Politics

Flashback: Congressional Republicans Recycling Fiction to Kill Wall Street Reform

By Karina

This week, Republican leaders appear to be renewing their efforts to kill wall street reform using Frank Luntz?s discredited talking points. Since they are once again recycling fiction, we are recycling our facts:

February 1, 2010
REVEALED: CONGRESSIONAL REPUBLICANS? PLAYBOOK TO KILL WALL STREET REFORM

A new memo by Republican strategist Frank Luntz advocates Republicans use scare tactics and fiction to do the bidding of their friends on Wall Street and kill reform.

?In addition to tying regulatory reform to a massive government takeover, Luntz’s memo includes several other data points and messaging suggestions as a blue print for the legislation’s defeat. Opponents, he writes, would be well served to link the package to the financial industry bailout (which, it should be noted, is fundamentally not part of the legislation)?? [Scare tactic.]

?Another effective strategy to kill the bill, according to Luntz, is to make the case that it was written in secret by lobbyists.? [Fiction. The House Financial Services Committee held hearings and mark up and the bill was on the floor for three days before being passed without a single Republican vote] [Huffington Post, 2/1/10]

Republicans met in December with 100 banking and special interest lobbyists in an effort to kill Wall Street reform legislation? [Roll Call, 12/8/09]

Republicans voted unanimously against the Wall Street Reform and Consumer Protection Act ? legislation to reform Wall Street, reform executive pay, end bailouts and unwind so-called ?too big to fail? firms, and hold the big banks and financial firms accountable to American taxpayers?[12/11/09]

Almost all House Republicans voted against the Corporate and Financial Institution Compensation and Fairness Act ? legislation to reform pay practices on Wall Street?[7/31/09]

Republicans opposed President Obama?s plan to institute a ?responsibility fee? on big banks to ensure financial institutions pay back taxpayers and discourage risky behavior that could lead to another crisis ? ignoring the proposal?s strong support from American people? [NPR Poll, 1/27/10]

For American workers, families and small businesses, the message is clear ? Republicans are choosing Wall Street over Main Street every time.

Full post as published by The Gavel on April 14, 2010 (boomark / email).