"First they ignore you, then they ridicule you, then they fight you, then you win." -- Mahatma Gandhi

Sen. Kit Bond: “The Senate Financial Rescue Bill Includes a Host of Taxpayer Protections”

October 6th, 2008 by mopns · No Comments

By Senator Kit Bond

Wednesday, I joined 73 of my colleagues in the Senate in passing a bill to protect workers and families in my home state of Missouri and across the nation. Our action was critical to keep the financial crisis from spreading from Wall Street to Main Street.

I have heard from folks in Missouri who are angry about this financial emergency. I share their anger over having to use tax dollars to address this crisis. But, I also know the cost of inaction – a severe recession that puts all families and workers in jeopardy. We are already seeing the impact of the credit crunch on Main Street America. Small businesses are unable to get funding to meet payroll, States and localities are struggling to obtain financing for critical road and building projects, senior citizens are seeing their retirement savings fall in value, and students cannot obtain loans for tuition. Read more…

Related:

The St. Louis Post Dispatch brought you this story last Saturday: Bond tried to oust regulator during Fannie Mae probe.

Readers of the Missouri Political News Service were aware of this development almost a month ago when we brought you this excerpt from another blog:

MOPNS (9/11/08)

Slade Smith’s Blog: Fannie & Freddie: let the fingerpointing begin!

Fannie Mae tried to steamroll its underpowered regulator all along the way. At one point, Fannie Mae instigated a retailatory HUD investigation against the OFHEO regulators who were looking into their accounting fraud in order to undermine the credibility of the regulator. They had one of their lobbyists draft a letter for Sen. Christopher “Kit” Bond (R-Mo) to send to HUD and request the investigation. Bond sent the letter on to HUD under his own name, made public statements directed at getting the lead regulator sacked, and was rewarded for his efforts with tidy campaign contributions from Mr. Raines and other Fannie Mae execs. Read more…

Investers Business Daily: Freddie, Fannie Were Big Campaign Donors

Fannie Mae (FNM) and Freddie Mac (FRE) may not have managed their mortgage investments wisely, but the loan-funding giants used a savvy strategy of campaign contributions, based on an Investor’s Business Daily analysis

Senators on a key appropriations panel received $167,000, with Sen. Kit Bond, R-Mo., reaping $64,000.

“We raise all the money we are permitted . . . so that we can get our message out and so our candidates can compete with all the funds raised by the opposition,” read a statement by Bond’s office. Read more…

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Tags: Senator. Kit Bond

0 responses so far ↓

  • 1 Jesse // Oct 7, 2008 at 2:01 pm

    Bond must have slept through the Congressional hearings today where it was revealed that the CEO of AIG made $23 million off taxpayers.

    The company also splurged on a “retreat” for employees that cost well in to six figures at a resort in California.

    Good job protecting us little guys Kit.

    Can I start sending you my Ameren bills from now on?

  • 2 Homer Simpson // Oct 7, 2008 at 3:31 pm

    From PrimeBuzz

    The Center for Responsive Politics has compiled a list of campaign contributions from Fannie Mae and Freddie Mac from 1989 to 2008.

    Here’s how the locals did (figures include donations from PACs related to Fannie/Freddie and their employees):

    Sen. Kit Bond $95,400

    Rep. Dennis Moore $26,550

    Sen. Pat Roberts $18,000

    Sen. Sam Brownback $17,300

    Rep. Lacy Clay $10,250

    Rep. Emanuel Cleaver $7,000

    Rep. Todd Tiahrt $6,500

    Sen. Claire McCaskill $2,500

    Rep. Jerry Moran $2,000

    Rep. Kenny Hulshof $1,700

    Rep. Russ Carnahan $1,250

    Rep. Sam Graves $1,000

    Rep. Ike Skelton $500

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