December 3, 2007 (LPAC)--The Pennsylvania Letter carried a full report of the Hearing on HR 418, the Homeowners and Bank Protection Act of 2007 before the Pennsylvania Legislature's Committee on Intergovernmental Affairs on November 29, 2007, in its issue of the same date.

HR 418, introduced by Rep. Harold James (D-Philadelphia), is a Memorial Resolution to Congress to enact the HBPA legislation authored by American statesman Lyndon LaRouche--now before nine other legislatures, and passed by 12 city councils in Pennsylvania alone. The HBPA mandates freezing of foreclosures; mandates Federal and state-chartered banks to stay open; and stops bailouts of speculators in mortgage-backed securities.

Published by Pennsylvania Legislative Services, the subscription newsletter carries four full pages on the Hearing. The Pennsylvania Letter goes to all legislators, and is sent to hundreds of lobbyists, business associations, labor and other interested parties by subscription.

The testimony of the Hearing's seven witnesses is summarized, and written testimony submitted by U.S. Rep. Paul Kanjorski (D-PA), and Daniel Reisteter, Vice-President of the Pennsylvania Bankers' Association is noted. The questioning of the witnesses by members of the committee, and their replies, is detailed in the report.

The Letter notes that Committee Chairman Curtis Thomas (D-Philadelphia) concluded by stressing, "We will do something."