Faith in politicians: slightly restored

So, a few weeks back, I emailed my representative about his vote for the Emergency Economic Stimulus Act (EESA). I never thought I would hear anything about it. I was wrong. This showed up in my inbox a few minutes ago:

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January 9, 2009

Eli Reusch
25 Brackett St.
Brighton, MA 02135

Dear Eli:

Thank you for contacting me with your concerns regarding the financial crisis. I sincerely appreciate hearing your views on this critical issue for our nation.

In response to the ongoing crisis, Congress recently passed The Emergency Economic Stabilization Act (EESA) of 2008. The EESA provides up to $700 billion to the Secretary of the Treasury to buy mortgages and other assets that are clogging the balance sheets of financial institutions and making it difficult for working families, small businesses, and other companies to access credit. After much reflection and deliberation, I decided that the risk of doing nothing to stabilize the economy was far too great and, in the final analysis, I voted in support of the package. It is by far the most difficult vote I have cast as a Member of Congress.

For me, it came down to balancing the risk of voting yes and trying to save the economy for all Americans while incurring a potential cost to taxpayers versus the risk of voting no and watching the world economy collapse. I took what I thought was a smaller risk for my average constituent.

As I have reported before, many experts believe that this is the biggest economic crisis our nation has faced in decades. They have warned that we will encounter a major decrease in access to credit and that all Americans could be impacted in some way. The ability to obtain a mortgage, car loan, home equity loan or student loan has already been severely restricted. Losses in the stock market are not limited to Wall Street fat cats, but have also impacted private and public pension funds, college savings plans, and many others in recent months. Small businesses have already had difficulty obtaining loans to run or expand their business. Even states and municipalities are struggling to finance roads, schools, hospitals and other projects as the economy worsens.

I supported the EESA package because I was just not willing to risk putting the jobs, pensions and 401(K) plans of hard working Americans on the line while we waited for better legislation. If we waited for the perfect bill, we would never cast a vote.

Although the EESA package could have been much improved, there are a number of important protections in it: limits on executive compensation; help for qualified homeowners facing foreclosure; help for tenants living in foreclosed homes; an increase in the Federal Deposit Insurance Corporation (FDIC) limit of insurance coverage to $250,000; and deadlines on recommendations for additional necessary regulations on the financial industry.

While I am pleased that Treasury has begun to use these funds to make direct capital injections into financial institutions, I have raised concerns that banks should not be allowed to use these funds to pay for mergers, golden parachutes, or additional dividends. As a member of the House Committee on Financial Services, I will continue to be actively engaged in overseeing the implementation of the EESA.

In addition to the credit crisis, the Labor Department reported that another 240,000 jobs were lost in October and the unemployment rate is at a 14-year high. In a separate action last month, the House passed economic stimulus legislation that would provide additional unemployment compensation to help workers impacted by our struggling economy. It is my hope that the Senate will pass this bill when Congress reconvenes.

Thank you again for sharing your opinions with me on this critical issue. I hope you will continue to do so on every issue that is important to you. If my staff or I can be of any further assistance, please do not hesitate to contact my office.

Sincerely,

Michael E. Capuano
Member of Congress
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Now, I'm no moron. I know it's probably a form letter he sent out to everyone who wrote him about the financial crisis, but it still shows he's at least listening to his constituents. I'm impressed, Congressman Capuano. Good on ya!