Rep. Kevin McCarthy gives us his weekly update. Got questions or issues with the congressman, post your comments below.
"The Chairman of the Federal Reserve, Ben Bernanke, was on the Hill to testify before the Financial Services Committee about the Administration’s proposals for regulatory reform of the financial industry to ensure the right reforms are made. The big news from Bernanke’s testimony is that he endorsed having a council of regulators monitor systemic risk in the financial system; Secretary Geithner had been pushing to have the Fed play that role. This council may be a step in the right direction, but I am studying this proposal carefully so we don’t let the same mistakes in the financial industry continue.
"I also visited this week with members from the Latino Water Coalition. We discussed the man-made drought in California that is caused by restrictions on water deliveries from the Delta pumps because of orders from a judge and requirements from the outdated Endangered Species Act. Last month, the U.S. Department of Agriculture (USDA) declared 50 of California's 58 counties, including Kern, to be natural disaster areas due to drought and crop losses, and I don’t need to remind everyone that unemployment in Kern County is a staggering 14.3%. However sobering these circumstances might be, they have not translated into action. I have been very disappointed with the response of the Administration to this water crisis, and that many pieces of legislation addressing the California drought issue that my colleagues and I support have not been scheduled for consideration by Nancy Pelosi and other House Democratic leaders. I will continue to work for change so our farmers and ranchers can grow and produce the food our nation needs.
"Unemployment continues to rise (9.8%) and the stimulus bill passed earlier this year is not creating the jobs that we need, I believe Congress should reexamine wisely together wasteful programs that are not creating jobs, and reprogram stimulus money towards solutions that we know will create jobs, like small business tax cuts that my colleagues and I proposed last January as an alternative to the government spending programs in the stimulus. Why are we not creating an environment for small businesses that create over 70% of our nation’s jobs, to grow and create more jobs that hard working Americans need? Reprogramming stimulus money could get the small business economic engine moving forward and create the needed jobs throughout America.
"Finally, I am proud to announce that new interns, Jennifer Abe and Johnathan Springman, both from Bakersfield and are attending UC, San Diego, along with Jennifer Anderson from Sacramento who attends UC, Santa Barbara, all started their Fall quarter internships. I appreciate their service in our Congressional office.