Dahlonega-Lumpkin County Chamber of Commerce

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

May 8, 2009

Dear Friends,

This week, the Senate debated housing legislation that would expand the borrowing authority of the Federal Deposit Insurance Corporation (FDIC) and ease the application and eligibility requirements for a $300 billion housing program designed to help troubled homeowners.  The legislation passed the Senate on Wednesday. 

Financial Markets Commission Clears Another Hurdle
On Wednesday, the House of Representatives passed a financial fraud bill that includes the Financial Markets Commission proposal that I introduced back in January.  The Commission would be charged with fully investigating the causes of the current financial and economic crisis in the United States, and the House passed the legislation by a vote of 367 to 59. 

I originally introduced the Financial Markets Commission in January 2009 along with Senator Kent Conrad, D-N.D., to examine the causes of the current economic crisis. On April 22, the Senate overwhelmingly passed the amendment we offered to the Senate’s version of the financial fraud bill that would create a Financial Markets Commission. The bill now goes back to the Senate, which must decide whether to accept the changes made to the bill by the House.

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.  I’m pleased our colleagues in the House 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.  For more details on the Commission, please click here.

Lung Cancer Mortality Reduction Act of 2009
This week, I had the privilege of meeting with several representatives from the Georgia chapter of the Lung Cancer Alliance, who were in Washington to encourage members of Congress to support the Lung Cancer Mortality Reduction Act of 2009. I am proud to be a co-sponsor of this legislation, which is the first ever piece of federal legislation declaring lung cancer a national public health priority.

The proposed legislation would authorize a broad comprehensive program that requires all the research related agencies within the Departments of Health and Human Services, Defense and Veterans Administration to coordinate on a strategy for reducing lung cancer's high mortality rate. 

The Lung Cancer Alliance is the only national non-profit organization dedicated solely to patient support and advocacy for people living with lung cancer and those at risk for the disease. The Georgia Chapter is the first and most active state chapter of Lung Cancer Alliance.

Supreme Court
On May 1, Supreme Court Associate Justice David Souter informed the White House that he would retire at the end of the court's term in June. There is no timeline on when President Obama will nominate a replacement. I look forward to a thorough examination and debate of the nominee’s credentials in the Senate. To me, a qualified judge is someone who does not legislate from the bench.

Cap and Trade
I believe it is in the geopolitical and environmental interests of the United States to reduce our dependence on imported foreign oil. Such a reduction is possible through the development of all our domestic sources of energy, including nuclear, wind, biomass and biofuels, solar, hydro, geothermal, and exploration of oil off U.S. shores.

I am concerned that some in Congress and the administration are rushing to judgment on a cap-and-trade system to regulate carbon. It is clear that cap and trade will raise the cost of energy to all Georgians, especially those who rely on electric energy. Such a program will tax carbon and redistribute that tax toward other programs unrelated to energy. I believe we need incentives to reduce carbon, not taxes to punish its production.

What’s on Tap?

Next week the Senate will proceed to the consideration of a bill that would impose new regulations on the credit card industry.