A Weekly e-Newsletter from
Senator Johnny Isakson (R-GA)

September 18, 2009

Dear Friends,

This week, the newly created, 10-member Financial Crisis Commission that I helped create held its first meeting on Sept. 17, 2009.  Phil Angelides, who served as the elected California State Treasurer from 1999 to 2007, is chairman of the Commission. Former House Ways & Means Committee Chairman Bill Thomas is vice chairman.

I originally introduced legislation to examine the causes of the current economic crisis in January 2009.  On April 22, the Senate overwhelmingly passed the legislation as an amendment to the Senate’s version of the financial fraud bill to create the Financial Crisis Commission.  President Obama signed the legislation into law on May 20.

As the group met for the first time, I urged its members to focus on investigating the causes of the current economic crisis rather than on Congressional efforts to overhaul financial regulations.  In addition, I believe Congress and the Administration must avoid a rush to judgment on pushing for new financial regulation to fix the mistakes that led to our economic collapse. Instead, the Financial Crisis Commission should be allowed to complete its year-long audit and investigation of all the factors leading up to the collapse and then to make recommendations on how to prevent it from happening again.

It does not make any sense to pass new laws before we get an objective evaluation to find out what went right, what went wrong and what we must do to prevent it from happening again.  I trust members of the commission understand the importance of making sure we don't miss the mark, that we stay focused and we get the answers to what caused this financial collapse. It’s what the American people deserve.

Call to End Federal TARP Program
This week, Senator Chambliss and I, along with 37 other Senate Republican colleagues , sent a letter to Treasury Secretary Timothy Geithner calling for an end to the Troubled Asset Relief Program, known as TARP, which has been used to assist troubled banks, financial institutions and automakers.  The authority for the TARP is scheduled to expire on Dec. 31, 2009, and we have asked Secretary Geither to allow it to expire on that date rather than extending the program.

On Jan. 15, 2009, Senator Chambliss and I voted to oppose the Bush administration’s request to access the remaining $350 billion in TARP funds, because of our disappointment and frustration over how the administration spent the first $350 billion. We also strongly opposed the Bush administration’s decision to use TARP funds to bail out U.S. automakers.

To read the full text of the letter, click here.     

Cosponsored Legislation to Block ACORN from Receiving Any Taxpayer Dollars
Yesterday, I voted in favor of legislation and co -sponsored additional legislation to block the Association of Community Organizations for Reform Now, known as ACORN, from receiving any federal funding.  I also signed a letter to the Senate Democratic Leader calling on him to hold hearings “to determine the extent of ACORN’s wrongdoing.”

ACORN, which has received an estimated $53 million in federal money since 1994, was accused of fraudulent voter registration in several states during the 2008 presidential election. Now, the group is under fire for hidden-camera videos in which ACORN employees in several cities are seen advising two people posing as a prostitute and pimp on how to break the law.

I co-sponsored a bill to block ACORN from receiving any federal funds from any source that was introduced by Sen. Mike Johanns, R-Neb., and has 16 co-sponsors.  I also voted for an amendment on the floor to block ACORN from receiving federal funding through the Interior Appropriations bills. This amendment passed by a vote of 85-11.

Earlier this week , I also co-sponsored and voted for an amendment to block ACORN from receiving federal funding through the Transportation, Housing and Urban Development appropriations bill. The amendment passed by a vote of 83-7.  

It is indefensible that ACORN is eligible for taxpayer funds when it has repeatedly worked to undermine our electoral process and to advance partisan political activities.  The recent revelations only offer further proof that this organization should be prohibited from receiving federal funding.

What’s on Tap?

The Senate will resume consideration of the fiscal 2010 Interior-Environment Appropriations bill (HR 2996).  The fiscal 2010 Defense Appropriations bill (HR 3326) will follow passage of the Interior spending measure and then the Senate will take up the Military Construction and Veterans Affairs spending bill (HR 3082).

Sincerely,
Johnny Isakson