In addition, I believe regulators could help struggling homeowners by basing real estate appraisals on the “cost to replace” rather than on “comparable sales,” as well as by enforcing the 10-day rule on banks to make decisions on “short sales” by homeowners who are underwater.
I also think the administration should rethink plans to impose fees on the country's biggest financial institutions in order to recover losses related to the Troubled Asset Relief Program. The vast majority of banks that received TARP funds are paying them back and that these fees will only further delay the ability of banks to extend badly needed credit to small businesses.
I believe the market deterioration was impacted by short sellers rushing to the market, shorting financial stocks and accelerating the decline of those values. The Securities and Exchange Commission needs to reinstate the Uptick Rule on financial stocks in order to stabilize the markets and protect the American consumer from traders forcing down the price of a stock.
On Thursday, I joined with seven of my Senate Republican colleagues in signing a letter to Senate Majority Leader Harry Reid, D-Nev., asking him to take steps to improve immigration laws in order to help reduce U.S. unemployment.
I believe the millions of workers who are in the United States illegally are only exacerbating the unfair competition American workers currently face as they struggle to find jobs. By taking certain steps to improve our immigration laws, I believe that Congress can help the American worker at little to no cost to the American taxpayer. This includes permanently reauthorizing the E-Verify program, allowing employers to use E-Verify to verify the work authorization of current employees and increasing penalties for employers who knowingly hire illegal aliens.
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