GOP Pledges to Repeal Wall Street Reform – Will Toomey Sign on to Their Plan?

Same Day as He Hosts Fundraiser for Toomey, NRSC Chair John Cornyn Predicts GOP Will “Pretty Quickly” Introduce Bill to Repeal Wall Street Reform

MEDIA, Pa. – On the same day that he hosted a Washington fundraiser for Congressman Toomey, Senator John Cornyn, the head of the National Republican Senatorial Committee, pledged that if his party wins control of the Senate, they will introduce a bill “pretty quickly” to repeal the new Wall Street reform law. Even after the financial meltdown, Congressman Toomey opposed the reform bill and called for more deregulation of Wall Street. Will Congressman Toomey signed on the Republican plan for repeal? Or does Toomey plan to take their money and run? 

“Congressman Toomey has opposed Wall Street reform from the very beginning. He helped craft the laws that led to risky gambling on Wall Street, and even after trillions have been lost from retirement savings, wants more of the same,” said Sestak spokesman Jonathon Dworkin. “Pennsylvanians deserve to know if Congressman Toomey plans to join his Washington financiers in calling for a repeal of the Wall Street reform law. Will Toomey continue to serve Wall Street, the Republican establishment and the special interests, or will he choose to stand on the side of Pennsylvania’s working families?”

The reform bill signed into law in July will hold banks and financial firms accountable, strengthen consumer protections, and end taxpayer-funded Wall Street bailouts. The bill, which was opposed by Wall Street, will put in place commonsense measures to protect taxpayers and consumers against unfair financial practices.

Congressman Toomey helped craft the legislation that broke down the wall between commercial banks and investment firms, allowing commercial banks – where the majority of Americans go to protect their savings – to engage in risky activities previously limited to investment banks. [HR 10 Gramm-Leach-Bliley/Financial Services Modernization Act, enacted 11/12/99; House of Representatives Biography, U.S. Representative Patrick J. Toomey]

While in Congress, Toomey also voted for legislation that deregulated derivative trading and allowed Wall Street firms to increase the kind of risk-taking that led to the economic crisis. [Commodities Futures Modernization Act, HR 4541, House Vote 540, 10/19/2000; Bloomberg, 11/13/08]

At the peak of the financial crisis, individual retirement accounts lost half their value. [NPR, 3/2/2010] According to the Congressional Budget Office, the stock market turmoil wiped out as much as $2 trillion in retirement savings. [U.S. News & World Report, 10/8/2008]