Tuesday, July 22, 2008

Consumers Would Lose With Stivers

Republican candidate for Congress, Steve Stivers, a former bank lobbyist, has received thousands of dollars of campaign contributions from banks and financial institutions.

Open Secrets (The Center for Responsive Politics)
has this information on Stivers:

ContributorTotal
American Electric Power$36,100
Limited Brands$23,000
Every Republican is Crucial PAC$10,000
Freedom Project$10,000
International Franchise Assn$10,000
National Auto Dealers Assn$10,000
Nationwide$10,000
Huntington Bancshares$9,600
Worthington Industries$9,600
Vorys, Sater et al$9,250
Boich Companies$9,200
Crown Equipment$9,200
American Dental Assn$9,000
American Bankers Assn$8,000
Nationwide Childrens Hospital$7,800
Buckeye PAC$7,500
Wendy's$7,300
National Rifle Assn$6,950
JPMorgan Chase & Co$6,500
Ashland Inc$6,250

Look at the contributions from the American Bankers Association ($8,000). What is the purpose of these contributions? According to the summary page for the American Bankers Association, Open Secrets has the following statement:
The American Bankers Association represents banks of all types and sizes, including regional banks, holding companies and savings associations. One of the most powerful lobbying groups on Capitol Hill, the association regularly presses Congress for regulatory relief and industry tax breaks. But its main interest lately has been bankruptcy reform. The association is part of a special coalition of credit card companies, banks and credit unions pushing for a bankruptcy bill that would force consumers to repay at least some of their debts.

It would be fair to say that the American Bankers Association is supporting Stivers because it believes that he will support them "...for regulatory relief and industry tax breaks..." Apparently, because Stivers has been a bank lobbyist, these bankers think they have the perfect candidate.

Unfortunately, consumers would lose out if Stivers was elected. Stivers is a pro-business, pro-bank, pro-oil company candidate. (See Buckeye State Blog for details on the oil contributions.) In these tough economic times, our district doesn't need a member of Congress who intends to work for businesses/banks/oil instead of us.