-- Randy’s Roundup --

A Weekly Newsletter from Congressman Randy Neugebauer

March 23, 2009

Treasury Department’s Plan

I am continuing to review Secretary Geithner’s plan for the Treasury Department to partner with the private sector and spend $100 billion of the remaining financial bailout funds getting problem assets off the books of financial institutions. 

Secretary Geithner will be testifying later this week in the House Financial Services Committee, and I hope to ask him more about this plan. 

Last fall, the Treasury Department determined that a plan to purchase bad assets from banks and other financial institutions posed too many risks to the taxpayers and instead decided to put billions of dollars of capital into these institutions.  The concern then and now continues to be how these assets will be valued and priced.

While private investors will put in some money under the Treasury’s proposal, the federal government will contribute and guarantee more.  This program has great potential to benefit to those buying and selling these assets while taxpayers get the bill. 

We must also continue to ask about the exit strategy for all of these government interventions.  With yet another government backstop and guarantee being put in place, it becomes more challenging to eventually transition our financial markets away from government support.

Small Businesses Are the Backbone of Our Economy

Last week, I participated in the Republican Economic Working Group’s small business forum. I was joined by small business owner Mike Stevens, owner of Action Printing, who participated via video conference from Lubbock.

Hosted by Republican Whip Eric Cantor, the forum invited small business owners from around the country to discuss the Democrat’s proposed budget, which includes plans to raise taxes.

During these difficult times, I believe we need an alternative that will help small businesses overcome these tough economic challenges, not hinder them.

Rather than provide bailouts and tax increases, Congress must help businesses like Action Printing succeed in the economy by creating jobs, unlocking private capital, and ensuring that no family or small business experiences a tax hike.

American Diabetes Alert Day

Tuesday, March 24th marks the twenty-first annual American Diabetes Alert Day.  Diabetes is a serious disease that affects nearly 24 million people in the United States.  Many suffering from diabetes, often known as the “silent killer,” aren’t even aware they have the disease.

Those most likely at risk for diabetes include people who are overweight or underactive and older Americans. Additionally, African Americans, Latinos and Native Americans are at an increased risk for type 2 diabetes.

I hope that people take the Diabetes Risk Test and see a medical professional if they are at risk of having diabetes.

YouTube Update

Small Business and the Economy
Congressman Neugebauer on FOX Business
President’s Budget Taxes Too Much

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.