Campaign 2010

Dec 10, 2010

Fox is in the Henhouse: Republicans Appoint Banking Lobbyist Steve Stivers to Oversee… Banks

Career Banking Lobbyist Steve Stivers (R-OH-15), who received $225,750 from Wall Street interests in his campaigns, is the latest appointee to the House Financial Services Committee which oversees Wall Street. Former Bank One Lobbyist Steve Stivers supported the 2008 bailout and opposed reform and regulation of Wall Street.  Congress recently passed major reform of Wall Street to end bailouts and protect consumers from another Wall Street meltdown, but House Republicans have pledged to undo those reforms.

"Banking lobbyist Steve Stivers has made a career out of protecting Wall Street’s recklessness and greed, and now House Republicans want him to put this special interest expertise to work for them," said Ryan Rudominer of the Democratic Congressional Campaign Committee.  "House Republicans have made clear they want to give the keys to our economy back to Wall Street Bankers and CEOs to keep their big bailouts and high-paid bonuses for years to come. Now, they’ve taken their first step by appointing a career banking lobbyist, whose campaign for Congress was fueled by Wall Street special interest money, to oversee Wall Street. When it comes to defending the middle class from the abuses of Wall Street, the fox is now guarding the henhouse."

Earlier in the week, House Republicans sparked a national controversy by appointing Representative Hal Rogers, known by his hometown newspaper as the "Prince of Pork," to Chair the Appropriations Committee.

Background

Republican Steve Stivers’ campaigns have received $167,700 from Commercial Banks and $58,050 from Securities and Investment firms. [www.opensecrets.org]

Former Lobbyist for Banking Industry. Stivers worked as a paid Ohio lobbyist for Bank One (now part of JPMorgan Chase & Co.) from 1996 to 2002. [Associated Press, 11/05/07]

Stivers Would Have Voted for Bailout in 2008. “He maintained today that he would have voted for the bailout, but would have wanted to ask tough questions of U.S. Department of Treasury officials.”  [Columbus Dispatch, 10/20/08]

Stivers Opposed House Financial Reform Bill. In May 2010, USA Today reported that Stivers believed that the financial reform bill being considered in the House at the time “kills jobs.” [USA Today, 5/06/10]

Stivers Fundraised with Financial Services Lobbyists During Financial Reform Bill Conference Committee. In July 2010, The Hill reported that a fundraiser was being held in Stivers’ honor by the Financial Services Roundtable. Now-Chairman of the Financial Services Committee Rep. Spencer Bachus circulated the fundraising invitation while a conference committee was finalizing the financial reform bill. [The Hill, 7/20/10]

House Republicans Huddle With Lobbyists to Kill Financial Reform Bill. [Roll Call, 12/8/09]