How Does Wall Street Show Its Love For Financial Reform? By Spending $1.4 Million Dollars A Day to Kill It

For Immediate Release

July 14, 2010

Washington, DC It seems that opponents of reform trying a Hail Mary pass to kill Wall Street reform. This morning Senate Minority Leader Mitch McConnell claimed big banks like Goldman Sachs are lining up behind legislation that would hold them accountable for 8 millions jobs lost.  Now it’s Senator Chuck Grassley’s turn with his outlandish claim that Wall Street wants this bill which is why he’s voting against it. It’s a convenient talking point – if only it were true.

Heather Booth, Director, Americans for Financial Reform: “$1.4 million dollars a day. That’s how much Wall Street has spent to kill this bill.  Goldman Sachs’s spending on lobbying is up 72% so far this year – no wonder when they are using those dollars to fight a bill that is likely to cost them billionsThe thousands of big bank lobbyists certainly didn’t flood the Hill to cheer on this reform that would prohibit banks from using their own money to place risky bets. And Wall Street front groups such as the American Bankers Association and the U.S. Chamber of Commerce definitely didn’t line up against it because it would benefit their big bank members. Similar bogus talking points haven’t worked to kill this critical reform and last minute attempts to discredit the bill won’t either.”