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Wall Street reform: McConnell vs. KY Dems

by Joe Arnold


Posted on April 20, 2010 at 11:34 PM

McConnell Speech on Senate floor:

Bipartisan Agreement: No Bailouts, Fix the Bill

WASHINGTON, DC - U.S. Senate Republican Leader Mitch McConnell made the following remarks on the Senate floor Tuesday regarding financial regulation reform:

“From the beginning of this debate, I've called for a bipartisan approach.  And for several months, I was encouraged to see bipartisan talks approaching agreement on a bipartisan bill.

“Somewhere along the line, those talks got off course, leading to Democrats pulling away from bipartisan efforts, a party-line vote in committee and the Democrat leadership’s stated desire to bring a bill to the floor that has bipartisan opposition. So last week I raised concerns with the Dodd bill, but I also told the President and our friends across the aisle that this bill is not unfixable.

“It is important for the country and taxpayer that we get this right, that we put them before politics.  That’s why I was disappointed to read that Senate Democrats are refusing to drop the $50 billion bailout fund—a fund that the Treasury Secretary himself opposes—unless Republicans pay a price for taking it out. This is exactly what Americans don't like about Washington: when one side tries to ‘get’ something for doing what they should have done in the first place.  If everyone agrees it should be dropped, then it should be dropped.  And if Senate Democrats think it should stay, then they should explain why they think the Treasury Secretary was wrong when he said that this bailout fund ‘would create expectations that the government would step in to protect shareholders and creditors from losses.’ 

“Both sides have expressed a willingness to make the changes needed to ensure without any doubt that this bill won’t put taxpayers on the hook for future bailouts of Wall Street banks. Let's just do that.

“I'm heartened to hear that bipartisan talks have resumed in earnest. And in my view, the progress we’ve seen over the past few days is proof that I was right to raise concerns about this bill when I did. As I said, the best way to get a bill with the credibility of bipartisan support is to allow bipartisan talks to continue.  Let's fix the bill and have a bipartisan reform.”

Mongiardo campaign:

McConnell Blocking Wall Street Reform

McConnell Defending Wall Street Practices That Defraud Kentucky Investors and Consumers, While Protecting Wall Street Bankers

 Goldman Sachs Case Latest Example of Wall Street Rigged Game;
Consumers Get Shaft, While Goldman Makes Record Profits 

FRANKFORT --- Democratic U.S. Senate candidate Daniel Mongiardo today called on Senator Mitch McConnell to “put the interests of Kentucky Main Street ahead of Wall Street” and stop blocking a financial reform bill that would impose greater regulation on Wall Street banks to prevent abuses that led to last year’s near meltdown of the U.S. financial system.

In January, Mongiardo said, "My support for recovering the $117 billion still owed to taxpayers is only a start to fixing Wall Street. Americans on Main Street were forced to bail out fancy bankers and wealthy financiers on Wall Street in a last second attempt to avoid a complete collapse of our banking system because of one reason - GREED, greed that resulted in extreme risk taking and excessive profit taking. We must have, and as a United States Senator, I will vigorously support a comprehensive, commonsense regulatory overhaul of Wall Street to make sure this can never happen again. The stability of our nation's economy depends on it."

Mongiardo has been the most outspoken Senate candidate calling for comprehensive, commonsense Wall Street reforms --- opposing the renomination of Ben Bernanke as Federal Reserve Board Chairman; publicly supporting a temporary fee on Wall Street’s largest banks to recover bailout money; and also supporting a one-time fee on bonuses over $400,000 on Wall Street banks and investment firms that received at least $5 billion in bailout money.  No other Democratic primary candidate has taken all three of these positions.

“Over the past decade, Republican policies supported by Mitch McConnell led to a deregulation of Wall Street, which led to the near collapse of our financial system. Now, to score political points, Mitch McConnell is blocking Senate passage of a financial reform bill that would impose tough new regulations on Wall Street to avert future collapses. McConnell is defending Wall Street practices that defrauded Kentucky investors, while protecting Wall Street bankers. Mitch McConnell should put the interests of Kentucky consumers ahead of the interests of Wall Street and his own political agenda,” said Mongiardo.

“The SEC complaint that Goldman Sachs defrauded investors, while making billions is only the latest example of a rigged game on Wall Street, where investors lose their investments, while Wall Street banks make record profits. It is a system that is badly in need of reform and as Senator, I would put the interests of Kentucky investors and Main Street ahead of Wall Street,” said Mongiardo. 

 Conway campaign: 

Conway Calls for Serious Wall Street Reform

Urges McConnell to Join Bipartisan Push for New Financial Regulations

SEC charges against Goldman Sachs represent "all that is wrong with Wall Street"

LOUISVILLE - Kentucky Democratic candidate for United States Senate Jack Conway renewed his call for Senate Republican Leader Mitch McConnell to stop defending big banks like Goldman Sachs and join a bipartisan effort to pass serious Wall Street reform:

"Like all Americans I am offended by the selfish and reckless behavior described in the action brought by the SEC against Goldman Sachs. These allegations represent all that is wrong with Wall Street and demonstrate why we need tough new financial regulations to eliminate conflicts of interest between big banks and hedge funds. And anyone who broke the law should be held accountable," said Conway.

"Furthermore, I think that Kentucky's senior Senator Mitch McConnell should stop defending big banks like Goldman Sachs and join his fellow Republicans in a bipartisan effort to reform Wall Street, because that's what will help Kentucky working families. We need to protect consumers and taxpayers and prevent any institution from ever again becoming 'too big to fail'."

"If I am honored to be elected to the United States Senate, I'll fight for Kentucky working families by leading a bipartisan effort to hold the big banks accountable and stop the double-dealing on Wall Street."