[StBernard] e update 4 26 10

[Westley Annis]

e-update
4.26.10 

It's been a busy two weeks in the Senate, and I've been fighting for
common-sense reform on several issues that have a big effect on
Louisianians. 

 I took a stand against "business as usual" and called for reform and
accountability for the Army Corps of Engineers bureaucracy, and I'm pushing
back against efforts to continue bailouts of failing banks and the "Too Big
to Fail" approach to financial regulation. 

I also helped to pass a bill in the Senate to freeze Congress' outrageous
annual pay raises, and I'm continuing to demand answers from the Securities
and Exchange Commission on their failure to stop the Stanford Ponzi scheme
that affected many Louisiana investors.  You can read more about how I'm
fighting for you on these issues below. 

 David Vitter

P.S. - Please feel free to forward the newsletter to your friends, neighbors
and business associates, and encourage them to sign up for their own copy by
visiting my Web site at http://vitter.senate.gov/. 

  

REFORMING THE CORPS BUREAUCRACY 

I took a stand on the Senate floor last week to call for a major overhaul of
the U.S. Army Corps of Engineers bureaucracy that has repeatedly failed to
do what is necessary to protect Louisiana from hurricanes and flooding.
Some of my Senate colleagues have insisted on defending the Corps
bureaucracy despite its systemic problems, but we can no longer tolerate
business as usual.  It's time to demand accountability from the Corps for
missing deadlines on key reports, delaying construction on vital flood
protection projects and consistently failing to respond to basic requests.
You can read about my efforts here
<http://vitter.senate.gov/public/index.cfm?FuseAction=PressRoom.PressRelease
s&ContentRecord_id=2b7b1ec9-e037-f9d7-d2c9-eb3b80e2f78e>  and watch video
excerpts of my remarks here
<http://vitter.senate.gov/public/index.cfm?FuseAction=Multimedia.Video&Video
_id=27117e09-f858-3705-7d25-c239721feb08&PageNum=1> .  

WORKING FOR REAL REGULATORY REFORM AND AN END TO BAILOUTS 

The U.S. Senate will soon consider financial reform legislation that's being
pushed by President Obama and U.S. Sen. Chris Dodd of Connecticut.  While I
believe that we absolutely must work to address some of the systemic
problems that led to the recent financial crisis, this partisan bill
unfortunately fails to address those problems.  In fact, the Obama/Dodd bill
would extend bailouts to the largest and riskiest banks, while furthering
the dangerous "Too Big to Fail" mentality that has led to irresponsible
behavior by many financial firms.  Instead of continuing these disastrous
policies, we need a truly bipartisan solution that would end bailouts,
enhance consumer protection and improve regulation.  You can watch video of
my recent speech on regulatory reform here
<http://vitter.senate.gov/public/index.cfm?FuseAction=Multimedia.Video&Video
_id=1c54e61e-aca2-ef4c-c066-14a099d2819e&PageNum=1> . 

STOPPING CONGRESS' OUTRAGEOUS AUTOMATIC PAY RAISES 

Last week the Senate passed a bill I co-authored to freeze the automatic pay
raises that members of Congress receive each year.  At a time when so many
employees across the country are losing their jobs or having to accept pay
freezes, it makes no sense for Congress to continue quietly receiving annual
raises.  While this bill would be a good first step, Congress needs to go
even further and permanently end these automatic raises, and I have
introduced a bill to do just that.  I will continue fighting for
common-sense reform on this issue, as I've been doing for more than a year,
and you can read an op-ed I co-authored on this topic with Democrat U.S.
Sen. Russ Feingold last year here
<http://vitter.senate.gov/public/index.cfm?FuseAction=PressRoom.Articles&Con
tentRecord_id=a5ff0f53-a4bb-4d62-2a5b-daa19846dfbb&Region_id=&Issue_id=> . 

FIGHTING FOR STANFORD PONZI SCHEME VICTIMS 

Several months ago I requested a detailed report from the inspector general
of the Securities and Exchange Commission (SEC) regarding the Stanford Ponzi
scheme that affected hundreds of investors in south Louisiana.  I was
troubled that the report indicated that the SEC conducted four separate
examinations of Stanford between 1997 and 2004 that revealed that Stanford's
CDs were likely an illegal scheme, yet the agency never initiated a full
investigation.  This shocking failure of oversight cost investors
approximately $8 billion.  I met with SEC Inspector General David Kotz last
week to review the report and discuss the SEC's next steps in addressing
this serious problem.  You can read about my response to Inspector General
Kotz's report here
<http://vitter.senate.gov/public/index.cfm?FuseAction=PressRoom.PressRelease
s&ContentRecord_id=1c6466d8-0760-b3d0-c061-188c897870ea&Region_id=&Issue_id=

> .