Republican Leader, my Congressman and a Great American -- John Boehner -- Statement on SEC Announcement on Mark-to-Market Accounting:
“Chairman Cox’s announcement yesterday is an important step forward in reforming our financial markets and stopping a financial collapse that could impact every American’s job, savings account, student loan, and retirement security. Onerous mark-to-market rules for certain financial assets that have no market value have worsened the credit crisis, and changing them has been a priority for House Republicans throughout the process of crafting an economic rescue package. In addition to both presidential candidates’ support for raising the FDIC insurance cap, which Roy Blunt proposed during negotiations last weekend, Chairman Cox’s announcement represents another victory for House Republicans in the bipartisan economic rescue discussions between Congress and the Administration. House Republicans remain focused on producing an economic plan that serves the interests of families, seniors, small businesses, and taxpayers.”Americans for Limited Government:
Americans for Limited Government President Bill Wilson in a letter today called upon Congressional leaders to amend the $700 billion financial sector bailout bill to repeal the Community Reinvestment Act, rescind all federal funding for ACORN, dissolve Fannie Mae and Freddie Mac, and eliminate the dual mandate at the Federal Reserve.CQ Politics is right...the Senate vote will put the House back in the spotlight. Let's see if some real leadership -- from both sides of the aisle -- can do this right.
The letter was addressed to House Speaker Nancy Pelosi (D-CA), House Republican Leader John Boehner (R-OH), Senate Majority Leader Harry Reid (D-NV), Senate Minority Leader Mitch McConnell (R-KY), Senator Barack Obama (D-IL), and Senator John McCain (R-AZ).
“As you work to craft a new proposal to bring stability to the financial system, I call on you to include provisions that will go directly toward a remedy for the root cause of this crisis, lax lending standards imposed on the private sector by government edict,” wrote Wilson in his letter.
In particular, Wilson called upon Congress to repeal the Community Reinvestment Act and the 1995 Clinton administration regulations “that forced lending institutions to give loans to individuals lacking the ability to repay the loans.”
“For the tens of millions of families who have played by the rules, paid their bills and lived within their means, it is an insult to now force them to pay for those who did none of these things. Over and above this fact, Congress owes these families a realistic assurance that such lending practices will end, that we are not creating the next financial crisis while attempting to repair the current one,” wrote Wilson.
In a statement, Wilson said, “There has been a culture of cheap credit that has pervaded Washington and our economy. Congress needs to set an example and bring an end to the ‘we’ll pay for it later’ mentality.”
“The proposal that was defeated on Monday would have raised the national debt ceiling to $11.3 trillion. Have we learned nothing from our mistakes? Congress’ solution to getting the financial sector out of debt is to borrow yet more money. There is something simply insane about this approach,” Wilson added.
“And since Congress does seem to have its heart set on doing something, they might as well do the right thing and reshape the way America approaches credit. We need honest credit, not easy credit.”
Wilson also called for an end to all federal funding for the extremist organization, ACORN. “There can be no excuse for activist organizations such as ACORN receiving large payments of public funds. The work of this organization is now under investigation in numerous states. Their involvement in pushing sub-prime mortgages onto lending institutions and unwitting borrowers is well documented. It is an outrage to the taxpayers to fund such groups,” wrote Wilson.
In his statement Wilson called upon Americans to sign a petition against ACORN. “Concerned citizens should visit StopAcorn.org to sign our petition and let Congress know they do not want any more taxpayer funds going to this corrupt organization.”
