Let's Work Together to Address the Nation's Current Financial Challenges

LET'S WORK TOGETHER TO ADDRESS THE NATION'S CURRENT FINANCIAL CHALLENGES -- (House of Representatives - September 29, 2008)

Mr. DOGGETT. Madam Speaker, as one of those who voted against President Bush's bailout proposal, I want to express my continued interest in working together to address the Nation's current financial challenges. I do not oppose reasonable steps to intervene in the economy so long as all the burden is not placed on the taxpayers.

I recommend that the House promptly approve a resolution calling on the Administration to exercise authority it already possesses to ensure that our financial markets continue to function properly.

The FDIC should utilize its emergency powers to immediately raise the limits on federally-insured accounts at all banks. The Securities and Exchange Commission should review and consider suspension of current accounting rules on the valuation of mortgage-backed securities. And the FDIC should consider relying on the net worth certificate approach that it utilized during the savings and loan debacle of the 1980s.

These are not just my ideas, rather, they are ideas recommended to the Congress by William Isaac, President Reagan's former Chairman of the Federal Deposit and Insurance Corporation. That approach, and others that were not considered last week, should be considered now to ensure that our financial markets continue to operate.

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