Congressman Culberson Demands Accountability 

Dear Friend:

Americans need to know the truth behind this financial crisis, and taxpayers should not bear the burden of failing financial institutions with no accountability or consequences. On Friday, I sent a letter to Attorney General Mukasey with thirty-one of my colleagues demanding a thorough investigation into the financial institutions and individuals suspected of criminal acts that led to this financial turmoil. I also support establishing a commission on the financial crisis to study the causes of the credit crunch and enact prudent regulatory reforms to restore accountability to our financial system.

I have also signed a letter to Director James Lockhart demanding Fannie Mae and Freddie Mac open their books to the American people. These two government-sponsored enterprises benefited from implied taxpayer backing for decades, and they contributed to the crisis in our financial markets with fraudulent accounting methods and misleading financial practices. In 2005, I voted to strengthen oversight and demand accountability from Fannie and Freddie's executives, but that plan was blocked by Senate Democrats. Now, taxpayers are saddled with billions of dollars in losses from home loans made by private banks. We must have access to Fannie and Freddie's internal documents to understand the extent of their role and culpability in the housing crisis.

The financial collapse poses the most serious threat to our economy and our way of life. Congress must quickly act to restore accountability and gradually privatize Fannie Mae and Freddie Mac. I am a cosponsor of an economic rescue bill to provide voluntary private capital to the markets and reform damaging fair value accounting rules that have dissolved asset value. I also believe that we must cut government spending immediately to save the value of the dollar and our economy.