-- Randy’s Roundup --

A Weekly Newsletter from Congressman Randy Neugebauer

November 17, 2008


“All Bailed Out”

This week, Congress may vote on legislation that would provide government assistance to the automotive industry and attempt to stimulate the economy by further increasing spending on government programs.

As Members of Congress assess this legislation, I ask my colleagues to consider the question, “Where do you draw the line?”

From the beginning, I have been against major government intervention into our financial markets.  I voted no against the first economic rescue package because I believed the legislation was not the best way to solve the problems faced by our economy.  I continue to believe that American taxpayers, who made conservative lending and investment decisions, should not have to pay for the mistakes made on Wall Street, nor should future generations have to pay for these mistakes as well.

Unfortunately the decision to intervene in our marketplace has created a situation in which future generations will pay a significant price and a situation in which a large portion of our country’s economic activity is now backstopped by the federal government.

After speaking with many financial professionals, I'm not yet convinced that further government intervention will address the issues of these struggling automotive companies or the current state of our economy. As Congress reconvenes to consider additional legislation, we must decide where to draw the line.

Letter to the Treasury, Federal Reserve and FDIC 

This week, I sent a letter to Secretary Paulson, Chairman Bernanke and Chairman Bair asking for assistance with a full accounting of the level of financial commitments the federal government has accumulated over the past year, which could exceed $2 trillion.  

I understand the people of the 19th Congressional District are concerned about the level of debt their government has taken on and the financial commitments their government has made.  It is the responsibility of the federal government to preset to the taxpayers a thorough accounting of the exposure they face due to federal actions in an easily accessible and understandable format.

As our financial markets and economy continue to face uncertain times, we must ensure a greater level of transparency to the taxpayers. Moving forward, we must all work together on an effective strategy to extricate the federal government from these commitments and empower the marketplace to again function without a government backstop.

Please click here to view the letter I sent to Secretary Paulson, Chairman Bernanke and Chairman Bair.

Farm Bill Implementation Update

The Department of Agriculture began implementing the provisions in the 2008 Farm Bill within weeks of its passage in Congress. As USDA continues its work on the Farm Bill, I wanted to give you an update on the important program announcements.

Sign-up deadlines for direct and counter-cyclical programs for producers on farms with 10-base acres or fewer have been extended until November 26, 2008.  Other enrollment deadlines that are fast approaching include those for the Supplemental Revenue Assistance Program and for non-insured crop disaster assistance coverage. These programs provide a very important safety net to agricultural producers, and I encourage you to contact your local Farm Service Agency office for specific deadlines in your respective counties.

The final rule for the cotton programs was published in the Federal Register on November 5, 2008, and I am pleased USDA implemented these regulations according to Congressional intent. As the Department finalizes further rules and regulations related to the permanent disaster program, the Average Crop Revenue Election program, and changes to payment limits and program eligibility I will continue to closely monitor USDA’s actions to ensure the rules are implemented the way Congress intended. For more information regarding implementation of the 2008 Farm Bill, I encourage you to visit www.usda.gov/FarmBill.

As always, when events unfold in Washington, I will be sure to update you. In the meantime, do not hesitate to visit my website www.randy.house.gov, or call my office toll free district wide at (888) 763-1611 or my Washington, DC office at 202-225-4005.