Friday Afternoon Federal Newscast

The Federal Housing Administration says its financial cushion will sink below mandatory levels for the first time in its history. Still, officials insist the agency doesn’t need to be rescued. FHA Commissioner David Stevens says falling home prices are the main reason its financial reserves are dwindling. The AP says, the agency is facing concerns from lawmakers that it will need a bailout but Stevens says that will not be necessary under any circumstances.

Agencies should focus on existing policy not just their cybersecurity strategy, when they start using Web 2.0 technologies. The Chief Information Officer’s Council recommendations include pressing commercial social media providers for a more in-depth look into their security procedures, and to monitor their security and network operations. The CIO Council is also developing privacy guidance.

The teleworking data from 2008 is in. Last year more than one-hundred-thousand employees participated in telework about five percent of the total federal employee population, with 64 percent of employees teleworking one-to-three days every week. The findings are part of the Office of Personnel Managment’s annual Call for Telework Data. The agencies with the largest jump in teleworkers was in the Department of Health and Human Services.

Massachusetts Republicans have temporarily blocked Senate debate on a bill allowing Governor Deval Patrick to name an interim appointment to the Senate seat left vacant by the death of Edward Kennedy. The AP says, the Republicans, who hold just five of 40 seats in the Senate, objected to the bill without formal notice. Under Senate rules, the objection means the bill can’t be debated until the next formal session. The Senate adjourned until Monday.

Treasury Secretary Timothy Geithner says an emergency program that had guaranteed as much as $3 trillion in assets in money market mutual funds is being allowed to expire today. He issued a statement noting that “the risk of catastrophic failure of the financial system has receded.” The program to guarantee assets in money market mutual funds had originally been established in September 2008 to last for three months but was then extended through Sept. 18 of this year. Treasury said it had suffered no losses under the guarantee program and had earned about $1.2 billion in participation fees paid by money market mutual funds.

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