Schwartz, Dems Stress Importance of Wall Street Reforms
Rep. Allyson Schwartz Friday joined fellow Congressmen Paul Tonko (D-NY) and Barney Frank (D-MA) in highlighting the importance of the Wall St regulation Dodd-Frank implemented by the Obama Administration.
The Democratic National Committee scheduled the conference call on the eve of the four year anniversary of the collapse of Lehman Brothers, the financial firm with this country’s largest bankruptcy filing. The three representatives lauded President Obama’s work on Wall St regulations, citing them as a benefit to working middle class families and economic health.
“Middle class families experienced a very difficult time,” said Schwartz. “They lost their jobs, and their retirement savings. We set forward, under President Obama, this extraordinary work in making sure that we created a fair and transparent system of regulation, and a determination enforce those regulations to make sure that american inventors and consumers trust the financial markets in this country where, a moment, they couldn’t.”
The trio also sounded off on Mitt Romney and Paul Ryan for their promises to repeal Dodd-Frank, arguing that if it is repealed, the economy will move in the wrong direction
“This election presents americans with a clear choice,” said Tonko. Do voters want to continue with Obama, he asked, “or do we simply want to go back to the failures of the past with Governor Romney at the helm where Wall Street wrote its own rules at the expense of out middle class?”
Republican National Committee Spokesperson Ted Kwong said President Obama’s financial regulations are a burden, not a benefit.
“Instead of creating jobs, President Obama pushed for thousands of pages of burdensome new financial regulations that make it harder for small businesses to expand and create jobs,” he said. “Now four years later, Americans are still waiting for economic leadership from this president and are finding themselves worse off, with more debt, fewer jobs, lower wages and a shrinking middle class.”
“Governor Romney has the experience and leadership Americans need to strengthen the middle class and put our economy back on track.”
Schwartz has emerged as a vocal surrogate for the Obama campaign; she’s become a frequent feature in such conference calls.
Joe Rooney, the Republican challenger to Schwartz in PA-13, blasted her comments, calling them hypocritical.
“I think it’s hypocritical a day after she just voted to continue spending at these crazy insane levels that we’re spending at with these continuing resolutions and trillion dollar deficits, that the next day she has the temerity to talk about how concerned she is about middle class families when we’re bankrupting our country,” said Rooney.
“I think it takes an immense amount of chutzpah to stand up there and talk about how concerned she is about middle class families when we’re $16 trillion in debt and theres no end in site. The government is spending money that our kids haven’t even earned yet.”
Schwartz’s 13th district, which includes parts of Montgomery County and Philadelphia, has grown increasingly Democratic over the past decade and she’s a heavy favorite to win re-election.