Home Governmental Affairs U.S. Senator Johnny Isakson 05-07-10 - Weekly eNewsletter
05-07-10 - Weekly eNewsletter
Dear Friends,

This week the Senate continued debating the legislation by Senate Banking Chairman Chris Dodd, D-Conn., to reform the financial industry.

On Thursday, an amendment offered by Senator Richard Shelby, R-Ala., that would have protected small businesses from additional, overreaching regulation failed by a vote of 38-61. I voted for this amendment and I am disappointed that it was defeated. We all want to stop the Wall Street abuses that led to our economic crisis in the first place, but this financial reform bill has significant potential to hurt Main Street. This amendment would have gone a long way toward protecting small businesses, dentists, community banks and doctors who had nothing to do with creating this financial crisis.

While we all seek bipartisan reform that will rein in Wall Street excess and abuse, we must ask whether the overall legislation will stop the abuses that led to this crisis in the first place. In addition, we must consider whether we are overburdening the Federal Reserve by adding to their responsibilities when their primary role is overseeing banking practices, when even they were blindsided by this crisis. As responsible members of the Senate, we must ensure that this legislation truly stops abuses from Wall Street institutions and does not cast a broader net on those who were not engaged in these practices.

I originally introduced legislation to examine the causes of the current economic crisis in January 2009. On April 22, 2009, the Senate overwhelmingly passed this legislation to create the Financial Crisis Inquiry Commission. President Obama signed the legislation into law on May 20, 2009, and the commission is conducting its investigation.

I believe we must find out all the facts and contributing factors that led to our economic decline.

The final report of this commission is due to Congress by December 15, 2010, with recommendations to ensure such a market meltdown never happens again. Until this report is completed and the factors that led to this crisis are thoroughly understood, the president and Congress should be cautious in moving ahead with regulatory practices without first getting the facts.

Pilgrim’s Pride Plant in Douglas to Reopen
On Thursday, it was announced that Pilgrim’s Pride would reopen its chicken processing plant in Douglas, Ga. by January 2011. This is fantastic news for Douglas and Coffee County. The poultry industry has been an integral part of this community for many years and the return of Pilgrim’s Pride will help the region’s economic recovery.

Legislation to Encourage Democratic Reforms in Zimbabwe
On Tuesday, as the ranking Republican on the Africa subcommittee of the Senate Foreign Relations Committee, I joined Senators Russ Feingold, D-Wis., and John Kerry, D-Mass., in introducing bipartisan legislation today to help advance a genuine transition to democracy and stability in Zimbabwe. In 2008, facing regional and international pressure, Robert Mugabe and opposition leaders agreed to form a transitional government and have stopped the country’s severe economic decline and taken important steps toward economic reform. However, hardliners continue to obstruct full implementation of the agreement and are still committing political and human rights abuses. The Transition to Democracy and Economic Recovery Act is designed to help those parts of the transitional government and parliament that demonstrate a firm commitment to democratic reform, while renewing and ramping up pressure on hardliners and the activities that sustain their abuses.

It is imperative that we respond to the terrible abuses of human and political rights in Zimbabwe and support the Zimbabwean people as they work toward establishing stability and restoring democracy.

Conservative Rating from American Conservative Union
I was proud to receive an honor from the American Conservative Union this week as an “ACU Conservative,” because I believe my votes reflect the values and interests of Georgia’s families and small businesses. I earned a score of 96 percent for 2009 in the ACU’s annual rating guide.

The American Conservative Union was founded in 1964 to promote the principles of liberty and the strength of the Constitution. The organization tracks a wide range of issues before Congress, including votes on taxes, wasteful government spending, cultural issues, defense and foreign policy.

What’s on Tap?

Next week, the Senate will continue debate on financial regulatory reform.

Sincerely,
Johnny Isakson
 

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