E-Newsletter: Week of February 22, 2010
Washington,
Feb 22 -
I. Marchant receives “Taxpayers’ Friend Award” from NTU
On Thursday, February 25th, I was happy to again receive the “Taxpayer’s Friend Award” from the National Taxpayers Union, a nonpartisan, nonprofit citizen group founded in 1969 to work for lower taxes, smaller government, and economic freedom at all levels. My “A’ rating for 2009 indicates my support for “reducing or controlling federal spending, taxes, debt, and regulation.” In recognizing my record, NTU President said, “[h]ard-working families in Texas’ 24th District and across the nation owe Congressman Marchant a debt of gratitude for his effort on their behalf. Congressman Marchant has truly earned the title ‘Taxpayers’ Friend.’” I am thankful for the recognition and will continue to work with my colleagues to keep taxes low, control federal spending, and cut the debt.
II. This week’s votes on the floor, hearings, and markups
Each week I get the opportunity to represent you in Congress by: 1) voting on legislation that comes to the House floor; and 2) participating in committee hearings and markups for the Committee on Financial Services.
Key House Floor Votes
House votes to repeal antitrust exemption
On Wednesday, February 24th, I voted in favor of H.R. 4626 Health Insurance Industry Fair Competition Act which repeals the antitrust exemption for health insurance companies. The bill passed with overwhelming bipartisan support.
Committee on Financial Services
Employment Growth
On Tuesday, February 23rd, the full Committee held a hearing entitled “Prospects for Employment Growth: Is Additional Stimulus Needed?” Testifying before the Committee were: Andy Stern, President of SEIU; Lawrence Mishel, President of the Economic Policy Institute; Kevin Hasset, Sr. Fellow & Director of Economic Policy Studies at The American Enterprise Institute; and Mark Zandi, Chief Economist at Moody’s Economy.com.
Humphrey-Hawkins Monetary Policy Report
On Wednesday, February 24th, the full Committee held a hearing entitled “Monetary Policy and the State of the Economy.” Testifying before the Committee was Federal Reserve Board Chairman Ben Bernanke.
Financial Industry Compensation
On Thursday, February 25th, the full Committee held a hearing entitled “Compensation in the Financial Industry – Government Perspectives.” Testifying before the Committee were: Ken Feinberg, Special Master for TARP Executive Compensation (Pay Czar), U.S. Dept. of the Treasury; Scott Alvarez, General Counsel, Board of Governors of the Federal Reserve System; and Edward Demarco, Acting Director, Federal Housing Finance Agency.
Small Business and Commercial Real Estate Lending
On Friday, February 26th, the full Committee held joint hearing with the Small Business Committee entitled “Condition of Small Business and Commercial Real Estate Lending in Local Markets.” Testifying before the Committees were representatives from: Brighton Corporation; U.S. Women’s Chamber of Commerce; Instant-Off, Inc.; George Mason University; Motor & Equipment Manufacturers Association; U.S. Department of the Treasury; U.S. Small Business Administration; Board of Governors of the Federal Reserve; FDIC; Office of the Comptroller of the Currency; Office of Thrift Supervision; Independent Community Bankers of America; Pinnacle Bank; American Bankers Association; Credit Union National Association; National Association of Federal Credit Unions; Consumer Bankers Association; Wells Fargo; National Association of Small Business Investment Companies; and National Association of Development Companies.
III. Recommended reading
A Country of Vast Designs: James K. Polk, the Mexican War and the Conquest of the American Continent by Robert Merry is detailed history of President Polk and his expansionist legacy. Merry does a great job of bringing the reader into the debates in Congress about the country’s future and shows how an ambitious one-term President pursued his objectives with vigor and accomplished most, if not all, the things he campaigned on. American and Presidential history aficionados should make this biography part of their collection.
Game Change: Obama and the Clintons, McCain and Palin, and the Race of a Lifetime coauthored by John Heilemann and Mark Halperin is a very good read. It provides an insider’s look into the 2008 campaign and provides never before published stories about the primaries and the general election. The authors offered all of the sources anonymity by interviewing them on deep background. While this does allow sources to speak more freely and candidly (knowing their comments would not be attributed to them), it does allow for sources to exaggerate certain episodes in the book because they know they cannot be linked to a specific story. Whatever your view, this book would make a good contribution to your library.
The Politician: An Insider’s Account of John Edwards’s Pursuit of the Presidency and the Scandal that Brought Him Down is an unbelievable account of John Edwards and his quest to become President. For those who have read the account of John Edwards’s shenanigans in Game Change, but care to know far more details than you could every imagine, this book might be for you. More than anything, it is a cautionary tale of a man who wanted to be President, but still jockeyed vigorously for positions as then-candidate Barack Obama’s Vice President and Attorney General.
On the Brink: Inside the Race to Stop the Collapse of the Global Financial System by former Treasury Secretary Henry Paulson is the latest contribution to the plethora of books written on the financial crisis of 2008. Some have described this book as a text book case in revisionism and others have said it’s a very accurate account of the decisions key people the last administration confronted. No matter what your view, I think this book makes a worthy contribution to the discourse of what happened in late 2008 and is a perfect companion to Too Big to Fail by Andrew Ross Sorkin, which I read a few months ago.
IV. Great Quotes in History
“No government ever voluntarily reduces itself in size. Government programs, once launched, never disappear. Actually, a government bureau is the nearest thing to eternal life we’ll ever see on this earth!”
-Ronald Reagan, 40th President of the United States
“Nothing is so permanent as a temporary government program.”
-Milton Friedman, author of Free to Choose
“The welfare state is not really about the welfare of the masses. It is about the egos of the elites.”
-Thomas Sowell, author of Race and Economics
I am honored to represent the 24th District of Texas, and appreciate your interest in my e-newsletter. Please contact my District or DC office with any further questions you may have or visit my website at www.marchant.house.gov. You can also become my Facebook friend here or follow me on Twitter at http://twitter.com/RepKenMarchant.
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