Crapo makes financial reform plan a campaign issue (video)

Crapo makes financial reform plan a campaign issue (video)

by
Idaho Freedom Foundation staff
August 4, 2010
Idaho Freedom Foundation staff
Author Image
August 4, 2010

Idaho Sen. Mike Crapo was a vocal opponent of the financial regulatory reform plan when it passed through Congress, and is now using the legislation as a campaign issue.  However, his Democratic opponent in the November election, Tom Sullivan, says contributions from Wall Street firms could have influenced his “no” vote on the new law.

President Barack Obama signed the overhaul of the financial sector last month after being approved by Congress.  It creates a new consumer protection bureau within the Federal Reserve, and would allow the government to break up and liquidate large insolvent banks and financial institutions.

“This bill will make America less competitive globally, slow down our economic recovery, shackle our small businesses, and drive up unemployment,” Crapo said in a video on his campaign website, shown below.

Crapo voiced his opposition to the plan alongside Gov. Butch Otter in May in Boise.

Sullivan, from Tetonia, said that Crapo’s no vote may have stemmed from the more than $300,000 he’s received from investment and securities companies since he was re-elected in 2004.  “It is unbelievable that Senator Crapo would oppose cracking down on Wall Street investment banks on the one hand while taking their money with the other,” Sullivan said on his campaign website.

Sullivan singled out the $20,500 that Goldman Sachs has contributed to Crapo’s campaign, according to OpenSecrets.org.  The company is Crapo’s third-largest contributor.  “Goldman Sachs helped wreck the economy,” Sullivan said.  “Now is the time for solutions; not being buddy-buddy with those who caused the problem.”

Crapo serves on the three Senate committees dealing with banking, finance, and the budget, which could explain the contributions from Goldman Sachs and other financial institutions and banks.

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