-- Randy’s Roundup --

A Weekly Newsletter from Congressman Randy Neugebauer

January 24, 2011

A Blow to Taxpayers: Fannie and Freddie Leave Legal Bills to the Taxpayers

Last month, I sent a letter to the Federal Housing Financial Agency (FHFA), the agency that is tasked with conserving the assets of Fannie Mae and Freddie Mac for the benefit of the U.S. taxpayers, requesting the amount of money it has used to pay for legal fees for some of Fannie’s and Freddie’s former executives. The total they reported to me was a whopping $160 million.

As the Chairman of the Financial Services Committee Subcommittee on Oversight & Investigations, I am committed to minimizing taxpayer exposure to Fannie and Freddie. The taxpayer tab is already at $150 billion and FHFA should not be adding to the tab by advancing legal fees for the very executives who were complicit in the Enterprise’s mismanagement. In the coming weeks, I will be meeting with the leadership of the FHFA to make sure they are held to a higher standard as Conservator of the Enterprises and stewards of taxpayer dollars. Please stay tuned.

March for Life in Washington, DC

Earlier today, I participated in the 38th Annual March for Life in Washington, DC. I stood up with many of my Congressional colleagues and spoke in favor of pro-life policies. I hope Congress will pass pro-life legislation to defend the rights of the most innocent of lives.

As we live in a new age of medical technology, with the ability to perform procedures inconceivable even ten years ago, we have to remember ourselves. We have to remember our capacity for compassion, love and protecting the lives of all humans, no matter how small and innocent. I was proud to again participate in the March for Life, and pray we can continue this momentum throughout the 112th Congress.

The Debt Ceiling and Government Spending

During the past two years, Democrats added approximately $3.37 trillion to the national debt, but the runaway spending in the last Congress has no place with the new majority. At the rate the government is spending, we will reach the debt ceiling of $14.3 trillion in the next several weeks. I favor cutting non-security discretionary spending to pre-stimulus, pre-bailout levels. If the debt ceiling is raised again, it will give Congress leave to continue spending money it does not have. This is not fair to the American taxpayer. Spending reforms must be put in place to ensure we keep cutting spending, rather than adding to the national debt.

Question of the Week

“What do you most want to hear the President speak about at tomorrow’s State of the Union address?”

Please visit my website to submit your answer to this week's question.

Thank you for your continuing responses to our “Question of the Week”. Here are the results from last week’s question:

“Would you willingly accept cuts to Government programs that you currently benefit from in order to balance the federal budget?”

Yes 85%                    No 15%                      Unsure   0%

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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 or call my office toll free district wide at (888) 763-1611 or my Washington, DC office at 202-225-4005.