Ask the Tough Questions
It's time for Steve LaTourette to own up to his role in the financial meltdown that is wreaking havoc on Wall Street and has caused Ohio's foreclosure rate to skyrocket.
The Facts
1. Ohio is among the hardest hit by the mortgage crisis.
Foreclosures are up 395% since Steve LaTourette went to Congress in 1995.
(
Policy Matters Ohio)
2. LaTourette has voted for legislation most responsible for the financial meltdown.
a) In 1999 , he voted for H.R. 10, the Gramm-Leach-Billey Act, which deregulated the banking industry by allowing "financial service providers to merge with insurers," a move that has been cited as a crucial contributor to the current mortgage crisis. (
Roll Call 276) (
Banking Law Journal, May 2007)
b) In May 1998, LaTourette voted for the Financial Services Competition Act, which allowed banks to sell insurance and securities, a bill that passed by one vote. (Roll Call 151)
c) In April 2005, LaTourette voted to overhaul the
financial services industry once again, backing Bush's signature
bankruptcy reform law that made it much more difficult for individual
debtors to file for bankruptcy. (Roll Call 108)
3. LaTourette has received more than $1 million from individuals and PACs with finance/insurance/real estate ties. (OpenSecrets.org)
4. LaTourette didn't have time to hear from Northeast Ohioans hurt by the crisis.
He failed to make it back to the district in June 2008 for a congressional hearing on the subprime mortgage crisis attended by every other member of Northeast Ohio's delegation. (Plain Dealer)
5. Phil Gramm is one of LaTourette's biggest contributors.
Former Sen. Phil Gramm, the author of the devastating Gramm-Leach-Billey Act of 1999 and the McCain advisor who earlier this year said we had become a "nation of whiners" over the economy, is one of Steve LaTourette's biggest contributors. (OpenSecrets.org)
Sample Questions for Steve LaTourette
- When you voted for bills that deregulated the banking industry, was that a mistake?
- How can we expect you to fix this problem when you've taken more than $1 million from the industry responsible for it?
- Do you agree with Phil Gramm that our nation's economic woes are "mental" and that we're a "nation of whiners"? If not, will you give his money back?
- What was too important for you to make it to a hearing back in June where every other member of Northeast Ohio's congressional delegation heard from people affected by the subprime lending crisis?