-- Randy’s Roundup --

A Weekly Newsletter from Congressman Randy Neugebauer

October 20, 2008

Financial Regulation

Over the last several weeks, I have heard and talked with many of you regarding our nation’s financial markets and our economy.  I understand the people in the 19th District are demanding answers to how these marketplace disruptions will affect them, what the federal government is doing to improve the situation, how those who contributed to the problem will be held responsible and what preventative measures can be taken in the future.

I believe last week’s announcement by the Treasury Department to use $250 billion of the funds authorized by Congress to purchase preferred stock in financial institutions was a step in a better direction than simply using those funds to buy problem assets from the institutions.  Putting these funds into the financial system adds new capital that will allow new lending.

Although I generally do not like the idea of the federal government owning portions of private companies, this plan provides incentives for financial institutions to also raise money from the private sector.  When these financial institutions raise private capital, they can buy the federal government’s share back.  This stock purchase option also provides greater protections for taxpayers.  Taxpayers will get their money back other than in the unlikely event that one of these institutions was to fail.

Additionally, Congress must address the current system for regulation and oversight. On Monday, I will be traveling back to Washington, D.C. to attend Tuesday’s Financial Services Committee Hearing on Financial Regulation.  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.

Some argue that more regulation is the answer, but it’s not quite that simple.  My hope is that Congress and the Administration can work together to update the current system so we have smarter regulation that works better.

Breast Cancer Awareness Month

During the month of October, we honor those who have battled and survived breast cancer, those currently living with the disease and those who have lost their battle.

Today, breast cancer is one of the most common forms of cancer affecting women. In fact, according to the American Cancer Society, it was estimated that in 2007 over 178,000 women in the United States were found to have some type of the disease.

As we continue to bring attention to this disease, we must also promote the importance of early detection. Monthly self-exams and various screening procedures are key steps to early detection. Identifying the disease in the early stages can make treatment more effective as well as increase a woman’s chance to beat the disease.

Additionally, we must also continue to promote a healthy lifestyle among women. Women who maintain a healthy diet and exercise can decrease their likeliness of developing breast cancer.

This October, we must remain vigilant in the battle to prevent, treat and ultimately cure breast cancer.

Travels through the 19th District

Later this week, I will be in Abilene and then travel to Big Spring to speak with local officials and visit the new renovations made to the Canterbury Retirement Homes. At the end of the week, I will be in Lubbock and will then head to Graham and meet with administrators and staff of the Graham Regional Medical Center.

As I continue my travels through the 19th Congressional District, I look forward to meeting and speaking with you about the issues concerning you.

********

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