Jonathan Kantrowitz

Following news reports this morning that Republicans are seeking to raise money from Wall Street and the banking lobby using the pitch that they will stymie financial regulatory reform and protect banks from the type of oversight that could prevent another financial collapse, DNC Chairman Tim Kaine released the following statement:

“The GOP’s brazen appeal to Wall Street for campaign contributions in exchange for Republicans’ vow to block financial reform is a new low for Congressional Republicans who’ve already seen their brand deteriorate over the last year as a result of their continued insistence at putting the interests of Wall Street over the needs of Main Street.

“John Boehner’s efforts to cut a deal with Wall Street in exchange for carrying their water in Congress demonstrates what we’ve said all along – that the GOP’s interests extend to no one other than themselves and their special interest friends and they will stop at nothing to win in November. And, this is far from an isolated incident. We’ve seen the GOP grow increasingly dependent on their relationship with the very same people who sent this economy into a tailspin and decimated bank accounts and balance sheets for families and businesses across this country. Less than two months ago, Republicans met behind closed doors with 100 banking lobbyists to strategize how best to block financial regulatory reform and now Republicans are delivering the bill for services rendered.

“But, the real people paying the price for this quid pro quo between Republicans and Wall Street are the main street Americans who are trying desperately to rebuild after eight years of reckless behavior in the financial industry – cheered on by a Republican Congress and the Bush Administration. While the President and Democrats are fighting for them, Republicans are teaming up with the very people whose reckless behavior nearly toppled our economy. The American people have every right to be disgusted by this activity by Republicans.”