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Shadegg
Contact: Abby Winter (202) 225-3361


Shadegg and Bipartisan Group of Lawmakers Urge SEC to Suspend ‘Mark to Market’ Rules Immediately
Shadegg: “This is a solution that will help our credit markets without exposing the taxpayer.”

Washington, Sep 30 -

Congressman John Shadegg (R-AZ) today issued the following statement after he and Congressman Peter DeFazio (D-OR) sent a letter, signed by a bipartisan group of more than 60 lawmakers, to Securities and Exchange Commission Chairman Chris Cox asking that he immediately suspend Mark to Market rules:



“Congress must protect the American people and enable our nation's financial institutions to make the loans necessary to run America’s economy.  By immediately suspending Mark to Market rules for accounting and substituting a new set of mark to value rules, we can do this without forcing taxpayers to purchase troubled assets.



Mark to Market rules, while well intended, have exacerbated the current economic downturn by hamstringing the ability of banks to make loans to consumers and businesses.  Chairman Cox should act today to begin the process of suspending Mark to Market and replacing those rules with a mark to value mechanism.   This is a critical part of the solution.  Such action will help our credit markets without burdening hardworking taxpayers.”





NOTE: A copy of the letter is attached; list of signers is below.





Rep. John Shadegg (AZ-03)

Rep. Peter DeFazio (OR-04)

Rep. Darrell Issa (CA-49)

Rep. Mike Pence (IN-06)

Rep. Marcy Kaptur (OH-09)

Rep. Mazie Hirono (HI-02)

Rep. Marsha Blackburn (TN-07)

Rep. Ed Whitfield (KY-01)

Rep. Mark Souder (IN-03)

Rep. Elijah Cummings (MD-07)

Rep. Joe Barton (TX-06)

Rep. Donna Edwards (MD-04)

Rep. Marilyn Musgrave (CO-04)

Rep. Zach Wamp (TN-03)

Rep. Trent Franks (AZ-02)

Rep. Jeff Flake (AZ-06)

Rep. Sue Myrick (NC-09)

Rep. Chip Pickering (MS-03)

Rep. Gresham Barrett (SC-03)

Rep. Tom Feeney (FL-24)

Rep. Tom Cole (OK-04)

Rep. Connie Mack (FL-14)

Rep. Jo Bonner (AL-01)

Rep. Frank Lucas (OK-03)

Rep. Bill Sali (ID-01)

Rep. David Davis (TN-01)

Rep. Bob Goodlatte (VA-06)

Rep. Joe Pitts (PA-16)

Rep. Bobby Scott (VA-03)

Rep. Judy Biggert (IL-13)

Rep. Michele Bachmann (MN-06)

Rep. Peter Roskam (IL-06)

Rep. Donald Manzullo (IL-16)

Rep. Roscoe Bartlett (MD-06)

Rep. John Culberson (TX-07)

Rep. Pete Sessions (TX-32)

Rep. Patrick McHenry (NC-10)

Rep. Robert Aderholt (AL-04)

Rep. Hank Johnson (GA-04)

Rep. Lynn Westmoreland (GA-03)

Rep. Jeff Miller (FL-01)

Rep. Mike McCaul (TX-10)

Rep. Jim Jordan (OH-04)

Rep. Doug Lamborn (CO-05)

Rep. Michael Burgess (TX-26)

Rep. Mary Fallin (OK-05)

Rep. Thaddeus McCotter (MI-11)

Rep. Dan Burton (IN-05)

Rep. Denny Rehberg (MT-AL)

Rep. Tom Petri (WI-06)

Rep. Steve Scalise (LA-01)

Rep. Nathan Deal (GA-09)

Rep. Virginia Foxx (NC-05)

Rep. Tim Walberg (MI-07)

Rep. Brian Bilbray (CA-50)

Rep. Randy Forbes (VA-04)

Rep. Jeb Hensarling (TX-05)

Rep. Thelma Drake (VA-02)

Rep. John Linder (GA-07)

Rep. Virgil Goode (VA-05)

Rep. Paul Broun (GA-10)

Rep. John Sullivan (OK-01)

Sen. Jim DeMint (SC)

Sen. Tom Coburn (OK)