Brown weakens reform bill before and after passage
Works to Weaken Volcker Rule to Stop Banks from Risk-Taking
Count the ways Brown's weakened reform….
and the millions he’s collected in Wall Street contributions
"Scott Brown is part of the problem in Washington."
-Mindy Myers, Warren Campaign Manager
BOSTON – As shareholders, regulators and lawmakers examine how risky investments cost JP Morgan $2 billion in a matter of weeks, in Massachusetts it’s important to ask what role Republican Senator Scott Brown played in weakening Wall Street regulations that would protect the life savings and retirement security of working families, given that he’s collected millions in Wall Street campaign contributions.
"Republican Senator Scott Brown hasn’t just gone Washington, he’s gone Wall Street, siding with the big banks and their lobbyists instead of middle class families in Massachusetts," said Mindy Myers, Warren Campaign Manager. "By raising millions from Wall Street while weakening reform efforts, Scott Brown has become part of the problem in Washington."
How did Republican Senator Scott Brown weaken Wall Street reform? Let’s count just some of the ways – and count the millions Brown has collected in campaign contributions from Wall Street.
- Brown worked to weaken the Dodd-Frank legislation, and, as it was widely reported at the time, leveraged his vote for campaign contributions from Wall Street and the financial industry. "Campaign contributions to Senator Scott Brown from the financial industry spiked sharply during a critical three-week period last summer as the fate of the Wall Street regulatory overhaul hung in the balance and Brown used the leverage of his swing vote to win key concessions sought by [Wall Street] firms." [The Boston Globe, 12/12/10]
- Brown saved Wall Street from paying $19 billion needed to enforce the Dodd-Frank law. "As the money [campaign contributions] poured in, Brown and his Senate staff were working both publicly and behind the scenes to scuttle $19 billion in fees on the financial industry that would have paid for part of the regulatory overhaul, and to weaken a provision intended to curb certain types of investment activities by banks and insurance companies. Both efforts were successful…" [The Boston Globe, 12/12/10]
- After Dodd-Frank passed, Brown pushed federal agencies to weaken regulations needed to put an effective Volcker Rule into place. [Public Citizen, March 2012]
- Brown has collected– more than $2 million from a grateful financial industry, with some of the money going to a joint committee aimed at gaining a Republican Senate Majority. "Brown delivered for Wall Street in the battle over Dodd-Frank when he extracted a pro-industry concession from the Democratic majority: the elimination from the bill of a proposed $19 billion tax on banks, money which would have been used for part of the regulatory overhaul. He also championed a provision that curbed restrictions on certain investment activities by banks and insurance companies." [The Boston Globe, 5/2/12; Center for Responsive Politics]
- In 3 months, Brown collected more itemized donations from New York City than from any other city in the country, including Boston. [The Boston Globe 5/7/12]
- Brown has collected more than $50,000 from JP Morgan. [CQMoneyLine, Accessed 5/15/12]
- Public Citizen reported Brown and others helping Wall Street weaken the rules, received on average four times more in Wall Street contributions than lawmakers working to strengthen the bill. [Public Citizen, March 2012]
- Records show Brown among the top Senators in contributions from the financial industry, including hedge funds and venture capital firms (#1), and Private Equity and Investment Firms and Securities and Investment Firms (#1) [Center for Responsive Politics, Accessed 5/15/12]
- Brown still refuses to reveal who else is on his secret New York City fundraising committee, stonewalling questions about JP Morgan’s representation on that committee. [Associated Press, 5/15/12]
"Republican Senator Scott Brown is taking care of Wall Street and Wall Street is taking care of Scott Brown," said Myers. "And they’re investing in Scott Brown because they know he will be there for them and Elizabeth Warren will be there taking them on, standing up for hard-working families and seniors to protect their investments."