DES MOINES, IA – 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, Iowa Democratic Party Chairman Michael Kiernan released the following statement:

“The GOP is again putting the interests of Wall Street over the needs of Main Street in this latest appeal to Wall Street for campaign contributions in exchange for a Republican promise to stop financial reform. Congressional Republicans never cease to amaze in reaching new lows.

“By essentially offering a quid pro quo to Wall Street bankers, Republicans have shown that their interest is not in helping everyday  Americans get back on their feet and ensure that those responsible for the latest financial crisis are held responsible.  Instead, Republicans are showing that they are willing to sell themselves to the highest bidder for political and economic gains.  Sadly, this is not the only instance of Republicans putting their interest before the American people.  Republicans have time and time again made overtures to the same individuals who nearly drove our economy over a cliff.  In December Republicans met in the cover of darkness with 100 banking lobbyist to figure the best way to block financial regulatory reform.

“However, Iowans are working hard to rebuild and provide for their families after the reckless policies of the last eight years and the reckless behavior in the financial industry – cheered on by a Republican Congress and the Bush Administration.  While President Obama and Iowa Democrats are fighting to clean-up the mess they inherited, Republicans are joining the very same people who created the worst economy in 70 years.   Iowans and the American people have every right to disgusted and appalled by Republicans behavior.”

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