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“Too Big To Fail”

June 19, 2009

I talked with Secretary Geithner yesterday in a Senate Banking Committee hearing about the president’s proposed regulations for restructuring the financial services sector.

I’m concerned that this proposal politicizes the Fed and encourages more bailouts. Tier I companies – as determined by the Federal Reserve – will automatically be considered “too big to fail,” putting more and more taxpayer dollars at risk.

It’s also concerning that Fannie and Freddie were a big part of what has gone wrong, but that systemic risk is not addressed at all in the president’s plan.

This proposal seems to ensure that government will continue picking winners and losers in what is supposed to be a free market, and that is exactly the wrong direction to go. I will continue to make our voices heard on this important issue, and I appreciate your ongoing support.

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Fighting for Affordable Prescription Drugs

June 5, 2009

This week, Democrat and Republican Senators joined me in coauthoring an amendment to allow Americans to buy cheaper, identical safe FDA-approved prescription drugs from Canada.

Unfortunately, Senate Democrat Majority Leader Harry Reid and the big drug companies blocked our effort. In fact, Sen. McCain obtained an email from the pharmaceutical drug company lobbyists and read it on the Senate floor.

As the Wall Street Journal outlined this morning, the big drug companies were scared and quickly mobilizing against the bipartisan Dorgan-Vitter-Snowe-McCain bill and our effort to get cheaper drugs for seniors passed and signed into law. The drug lobby email Senator McCain cited even mentioned the pharmaceutical companies trying to team up with the Senate Democratic Campaign Chairman to single-handedly block our efforts.

I will not let Washington lobbyists and politicians get in my way as I keep fighting to allow Louisiana patients to buy identical, affordable, FDA-approved prescription drugs from Canada where they are sold at much lower prices than in the U.S.

If a liberal from North Dakota and a conservative from Louisiana can come together to help lower the price of drugs, the U.S. Senate should have no problem coming together for our nations seniors.