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President Obama said this will have a huge economic benefit, reducing the unemployment rate to near zero.
The new agency has not been given an official name. Provided Congress approves, there will be a naming contest. The winner will be awarded a prize of $5,000,000. In addition there will be 800,000 runner-up prizes of $1,000,000 each. When a member of the press asked why there were going to be so many large runner-up prizes, Obama responded, "We have to spread the wealth, don't we?"