Monday, October 06, 2008

Scott Garrett: on the wrong side of the financial crisis.

Back in April, Scott Garrett lamented the end of deregulation:
“It’s disconcerting to see the end of deregulation, more so because it’s coming from our own administration,” said Rep. Scott Garrett (R-N.J.), a member of the Republican Study Committee, a panel of about 100 House conservatives. “As conservatives, we need to get our Republican, conservative brand back. … I can tell you we’re not going to get that brand back by embracing Democratic economic regulations.”


Not only is this in line with Garrett’s so-called “free market” approach which has resulted in predatory lending practices and the massive tax breaks for corporate America at the expense of the middle class, but is also in line with his campaign pledge in 2002 when he talked about deregulation being the answer to help businesses.



Make no mistake – Scott Garrett’s views on business are not taxpayer friendly (as evidenced by his very own stimulus plan that was entirely business tax breaks and his earlier votes on a bill regarding Fannie Mae and Freddie Mac).



But let’s look a bit deeper into Garrett’s actions when they directly related to companies like Fannie Mae, Freddie Mac, Countrywide Insurance and Washington Mutual.



Garrett is on the House Financial Services Committee, and is therefore in a direct position to help taxpayers when it comes to the financial crisis. Yet, his votes have been on the side of the same corporate entities that have donated over $800,000 to Garrett over the years, including Countrywide and AIG.



His Chief of Staff, Amy Smith has longstanding ties to lobbying for the financial industry, including almost $400,000 in lobbying fees paid to her firm by disgraced mortgage giant Countrywide Financial over a 2 year period



A new ad was released by Dennis Shulman’s campaign that hits Garrett hard on his conflict of interest and cluelessness when it comes to the problems in the financial services industry. In a press release earlier today, Shulman said the following:

"Scott Garrett has been one of Washington's greatest advocates for deregulation while scooping up enormous amounts of campaign cash from predatory lenders seeking to avoid reasonable regulation," said Dennis Shulman, the Democratic nominee in New Jersey's Fifth Congressional District. "Scott Garrett has literally entrusted his taxpayer-funded office to a former lobbyist for one of his major donors, Countrywide Financial, while arguing that it is `disconcerting to see the end of deregulation.' I believe it is disconcerting to see a member of Congress continue to embrace the agenda of the corrupt predatory lenders who created the financial crisis that has destabilized the entire economy."



"Garrett consistently plays the corrupt Washington DC special interest game, building his campaign war chest by courting the special interests that he is supposed to be regulating. I have made a solemn pledge to refuse campaign contributions from any corporation I would oversee in Congress."



Let’s help Dennis send Scott back to NJ-5 for good. Here is where you can donate.

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