An advisory from Congressman Walz's office:
WALZ TO PARTICIPATE IN HOUSE HEARING INVESTIGATING WALL STREET ABUSES
Congressional hearing will examine the role exotic Wall Street investment packages known as “credit derivatives” played in financial crisis
(Mankato, MN) – Today, Congressman Tim Walz announced that he will return to Washington, DC tomorrow to participate in a Congressional hearing investigating the Wall Street abuses that potentially caused the financial meltdown, which has significantly impacted the economic security of hard-working Americans.
Walz serves on the House Agriculture Committee, which will hold the hearing examining the role exotic investment packages known as “credit derivatives” played in the financial meltdown. The hearing will start the process of determining what kind of Wall Street oversight must be adopted to make sure this kind of financial crisis never happens again.
Wed., October 15th – 11:00 a.m. EDT [
12 noon10 a.m.Central time]1300 Longworth House Office Building
Washington, DC
“Credit derivatives are basically an insurance policy against a bad loan or bond,” said Congressman Tim Walz. “But they’re not regulated and they’ve become more and more like a poker game between a lot of players where no one is able to accurately assess the risk involved in betting large sums of money. I’m headed back to Washington to hear from experts about how we move our economy away from the Vegas casino mentality and back towards an atmosphere of responsible lending.”
“Unregulated credit derivates are a danger to the financial and economic health of the U.S. and we’re going to start tomorrow to write the rules that will mitigate that danger,” concluded Walz.
Walz will return to Minnesota following the conclusion of the hearings.
The House Agriculture Committee has jurisdiction over the Commodity Futures Trading Commission (CFTC) whose mission is to protect market users and the public from fraud, manipulation, and abusive practices related to the sale of commodity and financial futures and options, and to foster open, competitive, and financially sound futures and option markets.
The House Agriculture Committee is chaired by Minnesota Representative Collin Peterson. Agriculture Committee hearings are broadcast live here:http://agriculture.house.gov/
hearings/audio.html
Consider listening in. In related news, AgriNews reports on the First congressional contest in a pair of articles: Walz seeking second term in House from 1st District and Brian Davis is a candidate for the US House 1st Congressional District.
Photo: Walz met with members of the Land Stewardship Project in early 2007 (Photo from the Fillmore County Journal). Along with Stephanie Herseth-Sandlin of South Dakota, Walz was instrumental in getting LSP-supported beginning and new farmer language into the new Farm Bill.
As a member of the House Ag committee, Walz sought advice from a variety of ag groups working in the district from LSP to the Minnesota Farm Bureau. Walz has received the endorsement of the National Farmers Union PAC and the Golden Triangle Award from the National Farmers Union:
The annual award is the farm organization's highest legislative honor and presented to members of Congress who have demonstrated leadership on issues relevant to America's family farmers, ranchers and rural communities.
The American Farm Bureau has awarded Walz its 2008 “Friend of Farm Bureau” Award along with Senators Norm Coleman and Amy Klobuchar and Congressmen Collin Peterson and John Kline. This isn't an endorsement; a press release on the MFBF web site explains:
The award is given to those individuals who have supported Farm Bureau issues as shown by their voting records. The voting records were based on priority issues, such as energy, trade, the farm bill and transportation, as selected by the American Farm Bureau Federation Board of Directors.
“Roll call votes on issues of importance to agriculture were the primary criteria used to identify ‘Friends of Farm Bureau,’” said Minnesota Farm Bureau President Kevin Paap. “It’s more important than ever that farmers recognize those elected officials who have a clear understanding of agriculture and a commitment to its future. The Senators and the Congressmen have demonstrated that kind of leadership and deserve our thanks for sharing Farm Bureau’s commitment to enhancing the lives of farm families across the state.”
We had a chance to talk to MFBF President Kevin Paap at last night's Debate Minnesota MN-01 congressional forum. Paap said that the Minnesota Farm Bureau's PAC would not be endorsing in the congressional race. He added that Walz would be accepting his "Friend of the Farm Bureau" award on Paap's Blue Earth County farm later this month.
And now, an old Carter Family number covered by Uncle Tupelo:
Did anyone tell Dr. Davis that Kevin Paap said that the Minnesota Farm Bureau's PAC would not be endorsing in the congressional race ? Davis asked Walz during the KSTP- League of Woman Voters Debate about endorsements from farming groups.
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So Walz is going to DC for a hearing during the recess ... does that mean that he is breaking up his vacation ? After all during the August recess, plenty of Republicans went to "talk in the dark" ... I wonder how many Republicans will be showing up ? Waxman has had a couple of hearings during this recess and I wonder how well those have been attended.
Ollie Ox says: We didn't ask Mr. Paap about any discussions he may have had with Doctor Davis. Paap indicated in conversation that the PAC was focusing its resources on other contests, including the MFBF's opposition to the sales tax ballot measure. He explained the way the group functions and we briefly touched on other ag issues.
As far as who shows up for the hearings? We'll have to look for that.
Posted by: MinnesotaCentral | October 14, 2008 at 03:02 PM