April 24, 2009

Dear Friends,

This week, the Senate passed by a 92-4 vote an amendment I introduced with Senator Kent Conrad, D-N.D., to the financial fraud legislation that would create a Financial Markets Commission charged with fully investigating the causes of the current financial and economic crisis in the United States.

My proposed Financial Markets Commission would consist of a 10-member panel that would have 18 months to investigate all the circumstances that led to this financial crisis. The panel also would have the authority to refer to the U.S. Attorney General and state attorneys general any evidence that institutions or individuals may have violated existing laws. At the end of its investigation, the Commission would report to the Congress its recommendations for statutory or regulatory changes necessary to protect our country from a repeat of this financial collapse.

This proposed bipartisan Commission would include two appointees each by the Speaker of the House and the Senate Democratic Leader as well as one appointee each from the House Republican Leader, the Senate Republican Leader, the Chairman and Ranking Member of the Senate Banking, Housing and Urban Affairs Committee, and the Chairman and Ranking Member of the House Financial Services Committee and the Ranking Member of the House Financial Services Committee.

The Speaker and Senate Democratic Leader will choose the commission’s chair. The Senate and House Republican Leaders will select the vice-chair. Members of Congress as well as federal and state employees are prohibited from serving on the Commission.

When Enron and WorldCom failed at the start of this decade, Congress rushed to legislate and regulate without all the facts. We need to make sure we don’t repeat that reaction as we seek to recover from today’s financial crisis.  The only way to get an objective evaluation of where mistakes were made is to create an independent commission of experts to ask what went right, what went wrong and what could we have done to prevent this. We need a forensic audit of the laws of the United States as it relates to the financial markets and our economy.

“Spirit of Enterprise” Awarded by U.S. Chamber of Commerce
Last week during the Senate recess, I was presented with the U.S. Chamber of Commerce’s prestigious “Spirit of Enterprise” Award for support of pro-growth legislation during the second session of the 110th Congress.

I was presented with the award during a luncheon sponsored by the Valdosta-Lowndes County Chamber of Commerce where I also spoke on the state of the economy and solutions that I have offered, such as Fix Housing First, adjusting mark-to-market accounting rules, reinstating the ‘uptick rule,’ creating the Financial Markets Commission mentioned above and votes I have cast to help move this country out of its economic decline and back to prosperity.

Eligibility for the award is based on how Members of Congress vote on key business issues, which the Chamber outlines in its annual publication How They Voted. These designated “key votes” are recorded floor votes on issues established as priorities on which the Chamber communicates its position prior to the vote. Those members of Congress who support the Chamber’s position on at least 70 percent of those votes receive the “Spirit of Enterprise” Award.

Having run my own small business for over 30 years, I recognize the tremendous impact that federal policy can have on American business owners.  It is important we enact policies that strengthen and stabilize our vulnerable economy. Our nation has always demonstrated a strong resiliency, and I am confident we can bounce back. I have no doubt that hard-working Americans will be at the front lines of economic prosperity once again.

Secretary Gates’ Decision to Produce Only Four Additional F-22 Raptors
I am continuing to press for answers on why Defense Secretary Robert Gates announced two weeks ago that his department would procure only four additional F-22 Raptors – far fewer than the Department had said our country needed.  

The F-22 is the nation’s only 5th generation fighter aircraft in full-rate production and is in mature rate production and operationally deployed around the world. The F-22 continues to establish industry benchmarks for an aircraft production program. The program is on budget, has decreasing costs, and in 2008 every F-22 delivery was ahead of schedule. In 2008, nearly one-half of the F-22 deliveries were evaluated to be “zero defect” – an exceptionally high level of aircraft quality. Other contemporary aircraft programs have never delivered a zero defect aircraft.

The F-22 Raptor is the most sophisticated fighter jet in the world, and it provides a priceless service to our Armed Services. I’m severely disappointed in today’s announcement by the Secretary of Defense to end production of this aircraft, which is absolutely essential to our national security and meeting future threats against our nation.  I also believe that it is unacceptable that this administration wants to eliminate 2,000 jobs in Marietta and potentially 95,000 jobs nationwide at a time when unemployment rates are rising across the country. Senator Chambliss and I will be taking the case of the F-22 to members of Congress and the Appropriations Committees. The F-22 is vital to 21st century American military superiority.

Appearance on C-SPAN’s ‘Washington Journal’ Program
On Thursday morning, I had the opportunity to appear on the 8 a.m. segment of C-SPAN’s ‘Washington Journal’ program and speak with the host as well as to viewers through telephone and e-mails.  I spoke about the state of the nation’s economy, federal spending and borrowing, taxes, the wars in Iraq, Afghanistan and the situation in Pakistan, as well as other topical issues.  If you missed the program as it aired, you can still view it here.

Statewide Military Academy Day
This week I announced that Georgia delegation’s annual statewide Military Academy Day event will take place on Saturday, May 9, 2009.  The event will be held at Dobbins Air Reserve Base in Atlanta from 11 a.m. until 12:30 p.m.  The event will help familiarize students with the application and nomination process for applying to the nation’s five service academies.

Representatives from all five academies will also be in attendance to explain more about their requirements and expectations and will be available to answer questions.  The event is open to students grades eight through 12.

I always enjoy offering this excellent opportunity to Georgia’s youth.  Many of my former academy nominees have used this Academy Day to decide which branch of the service is the right choice for them.  For additional information or to register to attend the event, please click here.

What’s on Tap?

On Sunday, I will appear on ‘Fox News Sunday with Chris Wallace’ at 1:15 p.m. to discuss President Obama’s First 100 Days and health care reform.  Next week, the Senate will vote on the financial fraud bill that we began debate on this week (S.386). The bill would expand federal fraud laws to cover mortgage lenders not directly regulated or insured by the federal government as well as the money paid out in the financial bailout.  The Senate also will vote on the nomination of Kathleen Sebelius to be Secretary of Health and Human Services and may also vote on the conference agreement between the House and Senate versions of the Fiscal Year 2010 Budget Resolution.

Sincerely,
Johnny Isakson