-- Randy's Roundup --

A Weekly Newsletter from Congressman Randy Neugebauer

Violence in the Middle East

Within the past week, Palestinian militants fired missiles at Israeli targets and Israel has responded with strikes of its own in parts of the Gaza Strip.  A missile attack on Jerusalem on Friday marks the first attack on the holy city in decades.  I pray for the victims of these attacks and for a peaceful resolution to the crisis. I continue to stand firmly by Israel as it works to promote and secure democratic values in a region ravaged by violence and political unrest. On Friday, the House unanimously passed a resolution expressing vigorous support and unwavering commitment to the welfare, security, and survival of the State of Israel as a Jewish and democratic state with secure borders. It is critical that we continue to send the message that we support Israel’s right to defend itself. I am closely monitoring this situation, and will provide updates to you as the situation progresses.

Dyess’ 7th Bomb Wing Recognized Among Security Forces

Congratulations to the 7th Operations Support Squadron (OSS) at Dyess Air Force Base for being recognized at the Global Strike Challenge, an annual security forces competition with units participating from Air Force Global Strike Command, Air Combat Command, Air Force Material Command, Air Force Reserve Command and the Air National Guard. The 7th OSS was recognized as the best B-1B squadron for the third consecutive year. The 7th Bomb Wing as a whole was recognized as the runner-up for the overall best bomb wing. I’m proud of the men and women at Dyess, who have committed themselves to protecting the freedoms Americans are blessed to enjoy.

Report on Missing Customer Funds from MF Global

Last week, my staff on the Financial Services Committee released the results of a year-long investigation into the collapse of MF Global.  When the firm went bankrupt last year, $1.6 billion in customer funds were lost.  And while MF Global served about 36,000 customers, some of those clients represented farm co-ops that were comprised of thousands of individuals.  Its impact was devastating to rural America.  After an exhaustive review, we determined that MF Global’s CEO Jon Corzine put customer funds at risk and caused the company’s bankruptcy.  We also found that there was a breakdown in communication between the government regulators responsible for monitoring MF Global’s activities.  That lack of coordination, combined with the fact that MF Global was not straightforward with the public about the risks it was taking, meant that no one had a complete picture of MF Global’s health.

My goal with this report was not only to give customers answers about what went wrong, but also to prevent something like this from ever happening again.  To this end, we propose a number of potential solutions, including improving coordination between regulators to make it easier to identify potential problems with financial firms.  I’ll keep working to ensure strong, healthy financial markets so customers can invest with confidence.

Praying for Midland Train Crash Victims and Their Families

I am heartbroken at the news of the train collision in Midland last Thursday. I hope you’ll join me in praying for the families and friends of the four servicemen who were killed, and for a speedy recovery for all seventeen people who were injured in the crash.

Action Item of the Week

Dana and I wish you and your family a Happy Thanksgiving. May we be reminded of all there is to be thankful for, and may God continue to bless our country.