Take a Breath, Relax, and Let's Get the Facts

Today, as a Member of the House Financial Services Committee, I'm hearing testimony from the Federal Reserve Chairman Ben Bernanke and Treasury Secretary Henry Paulson regarding the U.S. economy and the potential government bail-out of mortgage lenders Fannie Mae and Freddie Mac.

While the mortgage market is already precariously balanced and this added instability is cause for concern, it is imperative that Congress wait and examine all the facts before jumping in to assist Fannie Mae and Freddie Mac. Far too often, the government over-reacts and involves itself in market matters, preventing the free market from correcting itself and making things much worse.

It is important that before legislation is considered, Washington carefully looks into the financial situation of Fannie and Freddie. We must ensure that our nation’s taxpayers, who are already struggling because of skyrocketing food and gas costs, are not left shouldering an increased burden due to a massive bail-out bill. We must balance that with care that these taxpayers are protected in case this situation leads our economy to take a tumble for the worst.