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Daily Briefing: The Swift Program

The Senate Indian Affairs Committee released its final report on Jack Abramoff and Michael Scanlon's Indian casino lobbying deals. The report disputes claims made by Bob Ney. The Justice Department investigation is ongoing. [WP, ABC] Using "broad new interpretation of the Treasury Department's administrative powers to bypass traditional banking privacy protections" and a declaration of emergency, the Bush Administration has been secretly tapping into confidential international finance records for years. [WP, NYT] The Senate voted against withdrawal from Iraq, with Democrats failing to establish a timeline for departure. Senator Joe Lieberman voted against two Democratic amendments calling for withdrawal. [CSM, WP, WP] Seven people were arrested in Miami and charged with plotting terrorist attacks on a number of buildings, including the Sears Tower in Chicago.

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New rules give people more flexibility to consolidate student ...

Recently signed federal legislation has eliminated the "single-holder" rule for student loans, giving borrowers more flexibility when consolidating. Under the old rule, borrowers whose loans were held by a single company were not allowed to consolidate with any other lender, even if they could get better interest rates or repayment terms somewhere else. Now, students can consolidate their loans with any company they choose, even if one company holds all of them. Those with student loans are being encouraged to consolidate existing loans as a way to lock into a lower interest rate and avoid rate increases that are coming soon. Interest rates on Stafford loans will rise to 7.14 percent, from 5.3 percent, on July 1. PLUS loan rates will jump to 8.5 percent, from 6.1 percent. Charles Wallace, manager of the Huntington National Bank office at 17 S.

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