Mitch McConnell

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Mitch McConnell Sides with Wall Street

Pat Garofalo at ThinkProgress notes that Sen. Mitch McConnell (R-Ky.) said today that anything Congress could do to slow down the implementation of Wall Street regulations passed in the wake of the economic collapse, “the better America will be.”

America won't be better off with delays, but I bet his campaign account will be by working to delay these regulations.

According to the Center for Responsive Politics:

Check Out Our Work This Week!

Public Campaign and Public Campaign Action Fund were hard at work this week putting out a variety of memos, statements, and reports. Here's a round up of our recent work:

50 Senators side with Big Oil (and its campaign cash)

U.S.

Sen. McConnell's History of Opposition

Today, the U.S. House passed legislation to repeal the presidential financing system. As we noted this morning—it was a pure political stunt, further pushing our elections into the hands of an elite class of wealthy donors.

Sen. Cornyn raising money tomorrow - the day of financial industry vote

Tomorrow, Sen. Jeff Cornyn is scheduled to attend, "Margaritas and Mariachi," a National Republican Senatorial Committee (NRSC) fundraiser—the same day we might see a cloture vote on the financial overhaul legislation.

 

Also this week, Sen. Bob Menendez will continue to push his legislation to increase the economic liablility caps for companies like BP from $75 million to $10 billion.

 

Sen. McConnell takes financial industry cash, opposes financial industry reform

ThinkProgress.org reports that this morning Sen. Mitch McConnell (R-Ky.) took to the Senate floor to announce his opposition to financial reform legislation. Sen. McConnell’s speech comes just one day after Fox News reported that Sen. McConnell held a private meeting last week with leading Wall Street executives and hedge fund managers. Also at the meeting was Sen.

Big Money Mitch Uses Clout for Economic Development… in Armenia. Why?

Faced with a deteriorating economy, a broken health care system, and two wars overseas, Kentuckians expect representation that is focused first and foremost on this country’s problems. So why has Sen. Mitch McConnell spending so much of his time focused on the economic problems in Armenia?

Big Money Mitch was “Thuggish”

Mitch McConnell has a history of siding with big business over the interests of his constituents. But as an incident from 1999 illustrates, this isn’t a consequence of McConnell’s ideology, but rather of his relentless pursuit of campaign money. As this case shows, loyalty to McConnell is defined by a willingness of a business executive to write him a check, and if you who resist – even if you’re a powerful business leader – you get shut out.

Mitch McConnell and the Minimum Wage

From the 1997 until 2007, the federal minimum wage remained at $5.15, even as gas, grocery and other bills escalated[1] . The inflationary pressures were particularly hard on the 1,148,000 Kentuckians who, according to the most recent government data, earn the bare minimum.[2]  This was the longest period the wage did not increase since its inception in 1938.[3]  It should be noted that during that time the salary for U.S. senators increased nearly 24 percent.[4]

Big Money Mitch, Credit Cards, and Banking

Amid a deepening financial crisis, Americans have seen Wall Street get a bailout while they continue to struggle financially with high mortgage payments and mounting credit card debt. Kentucky, as of the fourth quarter of 2007, had the seventh-highest bankruptcy rate in the nation and had seen the rate of personal bankruptcies rise 85.4 percent since the first quarter of 2006.[1]  As of August, mortgage foreclosures in the state were up 37 percent over a year prior.[2]