Brad Sherman

Sherman to Host Town Hall Meeting on June 2 at Dixie Canyon Elementary School

2013-05-17T21:47:45Z

Sherman Oaks, CA –Congressman Brad Sherman will host a Town Hall meeting from 3:00 pm to 4:30 pm on Sunday, June 2^nd at Dixie Canyon Elementary School, located at 4220 Dixie Canyon Avenue.

The Congressman will discuss the economy, jobs, Social Security, Medicare, the budget, the deficit, immigration, the Middle East, as well as other issues facing Congress. Most of the meeting will be devoted to Congressman Sherman listening and responding to questions from Valley residents.

Sherman’s district office staff will be on hand to help constituents resolve any problems they may have with federal agencies, including the Social Security Administration and the Department of Veterans Affairs. The event, light refreshments, and parking are free.

Date: Sunday, June 2^nd

Time: 3:00 pm – 4:30 pm

Location: Dixie Canyon Elementary School

4220 Dixie Canyon Ave.

Congressman Sherman and Senator Sanders Stand Together in Support of "Too Big to Fail, Too Big to Exist"

2013-04-09T18:12:05Z

WASHINGTON, DC – Today Congressman Brad Sherman (D-CA) and Senator Bernie Sanders (I-VT) reintroduced the “Too Big to Fail, Too Big to Exist Act,” in the House and Senate respectively. Under the legislation, any institution that is too big to fail will be broken up and reorganized to avoid more government bailouts and future risk to the economy. If passed, this legislation would require the Secretary of the Treasury to identify, then later break up, institutions that are deemed too big to fail to avoid the potential for a future government bailout and undue risk to our nation’s economy.

“Too big to fail should be too big to exist,” said Congressman Sherman who has advocated this position since 2008. “Never again should a financial institution be able to demand a federal bailout. They claim; ‘if we go down, the economy is going down with us,’ but by breaking up these institutions long before they face a crisis, we ensure a healthy financial system where medium sized institutions can compete in the free market.”

Sherman continued, “No longer should giant financial institutions be able to get low-cost funds by telling large depositories that even if the institution is mismanaged and faces financial default, by virtue of its sheer size it will be able to obtain a bailout from the federal government. Every financial institution should compete for funds based on the soundness of its balance sheet, and no financial institution should be able to claim that there is a special federal safety net available to its investors because of the institution’s sheer size.”

“In my view, no single financial institution should have holdings so extensive that its failure could send the world economy into crisis,” Senator Sanders said. “At the very least, no institution, no CEO in America should be above the law. If an institution is too big to fail, it is too big to exist.”

Richard Fisher, President of the Federal Reserve Bank of Dallas, argued that when markets presume a systemically important institution has implicit government backing, access to capital is easier. A recent study by International Monetary Fund researchers showed a potential advantage of these firms as high as 80 basis points (.8%). Carrying out that estimation, Bloomberg News asserts taxpayers could be creating a subsidy of $83 billion dollars annually.

This legislation would require the Secretary of the Treasury to submit to Congress a list of all commercial banks, investment banks, hedge funds, and insurance companies that the Secretary believes have become too big to fail. Those entities deemed too large would then be broken up in a managed process of reorganization, so a single failure would no longer cause a catastrophic effect on the United States or global economy without a taxpayer bailout.

The Senate recently passed an amendment unanimously to its budget resolution to end subsidies or funding advantages for institutions over $500 billion in assets. Unfortunately, the Budget is still a resolution, not law.

“Too Big to Fail” refers to any entity that has grown so large that its failure would have a catastrophic effect on the stability of either the financial system or the United States economy without substantial government assistance.”

Sherman Warns of Excessive U.S. Military Commitment Over Japan-China Island Dispute

2013-02-26T15:29:16Z

Washington, DC – Today, at a hearing on “The Rebalance to Asia: Why South Asia Matters” in the House Foreign Affairs Subcommittee on Asia and the Pacific, Congressman Brad Sherman (D-CA), warned of excessive U.S. military commitment toward the Japan-China dispute over the islands known as Diaoyu Islands in China and Senkaku Islands in Japan.

Sherman supported the U.S. “pivot” toward the Asia-Pacific region, where nearly 100,000 U.S. troops are already deployed. However, he warned of the costs of excess military confrontation over an island dispute.

“Confronting China over the islands it disputes with Japan could involve many tens of billions of dollars,” said Sherman. “Japan itself spends only a very small portion of its budget on defense.”

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Congressman Sherman Honored for Support of Affordable Housing and Homeownership Preservation

2013-02-20T15:41:25Z

CANOGA PARK, CA – Today, Congressman Brad Sherman (D-Sherman Oaks), a senior member of the House Financial Services Committee, received the “Friend of Affordable Housing Award” from the Federal Home Loan Bank of San Francisco for his long-standing support of affordable housing and preserving and increasing homeownership opportunities in the San Fernando Valley. Sherman also helped announce the recipients of the Affordable Housing Program (AHP) funding competition.

“I am pleased with this honor and the partnership we have developed over the years to create much-needed affordable housing for low-income residents and veterans with families. For nearly a decade, I have worked with the Federal Home Loan Bank of San Francisco and other partners to help increase and preserve homeownership opportunities for hundreds of Valley families,” said Congressman Sherman.

During his tenure in Congress, Sherman has been a strong advocate for legislation that increases affordable housing, advances homeownership opportunities and protects the housing market. He has also helped Valley families avoid foreclosure through his constituent services program and foreclosure prevention workshops.

The ceremony took place at New Economics for Women’s Tierra del Sol community, which received a $595,000 AHP award from the Bank in 2000. The development features 119 units of affordable housing, a K-5 charter school, the Dennis P. Zine Community Center and space for nonprofit service organizations.

Sherman also helped announce the results of the Affordable Housing Program funding competition. In 2012, FHLBank of San Francisco awarded $35 million in grants through dozens of member financial institutions. The funds will support 72 projects that will create or preserve nearly 3,600 units of affordable housing in 11 states, including 927 units in Los Angeles County and a 12-unit housing development under construction by Habitat for Humanity-San Fernando/Santa Clarita Valleys in Sylmar for veterans with families.

“We applaud Rep. Sherman for his efforts to expand housing opportunities for working families during his time in Congress,” said Lawrence H. Parks, Senior Vice President of Legislative and External Affairs at FHLBank of San Francisco. “We are pleased to make these grants available to expand the supply of affordable housing and give families and individuals more housing options. “At a time when it is very difficult for community developers to finance affordable housing projects, our AHP grants are making a difference by helping to fill the void.”

FHLBank of San Francisco’s Friend of Affordable Housing Award is presented annually to a valued supporter of affordable housing in the region and throughout the nation. The Affordable Housing Program provides grants to support the creation of rental or homeownership opportunities for lower-income households.

*For more information about the 2012 AHP Grant Recipients, please click on the links below:

http://www.fhlbsf.com/community/docs/2012a-ahp-projects.pdf

http://www.fhlbsf.com/community/docs/2012b-ahp-projects.pdf

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