H.R. 5146, which eliminates an automatic adjustment in pay for Members of the United States Congress during FY 2011. Source
The President proclaimed the third Saturday of each May as Armed Forces Day. Source
The President proclaimed Friday, May 21, 2010, as National Defense Transportation Day and the week of May 16 through May 22, 2010, as National Transportation Week. Source
The President proclaimed May 16 through May 22, 2010, as World Trade Week. Source
The United States Federal Deposit Insurance Corporation (FDIC) shut down Midwest Bank and Trust Company in Elmwood Park, Ill., which had about $2.4 billion in deposits and $3.2 billion in assets, as well as three smaller banks: New Liberty Bank, based in Plymouth, Michigan, Southwest Community Bank, based in Springfield, Missouri; and Satilla Community Bank, based in Saint Marys, Georgia. FirstMerit Bank, N.A., of Akron, Ohio, agreed to assume all the deposits of Midwest Bank and Trust and essentially all the assets. The FDIC and Firstmerit Bank agreed to share losses on about $2.3 billion of Midwest Bank and Trust assets. The move is expected to cost the deposit insurance fund about $216.4 million. The bank closings brought the number of U.S. bank failures for 2010 to 72. Source
United States Secretary of the Treasury Tim Geither briefed David Rockefeller and Lynn Forester de Rothschild and other members of the Board of Directors of the Peter C. Peterson Institute for International Economics on the Obama Administration's agenda for economic growth and strengthening the global financial system. Source
According to a Reuters/MSNBC report, "Indonesian militants captured in recent police raids were planning a series of attacks including a Mumbai-style hotel siege targeting foreigners and an assault on the president at an independence day ceremony, police said" and, "The men also planned to target U.S. President Barack Obama, who is scheduled to visit the country later this year, and plotted the attacks to install sharia law in the world's most populous Muslim nation, officials said."
This week's West Wing Week was released.
Day477/May15th/Saturday: In his Weekly Address, the President explains how Wall Street Reform would end bailouts and bring accountability for big banks, but, also, empower consumers, shareholders and community banks. Transcript Video
Day478/May16th/Sunday: The President, when he tried to leave the White House to play basketball at Fort McNair, had to traverse thousands of bees that swarmed the White House in the morning. The swarm, however, was gone by the time the President returned at noon. Source[Author's note: all days in these chronicles are full days. The Obama Inaugeration on January 20, 2009 was a half-day, so not counted.]