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Response from Senator Bob Menendez to the “Dumb Auditor” Article

Senator Bob MenendezDear Mr. Font:

Thank you for contacting me to express your opinion on banking reform.  Your opinion is very important to me, and I appreciate the opportunity to respond to you on this crucial issue.

I appreciate you taking the time to provide your ideas on how we can make changes to the banking industry to improve its efficiency and transparency.  Every day New Jerseyans are working very hard to provide for their families, but current market conditions have made it difficult for families to save or access credit.  The financial collapse last year demonstrated the need for increased transparency to protect investors and consumers from fraud and irresponsibility.  Americans simply cannot afford the risks associated with widespread economic instability such as losses of jobs, savings, and benefits.  I am committed to ensuring that our financial markets are fully regulated and operate in the best interest of the American people.

As a member of the Senate Banking Committee, I have long stood for financial reforms that promote smart, healthy, and sustainable development. I rely on the important communications I receive from my constituents to guide my work in the United States Senate.  On this, as with any issue, there are many different view points, but please rest assured that I will continue to work diligently to respond to the many valuable insights I receive from New Jerseyans like you.

Finding solutions to the issues you raise is what drives me to keep standing up for New Jersey families.  Again, thank you for sharing your thoughts with me.  Please do not hesitate to contact me if I may be of more assistance. 

I invite you to visit my website http://menendez.senate.gov to learn of other important issues in New Jersey.

  1. January 11, 2010 at 4:13 PM

    Joel,

    I am glad our political leaders are at least willing and able to read our point of view. It is rare for the auditors perspective to be heard and understood.

    Herbert

  2. Doc
    February 6, 2010 at 1:05 PM

    Nice to see that you got a response, Joel, although I would note that like most such responses, it said only slightly more about his position than the formulated responses of his colleagues.
    Having written various Senators and Representatives so many times over the years, and having received stacks of meaningless drivel in response, maybe I’m a little jaded! Menendez does seem to show more gumption than most, I’ll grant. I’ll hold good thoughts!

    • February 6, 2010 at 2:49 PM

      Doc,

      I agree with you 100%….. and have similar experiences communicating with politicians. At the very minimum, I wanted to make the effort to get our point exposed to him, because of his involvement in Financial industry reforms. I did not expect that he would endorse anything concrete coming out of the article. His acknowledgment of having read my email and article is enough, in terms of “Evidence” that he is at least aware of the problems we face. I can only hope that any decisions he makes in the future impacting our profession takes into account some of our concerns.

      The whole regulatory reform “game” being played out in Washington now has become as always, distortioned by political interests. The inclination of those legislating is to create more regulations, at the expense of creating better regulations. I fear that in the next 12 to 16 months, we are going to see a bunch of new regulations that sound good, but miss the boat. All with an unprecedented expansion of government control over the economy and the private marketplace.

      In spite of all this, I am thinking good thoughts, focusing on summertime activities in a tropical island, and my Cuban cuisine, Mojitos and a good Partagas cigar….

      Be well.

      Joel

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