Wednesday Morning Federal Newscast - August 11th

Wednesday - 8/11/2010, 8:48am EDT

The Morning Federal Newscast is a daily compilation of the stories you hear Federal Drive hosts Tom Temin and Amy Morris discuss throughout the show each day. The Newscast is designed to give FederalNewsRadio.com users more information about the stories you hear on the air.

  • Sean O'Keefe and his teenage son have survived the plane crash that killed former Senator Ted Stevens and four others. The plane, on what was supposed to be a fishing trip, ran into an Alaska mountainside Monday afternoon. As CEO, O'Keefe leads EADS's bid to build a new generation of aerial tankers for the Air Force in one of the biggest Pentagon contracts ever. He was listed in critical condition Tuesday afternoon.

  • Defense Secretary Robert Gates is calling on service members and DOD civilians for ideas on saving money. And there's a cash prize! The INVEST Awards contest is similar to the SAVE Award sponsored by the Office of Management and Budget. DOD will choose 25 winning ideas. You can start submitting ideas now through Friday, September 24th.

  • The Federal Reserve will buy more Treasury securities, using mortgage proceeds. The Washington Business Journal reports the move is the first significant one the Fed's taken in more than a year to bolster the economy. Policy makers acknowledge that economic growth has slowed in recent months, and said they'd keep interest rates low for a longer time. The decision to buy more Treasury securities was not unanimous. The committee voted 9 to 1 in favor of the moves.

  • House committee leaders are reviving a proposal to make searching financial records easier. The provision, sponsored by California Republican Darrel Issa, was nixed from the financial overhaul last-minute. It would have applied to records from regulatory agencies and corporations. But now, NextGov is reporting that several lawmakers are backing the idea. The provisions would require federal regulators to use a standard electronic format, like Extensible Business Reporting Language.

  • SRA has landed a DOD contract worth up to $100 million dollars. Washington Business Journal reports the contractor has been working with Army Medical Research for a number of years. SRA will assist in the scientific review of grant applications submitted to the Department of Defense's Congressionally Directed Medical Research Programs. If all five year options are exercised, the contract could be worth as much as $100 million dollars.

  • The Hubble Space Telescope has captured a beautiful spiral galaxy image. Astronomers unveiled the unique look at the spiral galaxy spinning like a wheel amid a sea of stars.The NGC 4911 galaxy is about 320 million light years away, in the "Coma Cluster" of about a thousand galaxies. The Hubble team released a statement, saying that this particular galaxy's spiral arms are being pulled and distorted by forces from a companion galaxy. The galaxy's stripped material will disperse throughout the cluster, ultimately fueling the intergalactic populations of stars.

More news links

New radio ad tout (sic) federal workers (WashingtonPost)

Grandfather, federal employee fatally shot in Southeast (WashingtonPost)

Border security tightened in search for fugitive

At 101, Neb. woman wins award for older workers

Tags: federal drive, newscast