PRESIDENT OBAMA'S STATEMENT ON THE VOLCKER RULE

FROM:  THE WHITE HOUSE
Statement by the President on the Volcker Rule

Five years ago, a financial catastrophe on Wall Street was rapidly fueling a punishing recession on Main Street that ultimately cost millions of jobs and hurt families across the country.  So as we prepared steps to rescue our economy and put Americans back to work, we also put in place tough rules of the road to make sure a crisis like that never happened again – rules that reward sound financial practices, allow honest innovation and strengthen the financial system’s ability to support job creation and durable economic growth.

As part of this Wall Street reform, we fought to include the Volcker Rule – a rule that makes sure big banks can’t make risky bets with their customer’s deposits.  The Volcker Rule will make it illegal for firms to use government-insured money to make speculative bets that threaten the entire financial system, and demand a new era of accountability from CEOs who must sign off on their firm’s practices.

Our financial system will be safer and the American people are more secure because we fought to include this protection in the law.  I thank Paul Volcker, a former Chairman of the Federal Reserve and advisor I trust, for helping to create this important safeguard.  I also thank Secretary Lew and the regulators who worked diligently to finalize the rule by the end of this year as we called on them to do.  I encourage Congress to give these regulators adequate funding to effectively and efficiently implement the rule, which will help protect hardworking families and business owners from future crisis, and restore everyone’s certainty and confidence in America’s dynamic financial system.

OFFICE OF NAVAL RESEARCH TO SHOW OFF ON WALL STREET

FROM:  U.S. NAVY
110529-N-PS473-271 NEW YORK (May 29, 2011) Service members surround a sand sculpture created for a special taping of the "Sand Masters" television show salute to the Centennial of Naval Aviation during Fleet Week New York 2011. Fleet Week has been New York City's celebration of the sea services since 1984 and is an opportunity for citizens of New York and the surrounding tri-state area to meet Sailors, Marines, and Coast Guardsmen, as well as see first-hand, the capabilities of today's maritime services.(U.S. Navy photo by Mass Communication Specialist 2nd Class Eric S. Garst/Released) 


ONR to Showcase Futuristic Technologies at Fleet Week New York 
By Katherine H. Crawford, Office of Naval Research
ARLINGTON, Va. (NNS) -- The Office of Naval Research (ONR) is taking some of its hottest technologies and hands-on science activities to the city that never sleeps during Fleet Week New York May 23-30, a free event open to the public.

"This is a great opportunity to connect with others across the maritime family and with New Yorkers to show how ONR's work is improving their armed forces' capabilities and national security," said Chief of Naval Research Rear Adm. Matthew Klunder. "We thank New York for showing its appreciation to those who serve and honoring the heroes who've made the ultimate sacrifice."

ONR will have exhibits on Piers 86 and 92. At Pier 92, ONR is featuring some of its cutting-edge technologies. Making its first Fleet Week appearance is the new F/A-18E/F Super Hornet flight simulator. Visitors can try piloting a virtual F/A-18 featuring newly developed flight control software that aids landing aboard aircraft carriers.

Other featured technologies include:
* Catapult Capacity Selector Valve Calculator-a handheld electronic device with custom software that allows flight deck officers to accurately and quickly compute the proper catapult setting for aircraft carrier launches
* Fuel Cell Vehicle-this automotive technology runs on hydrogen-powered fuel cells rather than a standard internal combustion engine, producing zero emissions
* Ground Unmanned Support Surrogate Vehicle-an unmanned vehicle designed to re-supply troops, reduce the loads carried by Marines and provide an immediate means for evacuating combat casualties
* Improved Flight Deck Uniform-includes new, safer head protection; a more durable, quick-drying and comfortable jersey; a coat that acts as a flotation device in emergencies; and trousers with secure pockets and an improved fit
* Modular Advanced Armed Robotic System-a remotely operated unmanned ground vehicle that can provide remote targeting and weapons engagement, as well as advanced intelligence, surveillance and reconnaissance
* Multiple Weapon Control Sight-an infantry weapon fire control unit that mounts to the side of numerous weapon systems to provide ballistic fire control with a range knob and light-emitting diode (LED) display screen
* Octavia-a mobile, dexterous, social robot that moves on wheels and can express humanlike facial expressions, gesture with her hands and move objects

At Pier 86, next to the Intrepid Sea, Air and Space Museum, ONR will display two of its project-based educational outreach tools: SeaPerch and Physics of Sail. Visitors can take part in the SeaPerch national, curriculum-based STEM education program by "driving" the underwater remotely operated vehicle. Physics of Sail gives attendees the opportunity to construct boats from aluminum foil, Popsicle sticks and paper sails and race them across a pool to test construction and design.

Since 1984, Fleet Week New York has served as the city's celebration of the sea services. According to organizers, the event provides an opportunity for the citizens of New York City and the surrounding area to meet Sailors, Marines and Coast Guardsmen and view some of the Navy, Marine Corps and Coast Guard's latest capabilities. The event includes military demonstrations and displays, as well as tours of some participating ships.

ONR provides the science and technology necessary to maintain the Navy and Marine Corps' technological advantage. Through its affiliates, ONR is a leader in science and technology with engagement in 50 states, 30 countries, 1,035 institutions of higher learning and more than 900 industry partners. ONR employs approximately 1,065 people, comprising uniformed, civilian and contract personnel, with additional employees at the Naval Research Lab in Washington, D.C.