Rep. Gerlach sides with Wall Street against hard-working Pennsylvanians
MEDIA RELEASE
6.30.2010
Ed Niles, Campaign Manager
610-286-4846
ELVERSON, Pa - The following is a statement by the Democratic candidate for Pennsylvania's 6th congressional district, Manan Trivedi, in response to Rep. Jim Gerlach's vote to allow Wall Street to continue to conduct their reckless business practices.
"After my father had his pension raided by the company he worked so hard for, he decided to own and operate a small business in Pottstown in order to provide for his family. I saw firsthand how much my dad struggled as a small business owner to keep the doors open. Well Jim, I know you claim to be an advocate for small businesses owners, but when you voted against financial reform today, you were really advocating for the banks and credit card companies ability to charge these same small business owners excessive fees with no limits, and that would just crush our local economy.
"But the devastation from your 'NO' vote on financial reform wouldn't have stopped there. You also tried to hurt consumers by voting against us being allowed to create a policing agency on Wall Street. The Consumer Financial Protection Bureau will be the cops who make sure consumer lending is fair and they will go after those firms who engage in predatory practices.
"Jim, what you did today was attempt to punish both consumers and small business owners ... all in just one vote, and all because you wanted to protect the high finance special interests who have been funding your elections for over 20 years. Having grown up serving this community, I know the difference between what works for my friends and neighbors, as opposed to someone like you, Jim, who is working for the special interests which have kept you safely employed in the old ways of Washington politics."
BACKGROUND:
1) Swipe Fees in the Financial Reform bill: http://ow.ly/25pZC
2) Center for Responsible Lending on Consumer Financial Protection Agency:
http://www.responsiblelending.org/mortgage-lending/policy-legislation/regulators/consumer-financial-protection-agency.html
3) Jim Gerlach Received Nearly $1 Million from Finance and Insurance 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 nearly $1 million from that sector.
[CQ Moneyline, accessed 5/25/10]
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"After my father had his pension raided by the company he worked so hard for, he decided to own and operate a small business in Pottstown in order to provide for his family. I saw firsthand how much my dad struggled as a small business owner to keep the doors open. Well Jim, I know you claim to be an advocate for small businesses owners, but when you voted against financial reform today, you were really advocating for the banks and credit card companies ability to charge these same small business owners excessive fees with no limits, and that would just crush our local economy.
"But the devastation from your 'NO' vote on financial reform wouldn't have stopped there. You also tried to hurt consumers by voting against us being allowed to create a policing agency on Wall Street. The Consumer Financial Protection Bureau will be the cops who make sure consumer lending is fair and they will go after those firms who engage in predatory practices.
"Jim, what you did today was attempt to punish both consumers and small business owners ... all in just one vote, and all because you wanted to protect the high finance special interests who have been funding your elections for over 20 years. Having grown up serving this community, I know the difference between what works for my friends and neighbors, as opposed to someone like you, Jim, who is working for the special interests which have kept you safely employed in the old ways of Washington politics."
BACKGROUND:
1) Swipe Fees in the Financial Reform bill: http://ow.ly/25pZC
2) Center for Responsible Lending on Consumer Financial Protection Agency:
http://www.responsiblelending.org/mortgage-lending/policy-legislation/regulators/consumer-financial-protection-agency.html
3) Jim Gerlach Received Nearly $1 Million from Finance and Insurance 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 nearly $1 million from that sector.
| Election Cycle | Amount from Finance & Insurance |
| 2001-2002 | $76,950 |
| 2003-2004 | $139,171 |
| 2005-2006 | $318,808 |
| 2007-2008 | $261,474 |
| 2009-2010 | $110,900 |
| TOTAL | $907,303 |
[CQ Moneyline, accessed 5/25/10]
