- Randy’s Roundup --

A Weekly Newsletter from Congressman Randy Neugebauer

October 27, 2008

Creating Effective Regulation

As noted in past roundups, I have been traveling around West Texas and the Big Country talking to you about our nation’s financial markets and our economy. I have heard from many of you and understand your concern and frustration regarding the current state of our financial markets.

On Tuesday of last week, I traveled back to Washington, D.C. to attend the Financial Services Committee Hearing on Financial Regulation. After hearing testimony from researchers and representatives for different segments of the financial industry, I wanted to report back to you on the outcome of that hearing.

I believe it is important for Congress to examine the current financial regulatory system and discuss ways that will help improve our financial markets and put our economy back on track. However, we must not overreact or make rash decisions during this time of uncertainty. We must be careful in our attempts to solve the current problem not to create another problem.

In order to understand the extent of the situation, I believe Congress needs to perform a complete autopsy of the current problems so we know exactly what went wrong and what changes need to occur in order to help prevent this from happening again.

Some simply argue that we need more regulation or should have less regulation.  I believe Congress must ensure the American taxpayers that we have effective regulation.

Effective regulation allows market discipline to drive decision-making and minimizes moral hazard.  Effective regulation keeps the U.S. capital markets competitive with others around the world.  Effective regulation protects investors and consumers and rewards innovation and responsible risk-taking. 

While Congress analyzes how the federal government plans to work its way out of all these interventions, we must also formulate an exit strategy. It is imperative this exit strategy be apart of the regulatory change discussions.

As Deputy Ranking Member of the Financial Services Committee, I will work with members from across the committee aisle to determine the right solutions that will secure our financial system while providing benefits to our economy.

Remembering Richard Lopez

On Monday, I met with family and friends of the late Richard Lopez to pay tribute to his many good deeds within the Lubbock community.

Richard Lopez, Executive Director of the Lubbock Guadalupe Economic Services Corporation, was a prominent man in the Lubbock community.  He owned and operated Rio Vista Construction and was a cofounder of the South Plains Food Bank. He also helped found the Ad Hoc Committee for Farm Workers in West Texas and the Lubbock Indigent Health Consortium.

Prior to his death, Richard worked tirelessly on behalf of migrant workers, senior citizens and the underprivileged. He fought to improve the conditions and provide new opportunities for the less fortunate.

Richard Lopez was an outstanding member of the Lubbock community. We honor and pay tribute to his generous contributions.  

Travels through the 19th District

This October, I have been traveling around the different areas of the 19th District meeting and speaking with many of you.

Last week, I enjoyed traveling to Abilene, Big Spring, Graham and Lubbock. This week, I will travel to Slaton and tour the Slaton Senior Citizens Center.  I will tour the Covenant Children's Hospital in Lubbock, as well as host a roundtable discussion with law students from Texas Tech University.

I look forward to keeping you updated on my travels around the 19th Congressional District.

Lubbock Chamber of Commerce

Congratulations to the Lubbock Chamber of Commerce for receiving the top honor of "Governmental Affairs Program of the Year" for their exceptional governmental affairs program and also the 2nd top honor for Community Development. The Chamber’s program, which focuses primarily on issue advocacy, was also recognized as the 2008 Best Chamber of Commerce by the American Chamber of Commerce Executives.

As always, when events unfold in Washington, I will be sure to update you. In the meantime, do not hesitate to visit my website or call my office toll free district wide at (888) 763-1611 or my Washington, DC office at 202-225-4005.