Farmington, MO  -  Thank you for contacting me about two votes in the U.S. House of Representatives, one this Monday and one on Friday, to relieve the unprecedented pressures on the American financial system and credit markets.  This is a very serious situation that affects every bank, business, worker, family and retiree in the Eighth Congressional District.

The circumstances facing our economy are severe, and in some cases this crisis has already reached us.  On Monday, the U.S. stock market (the basis for many Americans’ retirement savings) lost $1.2 Trillion in a single day.  On Thursday, U.S. unemployment hit a seven-year high.  Interest rates for new car and truck loans are approaching 10%.  One in five car dealerships is in danger of failing.  The FDIC has a list of 117 banks on the verge of requiring federal assistance, and I have talked to banks that do business in Southern Missouri which are very concerned they may have to rely on federal insurance.

The credit crunch threatens the pensions, retirement accounts and savings accounts of retirees and workers in our district.  We have worked hard to save what we can for the time we will need it – all of that hard work is at risk today.

For retirees, the crisis threatens their fixed incomes.  For teachers with pensions, the crisis threatens their life savings.  For workers in our rural district, this crisis threatens manufacturing and agricultural jobs.  From the farm to the sawmill, from the factory to the corner store, the potential for this crisis to cut deep is very real.  If nothing is done, 4,000,000 American jobs could be lost in six months.  Employers would trim benefits, wages would stagnate, and rural jobs would be lost to urban areas and foreign countries. 

These are serious concerns, and they require action by Congress.

I voted to fight back against the conditions hurting Missouri jobs, businesses and retirees on a fixed income.  This legislation assures the credit crisis will not continue spreading throughout our region with worse and worse effects on paychecks, jobs and retirement savings.  It includes taxpayer protections like equity stakes in the banks helped by this bill and prohibitions on excessive executive pay at those institutions.  It includes transparency so taxpayers know exactly where their money is going and when it comes back.  This is a responsible package that puts the financial strength of our country first.

As Congress conducts oversight on this plan and approves the release of funds for it, I will continue to ensure the American taxpayer is protected.  At the same time, I will be working for the full weight of the law to be brought down on anyone who hid assets, profiteered from the crisis on Wall Street, and violated any of the rules and regulations governing our financial markets.

Again, thank you for your concern on this issue.  I appreciate your comments and your concerns, and I hope you will continue to join me as work to protect the Eighth Congressional District and the American public.