An Open Letter to the Constituents of Florida’s 17th Congressional District – Congressman Kendrick Meek
MIAMI – Within the next 24 hours, Members of the United States Congress will take a historic vote to stabilize our financial system and provide economic relief to working American families.
We are confronting the results of eight years of economic mismanagement and fiscal irresponsibility, and the obligation now sits with Congress to pass legislation that will restore fiscal sanity and economic confidence to our banking and financial system.
Since this relief package was first discussed by the Administration over a week ago, Democratic leaders in the U.S. House and Senate have negotiated and renegotiated this legislation with their Republican counterparts and the Administration.
We Democrats have put above all else the needs of working American families who have fallen victim to the housing foreclosure crisis, or have seen the value of their assets diminish. Democrats have insisted from day one on substantial changes to make the Bush-Paulson plan acceptable—protecting American taxpayers and Main Street—and these elements are included in the draft legislation under consideration.
The legislation provides protections and guarantees for taxpayers, requiring the up to $700 billion relief plan to be repaid in full. The Bush Administration will not receive the blank check they requested. Congress will ensure strong, independent oversight of this relief package and will make certain that this process is transparent to the American taxpayer.
Limits on excessive compensation for CEOs and executives also appear in this legislation. Multi-million dollar golden parachutes for executives who retire from failing companies will be banned.
Relief will also be provided to stem the tide of the housing foreclosure crisis which has deeply affected our community in South Florida. The government can now work with loan services to change the terms of mortgages by reducing principal or interest rates, or lengthen the time to pay back the mortgage to reduce the 2 million projected foreclosures in the next year.
Earlier this year, I held a housing foreclosure clinic at Miami-Dade College North Campus on this subject. I will hold another clinic in the near future, which I hope will help families remain in their homes and avoid foreclosure.
The vote that I will take on Monday in Congress on this recovery package will likely be my most significant vote taken in the six years I have served in Congress. Since receiving a copy of the bill, which I encourage you to read here, I have reviewed it repeatedly. I will continue studying the legislation up until the moment the vote will be called to pass the Emergency Economic Stabilization Act.
A section by section economic analysis of the bill, which can be found here, helps explain this legislation in further detail.
There is not much time before this historic vote and I urge you to contact my offices in Miami Gardens at (305) 690-5905, in Washington, DC at (202) 225-4506, or by visiting my website at kendrickmeek.house.gov to offer your opinions.
I need to know what you think about this financial rescue plan, and your input will help me as I cast my vote in Congress.
During these difficult economic times, we as a community must rely upon each other to help us weather this financial storm.
Sincerely,
KENDRICK B. MEEK
Member of Congress
