-- Randy’s Roundup --

A Weekly Newsletter from Congressman Randy Neugebauer

September 29, 2008

Finding the Right Solution to Support Financial Market Stability

This past weekend, lawmakers in Washington, D.C. negotiated an updated financial relief package. I voted against this legislation earlier today, and the bill was defeated in the House of Representatives. This was a difficult decision that I did not take lightly. I understand that Americans face tough financial times ahead, but I want to ensure that we address the problem the right way.

While this revised legislation contained more oversight and taxpayer protection than original versions, it is my belief that this large of an intervention in the markets is not the proper role of the federal government.  We can and must do better for our economy and for the taxpayers.

I am committed to working with my colleagues in Congress and the Administration to pass comprehensive legislation that helps support our economy.  However, we must consider all alternatives prior to making a final decision. During these uncertain times, Americans are struggling and we must ensure this plan will protect taxpayers and not make them responsible for bad mistakes made on Wall Street.

Congress cannot continue piling on debt that becomes a liability for the next generation.  We have to ask ourselves, “Is this the proper role of the federal government?”  We have to ask if other solutions would work better and be more responsible.

When I voted today, I voted for the principle that more market-based solutions rather than costly government interventions are the best way to resolve the current financial difficulties we are facing.  I voted for the opportunity to consider other solutions I believe will be more effective in the long run.  I voted for Americans who made responsible decisions when it came to lending and borrowing. 

As Congress continues to work to find a solution, I want to encourage residents in Texas’ 19th District to step back and also remember that your deposits are federally guaranteed. Our local banks have chosen conservative lending and investment policies.

The American taxpayers did not cause this problem and should not have to shoulder the responsibility of bailing out the ones that did.

Today’s vote was not the end of the debate and work on this issue.  There is more work to do to produce a solution America is looking for.

To hear more of my comments on the Emergency Economic Stabilization Act of 2008, click here.

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