Five questions for Congressman Forbes

Page Dowdy/Chesterfield Observer Congressman Randy Forbes predicts more bailouts will be requested. Last week, Chesterfield Observer Publisher Greg Pearson sat down with Virginia Congressman Randy Forbes (R-4th District), who represents southern Chesterfield County, to discuss the nation's financial crisis and local issues. Forbes is running for re-election for a fifth term.

Chesterfield Observer: Normally, an interview with this newspaper would focus on strictly local issues, but it's hard to ignore the financial mess we're in. Many of the people we know want people fired and question the wisdom of letting those responsible for this fiasco being put in charge of a resolution.

Forbes: We were against the $700 billion bailout, and probably 90 percent of our callers agreed. People have expressed two emotions: anger and fear. But in our area, the military insulates us - Defense Supply Center [Richmond] and Fort Lee - and what a loss it would be without them.

I am the ranking member of the Readiness Subcommittee of the House Armed Services Committee. In Congress everything rises or falls on your ranking on subcommittees, and that subcommittee says grace over every military project. If the chairman marks one project out, it's gone and the same for me. From 1975-2001, there was only $190 million allocated to Fort Lee. Since I was elected, total expenditures authorized and allocated have been $909 million with another $1 billion coming.

We helped bring [Fort Lee] through BRAC (Base Realignment and Closure) to become the logistics capital of the world. There is no economic engine that can rival Fort Lee. It insulates us during this financial crisis.

I think we need to have balance in the amount of regulation [in the financial arena]. The president, Secretary [of the Treasury Henry] Paulson and [Federal Reserve Chairman Ben] Bernanke did absolutely the wrong thing on the $700 billion bailout, because 70 percent of our economy is based on consumer spending. I voted against it, and in the couple of weeks that followed, it's been proven to be the wrong thing. We should have secured our banks by changing the market-to-market accounting principle, given fair value certificates and insured all FDIC accounts, not just move it up from $100,000 to $250,000.

Our constituents are telling us that they are mad and not in favor of the $700 billion bailout.

CO: Is the problem larger than that because of the federal deficit and our trade imbalance?

Forbes: That, plus the value of the dollar. And our families who used to live on a budget became like government and stopped living on their budgets. We need to have families spend less and save more. A year ago, we went into a negative savings rate in the country. Now, [industries] are lining up like airplanes at the Atlanta airport, and that will hurt us more on future deficits.

CO: Because of the expected high voter turnout, the Chesterfield County Registrar and the Democratic and Republican parties in Virginia are recommending voters consider voting by absentee ballot. That could jeopardize usually safe Republican districts in Virginia. Are you worried about the coattails of presidential candidate Barack Obama and former Gov. Mark Warner, who has a wide lead over former Gov. Jim Gilmore in the Senate race?

Forbes: There are always coattails during presidential election years, but we based our career on support from Independents, Democrats and Republicans. Call elected officials in the district and ask them if we've supported them. We have support from some of the most influential African Americans in the district, including two awards from the NAACP.

CO: Earlier this month, you met with county supervisors and other Chesterfield leaders to discuss local transportation needs, specifi cally an $18 million shortfall for funding a cloverleaf interchange for the Meadowville Technology Park onto Interstate 295. Anything to report?

Forbes: I fear that our deficits and the bailout will impact road projects. That's why I brought [Congressman] John Boozeman [R-Arkansas] to the meeting. He holds a comparable position on the roads subcommittee to me on the readiness subcommittee.

He's going to bat for us. There's a new [roads] reauthorization plan next year, and we're working on the funding.

CO: The federal government doesn't exactly have money to be doling out to local governments. That's what some would call "earmarks."

Forbes: Earmarks don't raise the overall expenditures. The budget sets the amount to be spent on roads. The allocation of where it's going to be spent is either decided by Congress or a bureaucrat.

We put the proposed expenditures on our Web site, so it will be transparent before it goes to the committee. That's more fair and efficient than giving it to a bureaucrat, who would decide behind closed doors.