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Dear Friends:
America is in a financial crisis and it is time for strong leadership from Washington. Far too many American families are bearing the brunt of this economic disaster. Last week, we learned that 159,000 Americans lost their jobs in the month of September and the Labor department reports that more than 750,000 people have been added to the unemployment rolls this year alone. For all of us who are looking toward retirement, and working hard to save, we have now learned that about $2 trillion of retirement savings were wiped out in the past 15 months as a result of the financial meltdown.
These are hard times for Minnesota workers and families. This credit crisis is taking hold and we are seeing it manifest itself in the inability of consumers with good credit to get auto loans, banks refusing to lend to banks, and municipalities unable to access financing for needed projects like roads, hospitals and water treatment plants. The reality is the entire credit system is frozen and simply waiting it out and doing nothing would be reckless.
Last week, Congress took decisive action to salvage our economy after years of excess, abuse, and corruption by Wall Street. The $700 billion package Congress passed is a targeted attempt to remove the mortgage-backed securities that are strangling the credit market for companies, small business, and families. Many economic experts anticipate that taxpayers could break even or earn a profit in the long term. In the meantime, I believe this crisis demands a renewed emphasis on oversight, accountability, and government regulations. This must be a top priority in the next Congress.
This week, I questioned the CEO of Lehman Brothers and pressed the nation's top financial experts to get answers about the regulatory mistakes and financial excesses that led to the market collapse. These hearings are part of sweeping Congressional investigations to get to the root of the problem and lay the foundation for common sense regulation of the financial and home lending industries. I fully expect more hearings, investigations, and, if information is forthcoming about illegal behavior, prosecutions.
My two votes for the emergency rescue bill were to protect the jobs, pensions, college accounts, and the savings of millions of working Americans. We must restore our nation's economy, protect jobs, and build back taxpayer confidence.
Sincerely,
Congresswoman Betty McCollum
Serving Minnesota's Fourth Congressional District
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McCollum Questions Lehman & AIG CEOs on Wall Street Collapse
This week, Congresswoman McCollum, a Member of the Oversight and Government Reform Committee, questioned Lehman Brothers CEO Richard Fuld and the nation's top financial experts during two committee hearings to examine the regulatory mistakes and financial excesses that led to the bankruptcy filing by Lehman Brothers and the government bailout of AIG.
"Mr. Fuld, my constituents in Minnesota understand that you don't have to do something illegal to do something wrong. Imperfect federal regulation wasn't a license for unethical behavior - especially when it puts taxpayers at risk. In our current regulatory framework, there is a grey space between legal activity and illegal activity. In that space, financial firms can make choices to obey the letter of the law but still violate the spirit of the law," Congresswoman McCollum said.
Congress Passes the Emergency Economic Stabilization Act
The Emergency Economic Stabilization Act (H.R. 1424) has been signed into law, after the House passed the bill with a bipartisan vote of 263-171.
"The American people, seeing this rescue package with a $700 billion price tag, should be angry. I am angry. My office has received thousands of calls from constituents who are furious, but anger should not be an excuse for inaction," Congresswoman McCollum said. Click here to read more.
Upcoming Oversight Hearings
Congresswoman McCollum is a member of the Committee on Oversight and Government Reform, which is the main investigative committee in the U.S. House of Representatives. The following oversight hearings are planned to investigate the Wall Street collapse.
The Regulation of Hedge Funds
Thursday, October 16, 2008, 10:00 AM
The Breakdown of Credit Rating Agencies
Wednesday, October 22, 2008, 10:00 AM
The Role of Federal Regulators
Thursday, October 23, 2008, 10:00 AM
Save the Date - Town Hall Meetings Next Week
Congresswoman McCollum will hold town hall meetings next week to listen to Minnesotans about the issues that matter to their families.
Wednesday, October 15th
9:30-10:30 AM
Fairview Community Center
Educational Development Center - The Great Room
1910 County Road B West
Roseville
2:30-3:30 PM
Wentworth Library - Meeting Room
199 East Wentworth Avenue
West Saint Paul
Congresswoman McCollum looks forward to hearing your ideas and concerns. For more information, please contact April Shaw, 651-224-9191.
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