Every week, 2,000 - 3,000 Second District residents write to me about the issues pending before Congress, and I work hard to respond to each person as promptly and thoughtfully as possible. On this "Letter of the Week" blog, I highlight constituent letters that are of general interest. If you'd like to share your own views, please feel free to e-mail me at any time!

Dear Nancy,

I am one who is fed up with the way Washington is being run. We demand an explanation on how this financial crisis happened and who was responsible for it.

If laws were broken, we want those responsible prosecuted. For those who acted unethically, we want to know who they are and what they did. We want hearings on this matter, and we demand that they be open, not behind closed doors.

We want to hear from you that you support open hearings. We hold Congress responsible to get to the bottom of this matter so that it will never happen again.

Sharon from Fontana, KS.

Dear Sharon,

Thank you for contacting me about Congressional investigations into the causes of the financial crisis. As your representative I appreciate your thoughtful comments and value your perspective.

I agree with you that investigations are necessary to look into what got us to this point. Too many people on both the left and the right have been rushing to assign blame to their political enemies instead of investigating the actual history and following the data wherever it leads. If we're going to prevent these crises from happening again, we need to understand what caused them.

In addition to these hearings, the Federal Bureau of Investigation has begun to investigate whether fraud lead to the collapse of AIG, Lehman Brothers, Fannie Mae and Freddie Mac.

Congress is holding hearings on these issues and sending investigators to look into the books of these failed companies. Below is a list of some of the hearings that have already been held and ones that are scheduled for later this month:

Committee on Oversight and Government Reform Holds Hearing on Causes and Effects of the Lehman Brothers Bankruptcy
The Committee held a hearing to examine the regulatory mistakes and financial excesses that led to the bankruptcy filing by Lehman Brothers. The hearing was held at 10:00 a.m. on October 6, 2008, in Rayburn House Office Building room 2154.

Committee on Oversight and Government Reform Holds Hearing on the Causes and Effects of the AIG Bailout
The Committee held a hearing to examine the regulatory mistakes and financial excesses that led to government bailout of AIG. The hearing was held at 10:00 a.m. on October 7, 2008, in Rayburn House Office Building room 2154.

The Role of Federal Regulators
Committee on Oversight and Government Reform
Tuesday, October 07, 2008
Thursday, October 23, 2008, 10:00 AM at 2154 Rayburn House Office Building

The Regulation of Hedge Funds
Committee on Oversight and Government Reform
Thursday, October 16, 2008, 10:00 AM at 2154 Rayburn House Office Building

The Breakdown of Credit Rating Agencies
Committee on Oversight and Government Reform
Wednesday, October 22, 2008, 10:00 AM at 2154 Rayburn House Office Building

I encourage you to go to the House Committee on Oversight and Government Reform's website to watch the hearings and read the testimonies of the witnesses. http://oversight.house.gov/.

It already seems apparent that, over the last several years, many financial firms took bigger and bigger risks.  As long as the risks were paying off, the companies made huge profits.  When the tide changed, the companies came running to the taxpayer for help absorbing the losses.  Privatizing profits and socializing losses is terrible public policy and it has to change.  If people are going to enjoy the benefits of their successes, they must suffer the consequences of their failures.  Facing criminal investigations and being held accountable to the American people are an important part of facing the consequences.

Thank you again for contacting me. I hope that you will continue to keep in touch and let me know whenever I may be of future assistance.

Very truly yours, 

Nancy Boyda
Member of Congress