900,000 Reasons Jim Gerlach Is Against Wall Street Reform
MEDIA RELEASE
5.26.2010
Ed Niles, Campaign Manager
610-370-9489
READING, Pa - When Wall Street special interests want someone to carry their water in Washington, they have always had a friend in Congressman Jim Gerlach. But despite growing public support for regulatory reform on Wall Street, Jim Gerlach continues to oppose reforms that will prevent future meltdowns and make sure tax payers aren't forced to bailout Wall Street again in the future, but only now he's hiding from his position.
Over the course of his career, Gerlach has proven to be in the pocket of Wall Street special interests. He has repeatedly opposed plans to crack down on greedy CEOs on Wall Street and their reckless behavior that brought our economy to its knees, all while pocketing over $900,000 in campaign contributions from the industry.
"I understand that Jim Gerlach owes his friends on Wall Street $900,000 worth of favors, but it's time for Jim to start looking out for the banks accounts of his constituents instead his own campaign coffers," said Democratic candidate for the 6th district Manan Trivedi. "Our public servants need to stand up for the constituents they represent, not their special interest financiers. Jim Gerlach should finally stand up for Pennsylvanian families, who have already bailed out Wall Street one too many times, by supporting common sense reform to prevent future meltdowns," Trivedi concluded.
Manan Trivedi is the Democratic nominee for Congress in Pennsylvania's 6th Congressional District. He is a primary care physician, a former Lt. Commander in the U.S. Navy, and an Iraq War veteran from Berks County.
BACKGROUND:
Gerlach has received over $900,000 from finance and insurance industry special interests. The finance and insurance industries have been among Gerlach's top donors each election cycle since his first run in 2002. In that time he's received $907,303. [CQ Moneyline, accessed 5/25/10]
Geralch is now hiding his opposition to Wall Street reform. Gerlach is ducking questions about his upcoming vote on the final version of the regulatory reform legislation. [The Hill, 5/25/10]
Gerlach supported bailing out Wall Street. In 2008, Gerlach voted in favor a bill that gave a historic rescue to the financial industry. The bill specifically allowed the Treasury Department to buy up to $700 billion in troubled assets, the largest government intervention in the financial market since the Great Depression. [CQ Today, 10/03/08]
Gerlach Opposed the TARP Reform and Accountability Act. In 2009, Gerlach voted against placing new strict requirements on banks and other financial institutions that accept government assistance under the Treasury Department's $700 billion financial rescue program. [HR 384, Vote #26, 1/21/09]
Gerlach opposed previous efforts to implement regulatory reform. In 2009, Gerlach voted against the Wall Street Reform and Consumer Protection Act, a bill that would overhaul federal regulations for the financial industry. It would establish a process for dissolving financial institutions that pose risks to the entire financial system and create a Consumer Financial Protection Agency to protect consumers from unsafe financial products. It would regulate the financial derivatives market, impose restrictions on credit rating firms, strengthen investor protections and require private capital investment advisers registration. The bill passed 223-202. [HR 4173, #968, 12/11/09].
Gerlach opposed efforts to cap executive compensation for bailed out companies. In 2009, Gerlach voted against a bill to bar any recipient of federal money from the $700 billion financial industry bailout from paying any compensation that is "unreasonable or excessive," as defined by standards to be set by federal banking regulators. The bill passed 247-171. [HR 1664, Vote #182, 4/01/09]
###
Over the course of his career, Gerlach has proven to be in the pocket of Wall Street special interests. He has repeatedly opposed plans to crack down on greedy CEOs on Wall Street and their reckless behavior that brought our economy to its knees, all while pocketing over $900,000 in campaign contributions from the industry.
"I understand that Jim Gerlach owes his friends on Wall Street $900,000 worth of favors, but it's time for Jim to start looking out for the banks accounts of his constituents instead his own campaign coffers," said Democratic candidate for the 6th district Manan Trivedi. "Our public servants need to stand up for the constituents they represent, not their special interest financiers. Jim Gerlach should finally stand up for Pennsylvanian families, who have already bailed out Wall Street one too many times, by supporting common sense reform to prevent future meltdowns," Trivedi concluded.
Manan Trivedi is the Democratic nominee for Congress in Pennsylvania's 6th Congressional District. He is a primary care physician, a former Lt. Commander in the U.S. Navy, and an Iraq War veteran from Berks County.
BACKGROUND:
Gerlach has received over $900,000 from finance and insurance industry special interests. The finance and insurance industries have been among Gerlach's top donors each election cycle since his first run in 2002. In that time he's received $907,303. [CQ Moneyline, accessed 5/25/10]
Geralch is now hiding his opposition to Wall Street reform. Gerlach is ducking questions about his upcoming vote on the final version of the regulatory reform legislation. [The Hill, 5/25/10]
Gerlach supported bailing out Wall Street. In 2008, Gerlach voted in favor a bill that gave a historic rescue to the financial industry. The bill specifically allowed the Treasury Department to buy up to $700 billion in troubled assets, the largest government intervention in the financial market since the Great Depression. [CQ Today, 10/03/08]
Gerlach Opposed the TARP Reform and Accountability Act. In 2009, Gerlach voted against placing new strict requirements on banks and other financial institutions that accept government assistance under the Treasury Department's $700 billion financial rescue program. [HR 384, Vote #26, 1/21/09]
Gerlach opposed previous efforts to implement regulatory reform. In 2009, Gerlach voted against the Wall Street Reform and Consumer Protection Act, a bill that would overhaul federal regulations for the financial industry. It would establish a process for dissolving financial institutions that pose risks to the entire financial system and create a Consumer Financial Protection Agency to protect consumers from unsafe financial products. It would regulate the financial derivatives market, impose restrictions on credit rating firms, strengthen investor protections and require private capital investment advisers registration. The bill passed 223-202. [HR 4173, #968, 12/11/09].
Gerlach opposed efforts to cap executive compensation for bailed out companies. In 2009, Gerlach voted against a bill to bar any recipient of federal money from the $700 billion financial industry bailout from paying any compensation that is "unreasonable or excessive," as defined by standards to be set by federal banking regulators. The bill passed 247-171. [HR 1664, Vote #182, 4/01/09]
