2010-07-09 / General Stories

Restoring American Financial Stability Act of 2010

By Congressman Michael McCaul

This week the House passed, but I voted against, H.R. 4173. I support certain provisions, such as auditing the Federal Reserve, which I have sponsored. However, this bill codifies “too big to fail” and implicitly guarantees future federal bailouts for failing firms. Further, it fails to reform Fannie Mae and Freddie Mac and other institutions which contributed to the recent financial crisis.

I encourage you to read the Wall Street Journal’s impression.

Restoration of Emergency

Unemployment Compensation

Act of 2010

This week the House also passed H.R. 5618. I could not support this legislation as it places an additional $35 billion debt burden on our children and grandchildren. If unemployment benefits are to be extended, Congress should find other areas, such as unspent stimulus funds, that can be used to offset the spending. The majority would not allow such an amendment.

Border Security and

Immigration Reform

President Obama either does not understand, or ignores, the fact that we have an urgent need to secure the border. This should be our top priority not subject to debate on immigration reform. This is a federal responsibility under the constitution. When the chief of the Border Patrol testifies in my committee that the president never contacted him to ask how many National Guard troops he needs and what role they should play, it’s hard to believe he is truly committed to this cause. I invite the president to visit the border to see the smuggling and violence and work with Congress to stop the flow before we address those already here. History has proven that a call for amnesty will only open the floodgates.

Internet Privacy and Security

I am proud to be a lead Republican sponsor of this bipartisan legislation to maintain the free flow of information and commerce on the Internet. This legislation, authored by Rep. Zoe Lofgren (DCA), gives our government the ability to impose trade sanctions on countries that threaten the vision of a single global network. It also gives us greater ability to assure both individuals and businesses that their privacy and intellectual property are protected and that they will have uninterrupted access to the global marketplace without threat of censorship by oppressive regimes.

Constituent Services

From time to time I like to remind you that my office is fully dedicated to providing sufficient, timely constituent services. I am proud that we have successfully closed thousands of cases helping constituents fight the red-tape and bureaucracy of the federal government. I have four outstanding Constituent Service Liaisons in Tomball, Brenham and Austin.

If you are a resident of the 10th Congressional District encountering problems with a federal agency, please contact one of my district offices or my website for assistance. I welcome the opportunity to serve you.

Last weekend we celebrated America’s 234th birthday. For all of our challenges there is no greater nation than the United States. I hope all of you had happy and safe holiday,and while you were celebrating Independence Day, I hope you took this opporturtnity to remind your children about the values and liberties that we continue to fight to protect.

Return to top

Digital Edition

2010-07-09 digital edition

Today's Special Links