Joe Sestak to Campaign with the Man He Blames for Exporting Jobs to China & Causing the Financial Crisis, AKA President Bill Clinton

Allentown – Congressman Joe Sestak will campaign today with the man most responsible for exporting jobs to China, causing the financial crisis, and cutting taxes for the wealthy . . .  President Bill Clinton.

For months, Congressman Sestak has attacked U.S. Senate candidate and former small business owner Pat Toomey for supporting some of the major legislative accomplishments of Joe Sestak’s former boss, Democratic President Bill Clinton.  And now, for the third time in this campaign, Congressman Sestak is campaigning with President Clinton in further proof that he will say anything and do anything to try to score political points.

“Tonight, Joe Sestak’s Olympic gold-medal hypocrisy will be on full display,” Toomey Communications Director Nachama Soloveichik said.  “Congressman Sestak repeatedly criticizes Pat Toomey for supporting bills that President Clinton advocated for and signed into law.  Now, he’s campaigning with President Clinton in a desperate attempt to stave off Pennsylvania’s rejection of his far-left extreme liberal policies.  Like a typical Washington politician, Joe Sestak will say or do just about anything when it’s in his own political interest.  Pennsylvanians have picked up on this and no amount of dog poop – no matter how cute the dog – will save his flailing campaign.”

Congressman Sestak has to answer a number of questions:

Does he believe President Clinton, who signed and pushed for major trade deals with China and other countries, is responsible for shipping thousands of American jobs overseas?

Does he believe President Clinton is responsible for the financial crisis since he not only signed Gramm-Leach-Bliley into law, but was a key backer of the legislation?

Does he believe President Clinton only cares about the wealthy since he signed legislation cutting the capital gains tax?

Does Congressman Sestak think it’s okay to say anything – even the most blatantly hypocritical charges – so long as it helps him politically?

Congressman Sestak repeatedly criticizes Pat Toomey for supporting some of President Clinton’s most bipartisan legislative achievements:

FACT: President Clinton guided permanent normal trade relations (PNTR) with China through Congress, signed the bill into law, and praised it as an engine for economic growth.

In a press conference with then-Chairman of the Federal Reserve Alan Greenspan, President Clinton said permanent normal trade relations with China “will enhance the march of liberty and law and human rights in China,” and argued that “economically the case is clear and compelling” (UPI, 5/18/00) (CNN, 5/18/00) (Video).

In a 2000 speech, President Clinton made the case for PNTR, arguing: “If you believe in a future of greater prosperity for the American people, you certainly should be for this agreement.  If you believe in a future of peace and security for Asia and the world, you should be for this agreement.  It’s a historic opportunity and a profound American responsibility” (DLC, 06/01/00).
In the House of Representatives, PNTR passed with the support of 164 Republicans and 73 Democrats (RC #228, 05/25/00).

In the Senate, the bill passed 83 – 15, with the support of Senators Biden, Boxer, Conrad, Daschle, Dodd, Dorgan, Durbin, Edwards, Feinstein, Kennedy, Kerry, Kohl, Lautenberg, Murray, Reed, Schumer, and Wyden (RC #251, 09/19/00).
FACT: President Clinton praised the passage of Gramm-Leach-Bliley and signed the bill into law.
President Clinton signed Gramm-Leach-Bliley into law on November 12, 1999 (GovTrak).

At the bill signing ceremony, President Clinton declared:  “This is a day we can celebrate as an American day . . . So what you see here, I think, is the most important recent example of our efforts here in Washington to maximize the possibilities of the new information-age global economy while preserving our responsibilities to protect ordinary citizens and to build one nation here . . . This will, first of all, save consumers billions of dollars a year through enhanced competition.  It will also protect the rights of consumers . . . This is a very good day for the United States” (C-SPAN, 11/12/99).

President Clinton has argued that Gramm-Leach-Bliley had nothing to do with the financial crisis, telling Business Week: “I have really thought about this a lot.  I don’t see that signing that bill had anything to do with the current crisis.  Indeed, one of the things that has helped stabilize the current situation as much as it has is the purchase of Merrill Lynch (MER) by Bank of America (BAC), which was much smoother than it would have been if I hadn’t signed that bill (Business Week, 09/24/08).

Gramm-Leach-Bliley passed the House 362-57 with 207 Republicans and 155 Democrats voting for it.  These included many Pennsylvania Democrats and very senior Democrats, including Reps. Joe Hoeffel (PA-13); Tim Holden (PA-06); Robert Borski (PA-03); John Murtha (PA-12); Franks Mascara (PA-20); Charlie Rangel (NY-15); Jim Clyburn (SC-06); and Minority Leader Dick Gephardt (MO-03) (RC #570, 11/04/99).

Gramm-Leach-Bliley passed the Senate 90-8, with 52 Republicans and 38 Democrats supporting it (RC #354, 11/04/99).
FACT: President Clinton signed a bill into law cutting the top capital gains tax rate from 28% to 20% in 1997.
Clinton signed the capital gains tax cut into law on August 5, 1997 (Thomas.Gov).