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Public Statements

E-News Update

Statement

By:
Date:
Location: Unknown

Dear Friend,

In case you missed it, I talked with Neil Cavuto on Fox Business on Tuesday night about avoiding the "fiscal cliff" at the end of the year. If Congress does not act, the Defense budget will be hit with $500 billion in cuts, millions of American families will see their taxes increase and our economy will lose over 700,000 jobs.

The House has passed a bill to extend tax relief while paving the way for comprehensive tax reform to make the code fairer and simpler. We also passed a bill to prevent severe cuts to our Defense budget, which Secretary of Defense Leon Panetta has said would be "devastating" and would "seriously damage readiness."

I am optimistic that we will work together after the election to find a workable solution. Watch here.

The next morning I was a guest on CNBC's "Squawk Box" to raise awareness about how new banking rules are hurting local community banks. Requiring community banks to meet a drastic increase in how much capital they're required to keep on hand may slow-down lending and lead to higher borrowing costs for consumers.

Simply put, regulations that are designed for big Wall Street banks should not apply to smaller community banks which did not contribute to the financial crisis. Watch here.

It is an honor to serve you.

Sincerely,

Shelley

Member of Congress


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