Daily Briefs

Federal Reserve Bank official to address MMLA lunch, Jan. 15

The Southeast Chapter of the Michigan Mortgage Lenders Association (MMLA) will host its January Membership Luncheon on Tuesday, Jan. 15,  at the Federal Reserve Bank - Detroit Branch, 1600 East Warren Avenue in Detroit. This is the first in a series of luncheons planned for 2013.

Guests should plan on arriving early to allow for time to go through security and to take part in the tour of the bank. The tour begins at 11:30 a.m. and will be immediately before the luncheon. 
Speaking at the luncheon will be Paul Traub, business economist at the Detroit branch of the Federal Reserve Bank of Chicago.  His responsibilities include both research and current analysis.  
Traub will discuss the Michigan residential market with focus on key elements driving the market, when they change…what will happen.

The event will begin at 11:30 a.m. with the tour of Federal Reserve Bank  followed by lunch and program at noon. 

Cost is $35 for MMLA members and $49 for non-MMLA members.  Space is limited.  To register, visit www.mmla.net/cde.cfm?event=401246.

For additional information, contact Karen Bondar, Luncheon chairperson, at 586-457-3619 or karen.bondar@ugcorp.com.

Roberts urges full financial support for the U.S. court system

WASHINGTON (AP) — Urging full financial support for the U.S. court system, Chief Justice John Roberts said in his year-end report Monday that the federal judiciary, unlike executive branch agencies, does not have discretionary programs it can eliminate or projects it can postpone.

The judiciary has been doing its part to carefully manage “its tiny portion of the federal budget” and because the courts have already pursued cost-containment so aggressively, it will become increasingly difficult to economize further without reducing the quality of judicial services, said Roberts.

Virtually all of the judiciary’s core functions are constitutionally and statutorily required, Roberts said in his year-end report.

“A significant and prolonged shortfall in judicial funding would inevitably result in the delay or denial of justice for the people the courts serve,” said Roberts.

In the just-ended fiscal year, the Supreme Court requested an appropriation of $75.6 million for judicial operations — a 2.8 percent decrease from the previous year’s $77.8 million. In the current fiscal year that began Oct. 1, the Supreme Court’s appropriation request rose to $77.2 million, largely in response to new judicial security needs — but still less than its fiscal year 2011 request.
In his report, Roberts said that for fiscal year 2014, the court will submit an appropriation request of $74.9 million — a 3.7 percent decrease from its fiscal year 2011 request.

The chief justice said that in the 2012 fiscal year, the judiciary, including the Supreme Court, other federal courts, the Administrative Office of the United States Courts, and the Federal Judicial Center, received $6.97 billion in appropriations, representing “a mere two-tenths of 1 percent of the United States’ total budget of $3.7 trillion.”


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