Martins Calls for House Oversight Committee Resignations Immediate Investigation Needed

Martins Calls for House Oversight Committee Resignations Immediate Investigation Needed

Mineola Mayor Jack M. Martins who is seeking election as United States Representative for the Fourth Congressional District on Long Island called upon the U.S. House of Representatives' Committee on Financial Services today to investigate how House financial oversight regulations failed leading to the worst financial crisis in American history.

"It is unconscionable that the House would begin hearings on how to better regulate the finance industry in the wake of its near-collapse without first asking why existing regulations failed us," questioned Jack Martins today.

The House Committee on Financial Services oversees all components of the nation's housing and financial services sectors including banking, insurance, real estate, public and assisted housing, and securities. The Committee continually reviews the laws and programs relating to the U.S. Department of Housing and Urban Development, the Federal Reserve Bank, the Federal Deposit Insurance Corporation, Fannie Mae and Freddie Mac, and international development and finance agencies such as the World Bank and the International Monetary Fund. The Committee also ensures enforcement of housing and consumer protection laws such as the U.S. Housing Act, the Truth in Lending Act, the Housing and Community Development Act, the Fair Credit Reporting Act, the Real Estate Settlement Procedures Act, the Community Reinvestment Act, and financial privacy laws.

"Congress failed the American public in its oversight responsibilities," stated Jack Martins. "They were either asleep at the switch, or caused the problem," continued Martins. "Now they want us to believe that they will fix the problems they created. Where's their credibility?"

Jack Martins noted that the members of congress who are now conducting hearings on how to regulate the financial industry and restore market faith are the same members who ignored early signs of an impending catastrophe in the real estate, finance, and insurance sectors.

"That's like a prison warden after a massive prison break telling us he'll make sure a prison break never happens again without asking how the prisoners got out in the first place," stated Martins.

Jack Martins called for the resignation of every sitting member of the Committee on Financial Services - from both parties - and for the House leadership to appoint immediately new members who are untainted by financial special interests who can impartially investigate Congress' role in the financial collapse.

"While many of the root causes of the financial collapse go back 15 years, my opponent has sat on the Financial Oversight Sub-Committee for six years and has taken nearly a million dollars in campaign contributions form Wall Street special interests," Martins continued, "She and her colleagues are in no position now to impartially investigate these matters."

Jack Martins noted that his opponent, six-term incumbent Rep. Carolyn McCarthy, has served on the oversight sub-committee since 2002.

"Before authorizing another bailout penny, Congress must first assure Americans that these problems have been solved," said Jack Martins.

Referring to the Congressional financial bailout, Martins noted that Congress saw an election coming and had to act. "So they threw money at the problem - to the tune of $850 billion, and still growing - hoping the American public would forget that they created the problem. Unfortunately it is the American taxpayer that has been left holding the bag."

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