned properties, bank-owned properties, or properties resold through private sales, will run through the end of 2011, Commissioner David Stevens said in a statement. The waiver was set to expire Jan. 31. 

"It will allow homes to resell as quickly as possible, helping to stabilize real estate prices and to revitalize neighborhoods and communities," according to an FHA release. 

"As I noted when we first announced this policy change early last year, because of the tightened credit market, FHA-insured mortgage financing is often the only means of financing available to potential homebuyers," Stevens said. "Today I can report that this policy change has been effective."