-- Randy’s Roundup --

A Weekly Newsletter from Congressman Randy Neugebauer

October 13, 2008

America’s Economic Security

As the Treasury Department works to implement its authority to purchase troubled assets from financial institutions and Americans track the ups and downs of the financial markets, it is understandable that many have concerns about our economic security.  As we work through this period in which markets are not functioning normally, we need to remember that a number of actions have been taken aimed at stabilizing the markets and restoring confidence in our economy.

One part of the financial package signed into law earlier this month I did support was an increase in account size covered by federal deposit insurance. From now through the end of 2009, your bank and credit union deposit accounts will be insured up to $250,000, up from the previous limit of $100,000.  If you have an IRA account at your bank, that account will continue to be insured at $250,000 as well.  Accounts covered by the Federal Deposit Insurance Corporation (FDIC) include savings and checking accounts, certificates of deposit and money market deposit accounts. Since the FDIC was established, no depositor has ever lost a cent of insured funds.

Many people also ask what is being done to protect investments they have.  The Securities and Exchange Commission, which has the mission of enforcing federal securities laws, has required additional reporting and disclosure by large traders, institutional investors and hedge funds in recent weeks and has also resolved a number of large enforcement actions.  As SEC Chairman Cox stated last week, investors need to know the truth and risks about the securities that trade in public markets and transparency is essential.

In addition, our federal financial regulatory agencies have stepped up efforts to coordinate with their counterparts in other countries.  With financial markets across countries connected in so many ways, it is important to know what actions others are considering and to work together as much as possible.

As I’ve said before, we are fortunate in Texas to have a stronger economy than other areas of the country.  But that doesn’t mean we don’t get anxious when we watch the news or that we are immune from these problems.  The American economy has weathered difficult times in the past, and I continue to believe, that although difficult, we can again do so.

Additional Visits Scheduled Around District 19

I enjoyed spending time last week in different areas of District 19, and I will be stopping in several more communities this week.

To start the week, I will be traveling up to Hereford where I will have the opportunity to meet with the school superintendent as well as recognize the 100th Anniversary of Central Church of Christ.  I look forward to meeting with residents of Nazareth for a “Coffee with the Congressman” open forum.  I will also have the opportunity to stop in Farwell to meet with local government officials and first responders.

Protect Your Computer From Security Breaches

This October marks the fifth annual National Cybersecurity Awareness Month. The Department of Homeland Security's National Cybersecurity Division (NCSD) is once again actively engaging public and private sector partners through events and initiatives to increase overall awareness and minimize vulnerabilities. National Cybersecurity Awareness Month is a campaign designed to educate all citizens and key public and private sector partners on cyber threats and how to safeguard yourself at home, work and school.

It is important to remain aware of the potential for unwanted threats to your personal computer.  Today, with the use of personal computers at an all time high, identity theft remains a serious threat, causing havoc to honest, hardworking Americans like you.  It is imperative that you take responsibility for your computer and guard it against data theft and security compromises.  To learn more about cybersecurity and what you can do spread awareness, please click here: National Cybersecurity Awareness Month

********

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.