Rep. Lee Terry Continues to Side With Wall Street Over Main Street

After Supporting Wall Street Bailout, Terry Opposes New Law to Crack Down on Wall Street Abuse

Omaha, NE – Today’s cloture vote in the Senate on the Wall Street reform bill is another major step toward much-needed financial regulatory reform that Congressman Lee Terry has been working to derail. When given the opportunity to side with Nebraska taxpayers and community banks on Main Street or big banks on Wall Street, Lee Terry stood with Wall Street and opposed the Wall Street Reform and Consumer Protection Act.

“Congressman Terry has consistently chosen to side with Wall Street over Main Street,” said Tom White. “Since supporting the Wall Street bailout that was funded by taxpayer dollars, Lee Terry has doubled down in his support for Wall Street’s irresponsible behavior by voting against TARP reform, against limiting tax-payer funded bonuses at bailed out banks, and against comprehensive financial regulatory reform. It’s no wonder that Washington special interests and bailed-out banks continue to fund his campaign.”

BACKGROUND:
Supported the Wall Street Bailout. Congressman Terry voted for HR 1424, which created the Troubled Assets Relief Program (TARP).

Opposed Wall Street Reform. Terry voted against the Wall Street Reform and Consumer Protection Act. The bill passed 223-202. [HR 4173, Vote #968, 12/11/09]

Opposed the TARP Reform and Accountability Act. In 2009, Terry voted against placing new strict requirements on banks and other financial institutions that accept government assistance under the Treasury Department’s $700 billion financial rescue program. The House measure included requiring recipients of government money to prove they are using the money to increase lending to consumers and small businesses, limit the ability to use the money to finance mergers, and bar them from paying bonuses to top executives until the money is repaid. The bill passed 260-166. [HR 384, Vote #26, 1/21/09]

Opposed Holding Wall Street Accountable. Congressman Lee Terry voted against the Wall Street Reform and Consumer Protection Act (HR 4173), provides a new regulatory structure for the financial markets and will mitigate the risky practices of Wall Street that put our economy at risk [HR 4173, #968, 12/11/09].

Voted Against Bill to Cap Executive Compensation for Bailout Companies. Terry voted against barring any recipient of federal money from the $700 billion financial industry bailout from paying any compensation that is “unreasonable or excessive,” as defined by standards to be set by federal banking regulators. The bill passed 247-171. [HR 1664, Vote #182, 4/01/09]

Taken Contributions from Recipients of TARP Funds. Terry has received strong support from recipients of TARP funds, including Bank of America JPMorganChase, US BanCorp, and WellsFargo. [FEC records; http://bailout.propublica.org/main/list/index].

FOR IMMEDIATE RELEASE
Thursday, May 20, 2010