Filmed in Beeville, Texas
In recent days, Washington has been preoccupied with a mortgage/financial industry crisis that has rocked markets and threatened the U.S. and world economies. The roots of the problem were in relatively unpublicized public policy decisions, many of them well-meaning, to lower credit standards and expand numbers of people eligible to receive mortgages. After years of ignoring warnings, and failing to deal with a deteriorating situation, Congress has now been left with unpalatable, expensive choices.
Senator John Cornyn has been a consistent force for openness and reform in Washington. He wrote, with Sen. Leahy, the most significant update of federal open government laws in decades. Texas has a rich heritage of straight talk and common sense solutions that stem from the state’s ranching and agricultural roots, particularly the cattle industry. The area near Beeville, TX., where this ad was filmed, retains that tradition for openness and straightforwardness.
More than three years ago—well before the worst of the mortgage abuses—a Republican-led Senate Banking Committee approved legislation cracking down on Fannie Mae and Freddie Mac. But Democrats quietly stopped the bill from reaching the floor. In early 2006, Senator Cornyn joined 19 colleagues urging passage of the reform legislation. He later became the first Senator to seek a Justice Department criminal investigation into potential abuses by the two quasi-government companies, to make certain those responsible for the current financial mess are held fully responsible. Finally, he continues to press for a full and open inquiry into how these mistakes and misjudgments were made, with a goal of avoiding any reoccurance of this economic mess.