To Mark Kirk, Wall Street Reform is No Match for Wall Street Cash

Press Release

With a critical Wall Street reform vote today in the United States Senate, Illinois Treasurer and Democratic nominee for Senate Alexi Giannoulias is challenging his opponent, Republican Congressman Mark Kirk, to explain why he has voted against the bipartisan bill. According to Giannoulias, Congressman Kirk's rationale for voting against the bill is simply an excuse that masks the real reason he voted against reform: he is bought and paid for by corporate special interests, and votes their way every time.

"Our country is only beginning to emerge from the greatest economic crisis since the Great Depression - recovery has been slow, too slow for many who can't find work," Giannoulias said. "And yet for many of the architects of this mess, including Congressman Mark Kirk, it as though nothing ever happened. This was clear last month when he voted against the commonsense, bipartisan Wall Street reform that is days away from going to the President's desk for his signature."

The bill addresses many of the root causes of the financial crisis, particularly the unregulated and opaque derivatives market. It also limits the types of risky behavior that firms can engage in; increases capital reserve requirements so that firms are better leveraged and less likely to take on risky bets; establishes a consumer protection bureau to end the deceptive practices of some mortgage lenders and credit card companies; and sets up a much-needed council of regulators to pinpoint problems in the financial system and intercede before the entire economy is threatened.

"This bipartisan legislation is needed to rein in corporate CEO bonuses, protect consumers and prevent another bailout from happening again, but for some reason Congressman Kirk feels differently." Giannoulias said. "Congressman Kirk offers excuses for why he voted against this historic piece of legislation when in reality the real reason is he is bought and paid for by corporate special interests."

Over the course of his career, Congressman Kirk has taken over $1.5 million from Wall Street, with more than half of that coming since he announced his run for Senate one year ago. This is by far his largest source of contributions.

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