Monday, December 14, 2009

Frank LoBiondo's opposition to Wall Street reforms

This week Frank LoBiondo, like all other Republicans, voted against the The Wall Street Reform and Consumer Protection Act of 2009. He also voted for the Minnick Amendment, which The Hill says was meant to gut a key part of financial overhaul legislation by eliminating the proposed Consumer Financial Protection Agency (CFPA). Thinking of the events since Frank LoBiondo came to Congress -- the internet bubble, Enron, the housing bubble, the stock market crashes -- it's hard to see why he doesn't see the need for reform.

In any case, the DNC has put out this release:

Rep. LoBiondo, Republicans Oppose Financial Regulatory Reform, Side With Wall Street Over Main Street

Even After Irresponsible Practices Of Wall Street Put Our Economy On The Brink Of Collapse, Rep. LoBiondo Votes Against Reform

Washington, DC – Despite the fact that small businesses and families in New Jersey are still bearing the burden of Wall Street’s poor choices, Rep. LoBiondo last week turned his back on New Jersey residents and voted to let the financial sector continue their risky practices unchecked. On Friday, Rep. LoBiondo and his Republican colleagues in Congress unanimously voted against the Wall Street Reform and Consumer Protection Act of 2009. The bill, which passed without a single Republican vote, will help stabilize our economy and reign in the irresponsible Wall Street practices that put our economy on the brink of collapse. Championed by President Obama and Democrats in Congress, the bill will protect New Jersey families and small businesses from the unfair and abusive practices that have harmed so many.

Rep. LoBiondo’s no vote is just further evidence that he is out of touch with the people of the 2nd Congressional District, who voted to put President Obama in the White House last November. If Rep. LoBiondo continues to side with Wall Street and big business rather than New Jersey’s residents, he could be at political risk this November.

“It is unbelievable that Rep. LoBiondo and the Republican Party continue to stand by the Wall Street executives whose excessive greed and risk-taking nearly caused an economic meltdown just over one year ago. New Jersey families and small businesses are still suffering from the fallout of Wall Street’s irresponsible behavior, but Rep. LoBiondo wants to let the companies that got us into this mess continue to go unchecked,” said DNC Regional Press Secretary Michael Czin. “Last year, the people of the 2nd Congressional District voted for change because they knew that eight years of failed Bush economic policies had put us in a downward spiral. If Rep. LoBiondo continues to stand by the irresponsible economic policies of the Bush era, he will stand to pay a heavy price at the polls next year.”