NBC/WSJ POLL: 73% OF AMERICANS SAY NOT ENOUGH HAS BEEN DONE TO REGULATE WALL STREET – YET MARK KIRK DODGING QUESTIONS ON PROPOSED REFORMS

FLASHBACK: Kirk Voted Against Common Sense Financial Reform Late Last Year

Now, Kirk Mum On The President’s Proposals To Recoup Over $90 Billion Of Taxpayer Dollars And Rein In Big Banks


On the heels of a new NBC/Wall Street Journal poll showing that 73% of Americans say not enough has been done to regulate Wall Street, the Democratic Senatorial Campaign Committee today called again on two-faced Congressman Mark Kirk to take a position on the President’s plan to recoup over $90 billion of taxpayer dollars and rein in big banks, saying that Illinois voters deserve to know if Congressman Kirk stands with Wall Street or Main Street. Yesterday, the Wall Street Journal asked Kirk where he stands on the President’s plan but “a Kirk spokesman didn't respond to a request for comment.”

“Mark Kirk’s silence regarding the President’s proposed financial regulatory reforms says all you need to know about his candidacy,” said Kathleen Strand, Senior Advisor to the Democratic Senatorial Campaign Committee. “While the American people want their leaders to take tough action against Wall Street, Mark Kirk would rather make life easier for his corporate special interest campaign donors. A Washington-insider, Kirk is clearly out of touch with what struggling Illinois families need. Come November, he will be out of time."
The financial crisis responsibility fee would be levied on roughly 50 large banks with assets of $50 billion or more. The fee will raise approximately $90 billion over the next 10 years, which would be a major step forward towards re-paying American taxpayers who paid the bill for the bank bailouts in the first place. President Obama is also proposing other commonsense measures to limit the scope and size of big banks, which will help put an end to the risky practices that contributed significantly to the financial crisis in the first place.

Kirk voted against pro-consumer financial regulatory reform late last year, a commonsense jobs package which will provide thousands of good paying jobs for Illinois, and opposed President Obama’s stimulus package, which has already created and saved numerous jobs in Illinois. Kirk’s long record of placing Wall Street over Main Street is below.

KIRK HAS TAKEN MILLIONS OF DOLLARS FROM THE FINANCIAL SERVICES AND BANKING INDUSTRIES INDUSTIRES

Kirk Has Taken Over $2.5 Million from the Finance, Insurance and Real Estate Industries and Over $488K From Their PACs. According to the Center for Responsive Politics, Kirk has accepted $2,538,145 from the finance, insurance and real estate industry including $488,749 from their PACs. [Center for Responsive Politics, accessed 11/2/09]

<· Kirk Has Taken Over $850,000 From Securities & Investment Industry. According to the Center for Responsive Politics, Kirk has accepted $850,821 in campaign contributions from the securities and investment industry. [Center for Responsive Politics, accessed 11/2/09]

· Kirk Has Taken Over $195,000 From Banking Industry. According to the Center for Responsive Politics, Kirk has accepted $195,175 from the commercial banking industry. [Center for Responsive Politics, accessed 11/2/09]

· Kirk Has Taken Over $58,000 From Finance/Credit Companies. According to the Center for Responsive Politics, Kirk has accepted $58,300 in campaign contributions from the finance and credit industry. [Center for Responsive Politics, accessed 11/2/09]

KIRK SUPPORTED THE BAILOUT, OPPOSED OVERSIGHT

Kirk Supported Final Bank Bailout Bill. In 2008, Kirk voted for a bill that would give a historic rescue to the financial industry. The bill specifically would allow the Treasury Department to buy up to $700 billion in troubled assets, the largest government intervention in the financial market since the Great Depression. The measure was similar to a previous piece of legislation (HR 3997) but included significant restrictions on the Treasury program, including parceling out the money in installments, limiting executive compensation at participating firms and establishing a government insurance plan for asset-backed securities, paid for by financial institutions. The bill passed 263-171. [CQ Today, 10/03/08; Vote 681, 10/03/08]

· Kirk: Bailout Vote Was Essential for Voters’ Financial Future. When asked how he would defend his vote for the unpopular bank bailout, Kirk said that he would tell voters that the bailout was essential for their financial future. “I felt the retirement savings and the jobs for millions of Americans were at stake,” Kirk said. [Chicago Daily Herald, 10/4/08]

· Kirk Opposed the TARP Reform and Accountability Act. In 2009, Kirk voted against placing new strict requirements on banks and other financial institutions that accept government assistance under the Treasury Department’s $700 billion financial rescue program. The House measure included requiring recipients of government money to prove they are using the money to increase lending to consumers and small businesses, limit the ability to use the money to finance mergers, and bar them from paying bonuses to top executives until the money is repaid. The measure also would require the President to dedicate at least $40 billion to help distressed homeowners avoid foreclosure. Homeowners in part would be helped by the creation of a “safe harbor” that would protect loan servicers that modify troubled mortgages from lawsuits by investors in the mortgages. The reform also allowed for funds to be used to assist the domestic auto industry. The bill passed 260-166. [The Washington Post, 1/22/09; Vote 26, 1/21/09]

· Kirk Opposed Giving Shareholders a Say on Executive Pay. In 2009, Kirk voted against the Corporate and Financial Institution Compensation Fairness Act that gave shareholders a say on the pay of corporate executives. It did this by giving them a nonbinding vote on executive compensation plans and allowing federal regulators to restrict incentive-based compensation practices deemed to threaten the health of larger financial institutions. The measure also required a separate non-binding shareholder vote on any “golden parachute” packages for executives who leave a company in the event of a merger or acquisition. It also required the Securities and Exchange Commission to issue independence standards for compensating consultants which advise a company’s board of directors on executive pay. The bill passed 237-185. [CQ Today, 7/31/09; Vote 686, 7/31/09]

· Kirk Voted Against Capping Executive Compensation for Bailout Companies. In 2009, Kirk voted against a bill to bar any recipient of federal money from the $700 billion financial industry bailout from paying any compensation that is “unreasonable or excessive,” as defined by standards to be set by federal banking regulators. The restrictions would be lifted once a company had repaid the government. This was one of the bills that came from the outrage over AIG bonuses. The bill passed 247-171. [CQ Today, 4/01/09; Vote 182, 4/01/09]