Helpful Links

E-News Signup



*By answering this survey, you are subscribing to my newsletter.

Email Kay Granger

Right Side Bar Graphics

Email Friend Print

Granger Statement on Next Steps Needed to Reform our Financial System


“The economic crisis our country is facing should never happen again. For too long Congress kept pushing this issue off the table, and now we have been forced to take drastic, immediate action to solve this problem.

“The next Congress must address this situation in two ways: provide businesses of all sizes the ability to grow and invest in their future, and reform the financial regulatory system that has failed us.

“Below I have outlined six steps, I believe, the next Congress must take:

• Blue Ribbon Panel – Should be organized immediately with representatives from Treasury, SEC and the Federal Reserve Board, as well as outside financial experts, to ensure taxpayers are paid back and to bring recommendations for the new Administration and Congress, so that we will have the changes necessary to continue improving our economy throughout the coming year. This panel should be much like the BRAC Commission or 9/11 Commission.

• Fannie Mae & Freddie Mac – Both companies should be completely removed from the government sphere and privatized. The promise of homeownership should continue to be an American dream, but not at the cost of unrealistic expectations.

• Mortgage Reform – Make mortgage broker payments dependent on timely payment of mortgages. No one should be off the hook if payments are not presented in a timely manner. This means everyone from the guy overseeing the mortgage to the guy who owns the house should all be held accountable.

• Insurance – Make an FDIC-style program mandatory for entities with troubled or high-risk mortgages. This insurance program would collect premiums that could then be used, if needed, to prevent bad mortgages from crippling our economy.

• Financial Regulatory System – Move to activities-based regulations instead of institution-based regulations. The same set of rules would apply to all institutions performing a particular activity, regardless of the type of institution. This means all banks that provide home loans or investments would be regulated the same way for those loans or investments, regardless of the type of financial institution.

• Corporate Tax Rate – Permanently reduce the corporate tax rate. At 35%, the United States currently has one of the highest corporate tax rates in the world.

“The next Congress and Administration must work together to solve this issue. It is the responsibility of Congress to ensure our financial markets are sound and to protect the taxpayers who have entrusted their life savings in one of our nation’s financial institutions, so they are not robbed of their life’s work because of mismanagement and greed.”