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Wall Street Rewards Pat Toomey For Standing With Billionaires Over Pennsylvania Families

On Monday, Wall Street billionaires and hedge fund GOP mega-donor Paul Singer hosted a fundraiser for Pat Toomey to reward their favorite Senator for his long record of standing with them instead of Pennsylvania families.

Singer, whose company and industry are among Toomey’s top donors, was an outspoken opponent of Wall Street Reform, and it’s no coincidence that Pat Toomey has in turn supported repealing Wall Street Reform and led the charge on attacking the Consumer Financial Protection Bureau, a critical piece of the Wall Street reform effort.

“There’s no doubt about it, Pat Toomey prioritizes the wishes of his hedge fund billionaire friends over the needs of Pennsylvania families every single time and Wall Street is rewarding him,” said Sadie Weiner, DSCC National Press Secretary. “Despite the fact that the Consumer Financial Protection Bureau has heard from thousands of Pennsylvanians who need an advocate, Pat Toomey is still on the attack against it. All one has to do is follow the money to see that Pat Toomey is only cares about who has the most to offer his re-election campaign, and Pennsylvanians deserve better.”

BACKGROUND

Washington Post’s PowerPost: “Hedge Fund Billionaire And GOP Donor Paul Singer” Co-Hosted A New York City Fundraiser For Toomey. “Hedge fund billionaire and GOP donor Paul Singer is co-hosting a roundtable luncheon fundraiser today for Sens. Richard Burr (R-N.C.),Ron Johnson (R-Wisc.), Mark Kirk (R-Ill.), Rob Portman (R-Ohio) and Pat Toomey (R-Penn.) in New York. Co-hosted by Daniel Loeb, Todd Ricketts and Chuck Schwab (Contribution information: up to $5,400 per candidate).” [Washington Post, PowerPost, 6/15/15]

SECURITIES & INVESTMENT INDUSTRY WAS TOOMEY’S TOP CAMPAIGN CONTRIBUTOR

The Securities & Investment Industry Was The Top Contributing Industry To Toomey Over His Federal Career With Nearly $2 Million In Campaign Contributions. According to the Center for Responsive Politics, the “Securities & Investment” industry was the top contributing industry to Toomey over his career as a Federal candidate. The industry has contributed $1,885,171 to his campaigns. [Center for Responsive Politics, Accessed 6/16/15]

HEDGE FUND COMPANY HEADED BY ANTI-WALL STREET REFORM EXECUTIVE WAS A TOP TOOMEY CONTRIBUTOR

Hedge Fund Company Elliott Management Was The Third-Biggest Donor To Toomey Over His Federal Career With More Than $115k In Contributions. According to the Center for Responsive Politics, Toomey had received $115,438 from Elliott Management over his career as a federal candidate. Only two other entities had contributed more to Toomey over his Federal career. [Center for Responsive Politics, Accessed 6/16/15]

  • Toomey Accepted More Than $3,000 Directly From Paul Singer, Head Of Elliot Management. According to the Center for Responsive Politics, Toomey accepted a total of $3,142 from Paul Singer in 2010. [Center for Responsive Politics, Accessed 3/29/15]

Washington Post’s The Fix: Singer Was “A Vocal Opponent” Of Wall Street Reform. “Soon after Congress passed the Dodd-Frank bill — of which he is a vocal opponent — in 2010, he held a fundraiser at his house in Central Park West for seven senate candidates who had opposed the legislation.’” [Washington Post, The Fix 4/4/14]

TOOMEY INTRODUCED & VOTED FOR “A WALL STREET SUPPORTED AMENDMENT ATTACKING” THE CONSUMER FINANCIAL PROTECTION BUREAU AND SUPPORTED REPEALING WALL STREET REFORM

Huffington Post: Toomey Introduced And “Pushed Through A Wall Street-Supported Amendment Attacking The Consumer Financial Protection Bureau” Which Would Let Republicans “Slash The Bureau’s Funding.” “In just their first legislative session since taking control of the Senate, Republicans on the Budget Committee pushed through a Wall Street-supported amendment attacking the Consumer Financial Protection Bureau. The amendment, offered by Sens. David Perdue (R-Ga.) and Pat Toomey (R-Pa.), is a resolution to move the CFPB’s funding away from the Federal Reserve and put it under the direct control of Congress through the appropriations process. This would not only give Republicans an opportunity to slash the bureau’s funding, but to leverage its budgeting control to pressure the agency against cracking down on lenders.  […] Three of the Republicans who voted for the bill are up for re-election in 2016 in swing states, including Toomey and Sens. Kelly Ayotte (R-N.H.) and Rob Portman (R-Ohio).” [Huffington Post, 3/20/15]

The Consumer Financial Protection Bureau Had Received Nearly 15,000 Consumer Complaints From Pennsylvania Since December 2011. According to data from the Consumer Financial Protection Bureau, the agency had received 14,481 consumer complaints from Pennsylvania since 2011. [Consumer Financial Protection Bureau, Consumer Complaint Database, Accessed 6/16/15]

Toomey Said Wall Street Reform Should “Absolutely” Be Repealed. RCP: “Do you think Dodd-Frank ought to be repealed?” Toomey: “Yes, absolutely. I think Dodd-Frank actually probably increases the risk of failure of the large financial institutions. I think it’s enormously expensive and complicated.” [Real Clear Politics, 6/23/11]

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