By Cong. Randy Neugebauer
Texas Insider Report: WASHINGTON D.C. Like you I am fed up with this process that allows for a piecemeal approach to federal spending.
The House of Representatives must act to extend or finalize the appropriations process for Fiscal Year 2012 (FY12) before Friday. This will likely result in a single omnibus appropriations bill which will last for the rest of the fiscal year which ends on September 30 2012.
I believe that Congress should spend money the same way families do by establishing a budget and sticking to it. I do not agree with the approach that we should repeatedly pass bills to fund the government for weeks or months at a time.
I believe we must stick to a comprehensive process which involves passing a budget reviewing expenditures and funding the government for one year at a time.
Immigration & Border Security Updates
Earlier today the Supreme Court agreed to review Arizonas recent law aimed at combating illegal immigration SB 1070 and whether or not it violates the Constitution by intruding on federal jurisdiction. I look forward to the Supreme Courts ruling on this issue.
Federal authorities have proposed an unmanned port of entry at the U.S./Mexico border that would allow people to cross into the U.S. from Mexico legally. In the proposal a customs officer will be 100 miles away
in Big Bend National Park rather than on either side of the Rio Grande River. This proposal will cost an estimated $2.3 million.
I believe this money could be better spent on tightening border security and investing in ways that encourage legal entry into the United States. The
public comment period for this proposal is through December 27th.
I will continue to monitor this issue and support legislation and policies that will tighten security and diminish dangerous activity along the border.
Continued Investigations into MF Global Bankruptcy
This week committees in the House and Senate will continue to look into the bankruptcy of MF Global. Last Thursday the House Agriculture Committee held a hearing to question Jon Corzine former CEO of MF Global Jill Sommers a Commissioner with the CFTC and other officials on the events leading up to the bankruptcy of the major brokerage firm. When asked if he knew where the missing $1.2 trillion in customer funds are Mr. Corzine simply said I do not know where the money is."
I am Chairman of the Oversight and Investigations subcommittee on the
House Financial Services Committee. My subcommittee will hold a comprehensive hearing this Thursday on the continued investigation of this company. Mr. Corzine is only one piece of the puzzle and my goals with this weeks hearing are to find out where the missing money went how the corporate culture affected this radical collapse and examine the enforcement of regulations that are designed to keep collapses like MF Global from happening. On Friday I discussed this issue with Lou Dobbs on his show which you can watch
here.
Due to intense interest in this topic I will also be on various national television shows this week to discuss my goals and reactions to the hearing.
On Thursday I will be on CNBCs Squawk Box at 8:05am ET/7:05am CT. Later that day I will be on the Gerri Willis Report on Fox Business at 5pm ET/4pm CT to review the hearing and discuss the next steps in the oversight of these financial institutions.
I hope you will tune in.
