An advisory from Congressman Walz’s office:

WALZ TO PARTICIPATE IN HOUSE HEARING INVESTIGATING WALL STREET ABUSES

Congressional
hearing will examine the role exotic Wall Street investment packages
known as “credit derivatives” played in financial crisis

(Mankato, MN) –
Today, Congressman Tim Walz announced that he will return to
Washington, DC tomorrow to participate in a Congressional hearing
investigating the Wall Street abuses that potentially caused the
financial meltdown, which has significantly impacted the economic
security of hard-working Americans.   

Walz serves on the
House Agriculture Committee, which will hold the hearing examining the
role exotic investment packages known as “credit derivatives” played in
the financial meltdown.  The hearing will start the process of
determining what kind of Wall Street oversight must be adopted to make
sure this kind of financial crisis never happens again.   

Wed., October 15th – 11:00 a.m. EDT [12 noon Central time]

1300 Longworth House Office Building

Washington, DC

“Credit derivatives are
basically an insurance policy against a bad loan or bond,” said
Congressman Tim Walz.  “But they’re not regulated and they’ve become
more and more like a poker game between a lot of players where no one
is able to accurately assess the risk involved in betting large sums of
money.  I’m headed back to Washington to hear from experts about how we
move our economy away from the Vegas casino mentality and back towards an atmosphere of responsible lending.”

“Unregulated
credit derivates are a danger to the financial and economic health of
the U.S. and we’re going to start tomorrow to write the rules that will
mitigate that danger,” concluded Walz.

Walz will return to Minnesota following the conclusion of the hearings.

The House
Agriculture Committee has jurisdiction over the Commodity Futures
Trading Commission (CFTC) whose mission is to protect market users and
the public from fraud, manipulation, and abusive practices related to
the sale of commodity and financial futures and options, and to foster
open, competitive, and financially sound futures and option markets.

The House
Agriculture Committee is chaired by Minnesota Representative Collin
Peterson.  Agriculture Committee hearings are broadcast live here:http://agriculture.house.gov/ hearings/audio.html

Consider listening in. In related news, AgriNews reports on the First congressional contest in a pair of articles: Walz seeking second term in House from 1st District and Brian Davis is a candidate for the US House 1st Congressional District.

Photo: Walz met with members of the Land Stewardship Project in early 2007 (Photo from the Fillmore County Journal). Along with Stephanie Herseth-Sandlin of South Dakota, Walz was instrumental in getting LSP-supported beginning and new farmer language into the new Farm Bill.

As a member of the House Ag committee, Walz sought advice from a variety of ag groups working in the district from LSP to the Minnesota Farm Bureau. Walz has received the endorsement of the National Farmers Union PAC and the Golden Triangle Award from the National Farmers Union:

The annual award is the farm
organization’s highest legislative honor and presented to members of
Congress who have demonstrated leadership on issues relevant to
America’s family farmers, ranchers and rural communities.

The American Farm Bureau has awarded Walz its 2008 “Friend of Farm Bureau” Award along with Senators Norm Coleman and Amy Klobuchar and Congressmen Collin Peterson and John Kline.  This isn’t an endorsement; a press release on the MFBF web site explains:

The award is given to those individuals who have supported Farm
Bureau issues as shown by their voting records. The voting records were
based on priority issues, such as energy, trade, the farm bill and
transportation, as selected by the American Farm Bureau Federation
Board of Directors.

“Roll call votes on issues of importance to agriculture were the
primary criteria used to identify ‘Friends of Farm Bureau,’” said
Minnesota Farm Bureau President Kevin Paap. “It’s more important than
ever that farmers recognize those elected officials who have a clear
understanding of agriculture and a commitment to its future. The
Senators and the Congressmen have demonstrated that kind of leadership
and deserve our thanks for sharing Farm Bureau’s commitment to
enhancing the lives of farm families across the state.”

We had a chance to talk to MFBF President Kevin Papp at last night’s Debate Minnesota MN-01 congressional forum.  Papp said that the Minnesota Farm Bureau’s PAC would not be endorsing in the congressional race. He added that Walz would be accepting his “Friend of the Farm Bureau” award on Papp’s Blue Earth County farm later this month.

And now, an old Carter Family number covered by Uncle Tupelo: