The problem with switching parties after 29 years is that all those votes come back to haunt you and Joe Sestak is hanging Arlen Specter with his Republican voting record in the U.S. Senate. Darlin’ Arlen was Snarlin’ Arlen towards Democratic legislation before switching parties a year ago today. The Republican alliance with Wall Street versus Main Street is nothing new and Specter voted for the laws which aided in deregulating the financial industry and which crashed our economy:
“As we emerge from the brink of economic collapse, we must restore the market safeguards that were dismantled as Arlen Specter supported the failure of oversight, accountability and transparency that permitted the Wall Street excesses that led us into this crisis.
“Now, with the Senate unable to repair the damage done by Specter and his Republican colleagues, the Senator is doing everything he can to divert attention from his record of:
* Voting to remove important safeguards, such as the Glass-Steagall Act, which would have protected Americans’ savings from financial collapse by maintaining a wall between investment and consumer banks.
* Casting a critical vote to pass the Enron Loophole and to exclude derivatives from regulatory oversight. [HR 4577, 6/30/00]
* Voting against “cramdowns,” stripping a key provision from the Helping Families Save Their Homes Act that would have saved homes by empowering bankruptcy judges to reduce principal and interest rates for homeowners in bankruptcy [SAMDT 1014, 04/30/09]
* Having, under his watch, Philadelphia lose employment to the point that the city now has fewer jobs than any other time in modern history.
“Arlen’s former Republican colleagues are now busy filibustering this necessary financial reform bill, and he is doing absolutely nothing to stop this. That is why today I am urging Arlen Specter to call on his colleagues to support this common sense financial reform to protect the savings of hardworking Americans.”
Congressman Sestak will note the anniversary of Specter’s big switch tonight in Washington with what he calls “a major speech.” He intends to illustrate how his life and values shaped his political ideology as compared with the way the incumbent’s political opportunism shaped his. Former White House National Security Council adviser Richard Clarke will introduce the Congressman.