We are asking Secretary Geithner join with U.S. Senator Dianne Feinstein and Representatives Barney Frank, Anna Eshoo and Jackie Speier and support our effort by backing legislation that requires federal TARP money be used to help local governments harmed by these investments in now-failed financial institutions. Pacifica School District lost over $700,000 in the Lehman Brothers collapse. We believe, that the Treasury has the authority and the responsibility under the TARP Act to protect local taxpayers and more importantly our children's education. Our District needs every penny of that money.
Dear Secretary Timothy Geithner,
On behalf of the Pacifica School District (Pacifica, California), I write to request that your agency purchase debt securities to eliminate exposure of losses of taxpayer dollars arising from investments in Lehman Brothers Holdings. Inc in accordance with H.R. 467 (Speier).
School districts in San Mateo County by law must keep their funding with the county treasurer. He invests the funding and the interest helps support our schools. The San Mateo County Treasurer had district funds invested with Lehman Brothers. Accordingly, this funding meets the definition of %u201CTroubled Assets%u201D in the Emergency Economic Stabilization Act of 2008. Pacifica School District lost over $700,000 in operating and building accounts. These funds were intended to provide vital services to the children of Pacifica as salaries to teachers and classroom aides.
I request that you consider the damaging impacts of this loss on local educational services and require the Treasury to equally protect %u201CMain Street%u201D as it has already done for Wall Street. Please join with U.S. Senator Dianne Feinstein and Representatives Barney Frank, Anna Eshoo and Jackie Speier in support our effort by backing legislation that requires federal TARP money be used to help local governments harmed by these investments in now-failed financial institutions. They believe, as I do, that the Treasury has the authority and the responsibility under the TARP Act to protect local taxpayers.
Accordingly, I respectfully request that you authorize the federal purchase of insurance for these assets under the provisions of the TARP program.
