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Smith’s Statement on Foreign Relations Authorization Act

June 10, 2009

Congressman Adam Smith (WA-09) made the following statement after his vote in favor of H.R. 2410, the Foreign Relations Authorization Act for Fiscal Years 2010 and 2011:

“In recent years U.S. foreign policy has neglected two of our country’s greatest strengths - diplomacy and development. The Foreign Affairs Authorization bill passed by the House today reinvigorates our efforts and promotes a more balanced U.S. foreign policy that will bolster our national security efforts and help to restore American’s image abroad.

“H.R. 2410 enhances our diplomacy and development efforts by authorizing the hiring of 1,500 new Foreign Service officers, an additional 700 hires at the U.S. Agency for International Development and by doubling the number of Peace Corps volunteers. The bill also supports peacekeeping efforts in Darfur, strengthens arms control and nonproliferation capabilities, improves oversight of U.S. security assistance and funds a variety of other vitally important foreign affairs programs.

“As Chair of the House Armed Services subcommittee on Terrorism, Unconventional Threats and Capabilities and a former member of the Foreign Affairs Committee, I understand that America cannot rely on the military alone to achieve our foreign policy objectives.  Robust diplomacy and effective development play a critical role in our national security strategy. For far too long these soft power tools have been underutilized and overlooked and I am pleased to see a renewed focus on a smarter, more comprehensive approach to our national security by elevating diplomacy and development.”
 

Smith Statement in honor of the 65th anniversary of D-Day

June 5, 2009

Washington D.C. – Congressman Adam Smith made the following statement in honor of the 65th anniversary of D-Day this Saturday:  

Sixty-five years ago, on June 6, 1944, Allied forces launched the assault on the beaches of Normandy that would begin the liberation of Europe from the Nazi occupation. We will forever be indebted to the individuals who stormed the beaches that day. These brave individuals cast aside their own well being to ensure not only that the people of Europe live free of Nazi oppression, but that the ideals of freedom would live on to this day. This weekend, let us honor their sacrifice and courage. And, let us also honor the sacrifice of the brave men and women who have followed in their foot steps by serving in the armed forces to protect freedom and defeat tyranny across the globe.


 

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Smith Statement on President’s Speech in Middle East

June 4, 2009

Congressman Adam Smith made the following statement regarding President Obama’s speech in Cairo, Egypt today:

“The President’s trip to the Middle East this week and speech in Cairo today highlight the Administration’s new direction in U.S. relations with the Middle East. Since taking office in January, the President and his Administration have reached out to the Middle East in a way that stresses mutual respect and common interests. This new face of American diplomacy is a welcomed and much needed change in approach.

 “Many of America’s critical national security goals – from addressing the Israeli-Palestinian conflict and Iran’s nuclear ambitions to defeating Al-Qaeda and pushing back against extremism – will be well-served by this active diplomatic leadership. The new face of American diplomacy will undermine the message of violent extremist who seek to paint the United States as an enemy of the Arab world, not a partner.

 “I applaud the President for his efforts to reach out to the Arab world in a respectful and constructive manner. We face many difficult challenges in the Middle East, and the Administration is mindful of this fact. The road to solving these problems starts with respectful, constructive dialogue.”
 
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Smith Reintroduces Global Poverty Act

May 22, 2009

Congressman Adam Smith (WA-09) reintroduced the Global Poverty Act yesterday, legislation that would require the Administration to develop and implement a comprehensive strategy to combat and reduce global poverty.

“Global poverty is one of the most pressing moral challenges we face today,” said Congressman Adam Smith. “Yet, it’s more than just a moral problem that billions of people around the world are struggling to survive.  It is also in our national security interests that we reduce global poverty. Populations that struggle in extreme poverty are more likely to become mired in destabilizing conflicts, or worse, become havens or recruiting grounds for terrorist organizations.  This is an issue that we cannot afford to neglect.”

“U.S. foreign policy must be enhanced and better coordinated in the fight against global poverty. While the United States continues to significantly invest in reducing poverty worldwide, we do not have a comprehensive strategy that measures and guides our progress. We have committed to the goal of reducing poverty as a country though various programs and organizations, but we are not making adequate progress due to a lack of a unified strategy.  This bill will require the Administration to establish the benchmarks necessary to achieve significant poverty reduction and keep us on track toward that goal.  It will lead to more accountability and more effective efforts.  ”

The Global Poverty Act:
  • Declares it official U.S. policy to promote the reduction of global poverty, the elimination of extreme global poverty, and the achievement of the U.N. Millennium Development Goal of cutting extreme global poverty in half by 2015.
  • Requires the President to develop and implement a comprehensive strategy to carry out that policy. 
  • Includes guidelines for what the strategy should include - from aid, trade, and debt relief, to working with the international community, businesses and NGOs, to ensuring environmental sustainability. 
  • Requires that the President’s strategy include specific and measurable goals, efforts to be undertaken, benchmarks, and timetables. 
  • Requires the President to report back to Congress on progress made in the implementation of the global poverty strategy.
In September of 2007, the Global Poverty Act of 2007 passed the House of Representatives. The bill then passed the Senate Foreign Affairs Committee in February of 2008, but was not scheduled for a vote on the Senate floor before the end of the 110th Congress.

 

 

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Smith Votes for Stronger Consumer Protections, Accountability in Financial Markets

May 7, 2009

Today, Congressman Smith voted for H.R. 1728, the Mortgage Reform and Anti-Predatory Lending Act of 2009, aimed at curbing abusive and predatory lending. Yesterday, Smith voted for an amended version of S. 386, the Fraud Enforcement and Recovery Act, that would expand federal fraud laws to cover funds disbursed under last year’s $700 billion financial industry bailout and the $787 billion stimulus package. Together, these bills demand unprecedented consumer protection and stricter accountability and transparency for our country’s financial institutions.

“We are currently witnessing the long-term effects of short-term thinking,” said Congressman Adam Smith. “In order to restore our economic viability and ensure we lay the foundation for long-term sustainable growth we must restore accountability in the housing and financial markets and rebuild our economy in a way that's consistent with our values. These two bills are a step in that direction.”
 
“Over the last year as the federal government took steps to restore our economy I consistently called for strict accountability and transparency to ensure tax payers are protected,” continued Smith. “I also pushed for measures to address the problems that caused the economic crisis in the first place. These two bills begin to address the underlying problems with our financial system and protect consumers from the irresponsible and fraudulent practices that helped spur the recent wave of foreclosures. I will continue to advocate for additional consumer protections and responsibility in our financial markets.”
 
The Fraud Enforcement and Recovery Act would authorize funding for the Department of Justice and provide them with the tools necessary to fight potential fraud of TARP economic recovery funds and in mortgage markets.  It would create a 10-member “Financial Markets Inquiry Commission” to determine the causes of our current financial crisis, and will analyze such factors as consumer and individual protections, tax treatment of financial products, corporate governance and executive compensation, and lending practices.
 
The Mortgage Reform and Anti-Predatory Lending Act would outlaw many of the industry practices that marked the subprime leading boom, and it would prevent borrowers from deliberately misstating their income to quality for a loan.  This legislation is a crucial step in preventing and combating predatory lending practices.
 
The bill would ensure that mortgage lenders make loans that benefit the consumer and prohibit them from steering borrowers into the higher cost loans. It would establish a simple standard for all home loans: institutions must ensure that borrowers can repay the loans they are sold. Also, for the first time ever, it would make the secondary mortgage market responsible for complying with these standards when they buy loans and turn them into securities.
 
The bill also:
  • Prevents predatory and abusive lending practices by banning yield spread premiums and other abusive compensation structures that create conflicts of interest or reward originators that “steer” borrowers. The bill would require originators to disclose to consumers the compensation they receive from the transaction.
  • Hold creditors responsible for the loans they originate by requiring new federal rules calling for creditors to retain an economic interest in a material portion (at least 5 percent) of the credit risk of each loan that the creditor transfers, sells, or conveys to a third party.
  • Protect tenants who rent homes that go into foreclosure by requiring that they receive proper notification and are given time to relocate before the home they rent is foreclosed.
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