Letter from Senator Harry Reid

A few weeks ago I joined a number of people and signed a letter with regard to our current Market situation. Last week I received an emailed response from Mr. Reid and it reads as follows;


Subj:
Correspondence from Senator Reid
Date:
12/2/2008 4:40:18 PM Pacific Standard Time
From: correspondence_reply@reid.senate.govTo: yourpickettfence@cs.com




December 2, 2008

Dear Ms. Tate:

Thank you for contacting me to share your ideas. I appreciate hearing from you.

Recent downturns in the global markets have demonstrated the need for Washington to take urgent action to revitalize our nation's faltering economy. In the face of rising energy and food prices, widespread foreclosures, and a lagging job market, I am acutely aware of the significant economic hardships that many Americans face. It is imperative that Congress come together in a bipartisan fashion to answer the questions that have gone unanswered far too long and I assure you that I remain committed to providing relief for hardworking Americans and deserving families.

I share your view that that the housing market plays a vital role in the financial sector and stabilizing this industry is a key component of our economic recovery. That is why I worked hard to keep this problem from growing as it has. Recognizing that mortgage defaults and declining home values were the root cause of the current crisis, and that Nevada was ground zero for this phenomenon, I worked hard to pass the Housing and Economic Recovery Act of 2008 (P.L. 110-289) that President Bush signed into law on July 31, 2008. Additionally, while Congress worked with the Administration to pass the Emergency Economic Stabilization Act of 2008 (P.L. 110-343) that provided broad flexibility to the Treasury Department to respond to the deteriorating financial system, I pushed for language that requires the Treasury Secretary to ease the number of foreclosures.

As my colleagues and I seek ways to address the economic downturn and the housing crisis, I greatly appreciate you taking the time to share your thoughts and ideas on how best to confront these challenges. The Senate will reconvene in December, and it is my hope that Congress will enact legislation aimed at providing millions of hardworking Americans with the relief they deserve. As Nevada's senior senator and the Senate Majority Leader, I am committed to doing all I can to strengthen our nation's economy and make Nevada an even better place to live.
Again, thank you for taking the time to share your thoughts with me. For more information about my work for Nevada, my role in the United States Senate Leadership, or to subscribe to regular e-mail updates on the issues that interest you, please visit my Web site at http://reid.senate.gov. I look forward to hearing from you in the near future.

My best wishes to you.

Sincerely,
A
HARRY REID
United States Senator
Nevada