NEW: Warren Says Brown Part of ‘Guerilla War’ on Financial Reform
Monday, June 04, 2012
"Scott Brown is trying to make it easier for the big banks to keep hammering consumers when we ought to be figuring out how to take away the hammer and protect consumers,” Warren said in a prepared statement. “Scott Brown is part of the guerrilla war that’s undermining financial reform and weakening critical protections for consumers. We ought to be holding these big banks accountable, not letting them off the hook.”
Warren’s fiery comments came on the heels of a Boston Globe report that Brown has worked to shield banks from the Wall Street overhaul implemented after the financial meltdown that devastated the U.S. economy. Brown has touted his vote in favor of the bill, but the Globe article, citing e-mails it obtained, said Brown has done everything he can since voting for the bill to undermine it.
Specifically, according to the Globe, Brown staffers were in repeated contact with the Department of Treasury and that that Brown’s legislative director urged the department to weaken the so-called Dodd-Frank financial reform – and particularly the Volcker Rule. The Volcker Rule was recently in the news following a loss of $3 billion or more posted by traders at J.P. Morgan. It deepened concern that the Volcker Rule is too weak to rein in the biggest Wall Street banks.
“First he used his vote to water down the rules and save big banks $19 billion,” said Warren. “Then, after the bill passed, Scott Brown went behind the scenes to shield the banks from the provisions of this critical law. Now, he’s boasting in his television ad about getting the bill passed. The facts and the record are clear. He is on the side of Wall Street and the big banks, not the middle class families of Massachusetts.”
Senator Scott Brown's spokesman Felix Browne said, "Given her proven record of distorting the facts and making things up to serve her purposes, it’s not surprising that Elizabeth Warren is now misrepresenting Scott Brown’s key role as the tie-breaking vote in passing Wall Street reform, a bill she called the ‘strongest set of reforms in three generations.’ As he has always done, Senator Brown worked on a bipartisan basis to protect jobs at home, including well-known Massachusetts companies like Mass Mutual and State Street that had nothing to do with the financial crisis."
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Comments:
Edward Saucier
5:28pm on Monday, June 04, 2012
Liz Warren is absolutely correct with her statements of fact. Scott Browns spokesman on the other hand is extremely confused with his misstatements of facts. He has them backasswards as the saying goes. The remarks are also referred to in the game as republicanspeak aka down right lies. For those who didn't get that - republicans are famous for saying democrats are doing what they (the republicans) actually do.
There's nothing new there. Republicans have always been against the people who aren't rich. They fought tooth and nail against FDR's New Deal and LBJ's Great Society legislation. All that stuff encompassed Social Security, workers rights, civil rights, Medicare & Medicaid, the GI bill, environmental protection, aid to education and social welfare laws to bring people out of poverty and other things that made this country great. And they're still trying to scuttle them. Republicans are long on contempt and short on decency for those who aren't rich.
Now it's Harvey's turn to enlighten us. HooRah!