Below is a response to the recent comments I received from you:

Dear Mr. Norman:

Thank you for contacting me regarding the financial crisis facing our country. I appreciate you contacting me regarding this important issue and I would like to take this opportunity to respond.

As you may know, on October 3, 2008, the Congress passed, and the President signed into law the Emergency Economic Stabilization Act (H.R. 1424). This bill represents a comprehensive effort to restore liquidity and stability to the U.S. financial system. This legislation ensures that the authority given to the Treasury Secretary would protect home values, college funds, retirement accounts, and life savings. Additionally, it would preserve home ownership and promote job and economic growth. Finally, it would maximize overall returns to the taxpayers of the United States and it would provide public accountability for the exercise of such authority.

At the heart of our financial problem lie distressed illiquid assets. This legislation will allow the Secretary of 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, which is vital to a strong and stable economy. It will require the Treasury to modify troubled loans that are victims of predatory lending practices to help American families keep their homes. It will also improve the HOPE for Homeowners program by expanding eligibility and increasing the tools available to the Department of Housing and Urban Development to help more families keep their homes.

Taxpayers should not be expected to pay for Wall Street’s mistakes. Those who have given rise to this crisis need to be investigated and prosecuted to the full extent of the law for any wrong-doing that occurred. This bill limits “golden parachutes” and requires that all unearned bonuses be returned. This legislation ensures that companies that choose to participate in the program will lose certain tax benefits. It requires that companies that sell some of their bad assets to the government must provide warrants so that taxpayers will benefit from any future growth these companies may experience as a result of the program.

I have heard from thousands of Floridians in recent days who are worried about this financial crisis and are concerned about the actions that Congress and the Administration may take in addressing it. I believe that our country is facing a very serious situation, and I share many Floridians’ concerns about the economic consequences to our country if we fail to act appropriately. I assure you that I am committed to working with all of my colleagues to address this crisis and enact meaningful reforms to protect homeowners and ensure the long-term economic prosperity of our country.

Again, thank you for sharing your views with me on this important issue. For more information about issues and activities important to Florida, please sign up for my newsletter at http://martinez.senate.gov

Sincerely,

Mel Martinez
United States Senator

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