Saturday, September 20, 2008

Barack Obama's Advisers Wrote Bill Barack Obama Decries On Campaign Trail

"Let me welcome you all here today for the signing of this historic legislation. With this bill, the American financial system takes a major step forward towards the 21st century, one that will benefit American consumers, business, and the national economy for many years to come." -- Larry Summers, Then-Clinton Treasury Secretary And Current Obama Adviser, On Gramm-Leach-Bliley (1999)

Today, The Obama Campaign, As Barack Obama Has Done Over The Past Few Days, Blamed The Gramm-Leach-Bliley Act For The Current Economic Crisis:

Obama Campaign Memo: "Gramm Was 'Principal Author' Of The 1999 Gramm-Leach-BlileyAct, Breaking Down Walls Between Banking, Insurance, And Securities Firms Erected By Depression-Era Glass-Steagall Act. 'Mr. Gramm, a principal author of the 1999 Gramm-Leach-Bliley Act, which broke down the walls between banking, insurance, and securities, left Congress in late 2002 to become vice chairman of UBS Warburg.' [American Banker, 3/11/08]." (Obama Campaign Memo, 9/19/08)

However, Just Today, The Washington Post Highlighted The Utter Hypocrisy Of Obama's Position Considering Some Of The Very Same Advisers He Met With This Morning Were Major Supporters Of The Bill:

The Washington Post: Obama Supporters And Advisers Were Authors And Proponents Of The Very Same Bill Barack Obama Attacks On The Campaign Trail. "One element of the Obama campaign's brief against Mr. McCain is that he supported repeal of the law separating commercial banks from investment banks. ... Would it be churlish to point out that another author of the Gramm-Leach-Bliley law is former congressman Jim Leach, a founder of Republicans for Obama? Or that Obama advisers Lawrence H. Summers and Robert E. Rubin supported the repeal which was signed by President Bill Clinton?" (Editorial, "'Always For Less Regulation'?" The Washington Post, 9/19/08)

Barack Obama Advisers Who Lobbied For The Gramm-Leach-Bliley Act:
· Senator Joe Biden (D-DE) -- Barack Obama's Running Mate
· Robert Rubin -- Obama Economic Adviser Who Met With Obama Today
· Larry Summers -- Obama Economic Adviser Who Met With Obama Today
· Gene Sperling -- Obama Economic Adviser Who Met With Obama Today
· Former Rep. Jim Leach (R-IA) -- Leads "Republicans For Obama" And Spoke At The Democrat National Convention
· Former President Bill Clinton -- Signed The Bill And Whose Support Barack Obama Has Constantly Sought

Joe Biden -- Obama's Own Running Mate -- Voted In Favor Of Gramm-Leach-Bliley:
Joe Biden Voted For The Gramm-Leach-Bliley Financial Modernization Act Of 1999. (S. 900, CQ Vote #354: Adopted 90-8: R 52-1; D 38-7; I 1-0, 11/4/99, Biden Voted Yea)

Robert Rubin -- Former Treasury Secretary (1995-1999) -- Lobbied For Gramm-Leach-Bliley:
Gramm-Leach-Bliley Act Only Became Law Because Then-Treasury Secretary Robert Rubin Urged President Clinton To Sign The Legislation. "[T]he Gramm-Leach-Bliley Act ... only became law when Treasury Secretary Robert Rubin prevailed upon President Clinton to sign the bill." (Robert Scheer, Op-Ed, "Candidates Seek Banking 'Expertise' We Don't Need," San Gabriel Valley [CA] Tribune, 8/3/08)

President Clinton: Former Secretary Bob Rubin "Worked Very Hard On This." CLINTON: "But I do want to thank all the members here and all those who aren't here and I'd like to thank two New Yorkers who aren't here who have been mentioned -- former Secretary of the Treasury Bob Rubin, who worked very hard on this, and former chairman, Senator Al D'Amato, who talked to me about this often." (President Clinton, Remarks, Washington, D.C., 11/12/99)
Senator Paul Sarbanes (D-MD): "I Want To Thank The President, Secretary Summers, Former Secretary Rubin For Their Strong Support Throughout This Process." (Senator Sarbanes, Remarks, Washington, D.C., 11/12/99)

Lawrence Summers Former Treasury Secretary (1999-2001) Worked For The Passage Of Gramm-Leach-Bliley

Obama Adviser Larry Summers Was Involved In Negotiating The Gramm-Leach-Bliley Act, And Called It A "Major Step Forward Toward The 21st Century." "Mr. Summers, the Obama adviser, was among those who negotiated the [1999 Gramm-Leach-Bliley] measure on behalf of the Clinton administration, and he praised it as a 'major step forward toward the 21st Century.'" (Michael M. Phillips, Elizabeth Holmes and Amy Chozick, "Candidates Call Upon Big Names For Advice," The Wall Street Journal, 9/18/08)

· Then-Treasury Secretary Summers Called Gramm-Leach-Bliley "Historic Legislation" That Is "A Major Step Forward Towards The 21st Century." SUMMERS: "Let me welcome you all here today for the signing of this historic legislation. With this bill, the American financial system takes a major step forward towards the 21st century, one that will benefit American consumers, business, and the national economy for many years to come. This is the culmination of years of effort by many, many people, reflects the work of presidents, Treasury officials, members of Congress, those in the private sector, from both parties, and dedicated professionals, both inside and outside the government. With their help, I believe we have all found the right framework for America's future financial system." (Remarks, Washington, D.C., 11/12/99)

President Clinton" "I Want To Express My Gratitude To Those Principally Responsible For The Success Of This Legislation ... Secretary Summers." CLINTON: "Like all those before me, I want to express my gratitude to those principally responsible for the success of this legislation. I thank Secretary Summers and the entire team at Treasury, but especially Undersecretary Gensler for their work, and Assistant Secretary Linda Robertson." (President Clinton, Remarks, Washington, D.C., 11/12/99)

Secretary Summers: "And I Want To Thank Especially My Predecessor, Bob Rubin, Who Cared Deeply That We Get This Bill Right..." (Remarks, Washington, D.C., 11/12/99)

Gene Sperling -- Former National Economic Adviser for President Bill Clinton (1997-2001) -- Lobbied And Worked On Gramm-Leach-Bliley:

Secretary Summers: "...Gene Sperling And Sarah Rosen And Their Colleagues At The National Economic Council For Everything That They Have Done In Bringing Us To This Point." (Secretary Summers, Remarks, Washington, D.C., 11/12/99)

Rep. Jim Leach (R-IA) -- One Of The Gramm-Leach-Bliley Act's Co-Authors -- Is An Obama Supporter And Leader Of "Republicans For Obama":

Former Rep. Jim Leach (R-IA) Was The Co-Author Of The Gramm-Leach-Bliley Act, Which Repealed The Glass-Steagall Act And Allowed Competition Between Commercial And Investment Banks And Insurance Companies. (S. 900, Signed 11/12/99)

· Leach Endorsed Obama And Serves As A Leader Of "Republicans For Obama." "Barack Obama, the presumptive Democratic presidential nominee, picked up the endorsement today of former Republican Representative Jim Leach of Iowa, an important state in the general election." (Jonathan D. Salant, "Iowa Republican Leach, Ex-House Member, Backs Democrat Obama," Bloomberg News, 8/12/08)

· Leach Spoke At The Democrat National Convention. "The Democratic National Convention Committee (DNCC) and the Obama For America Campaign have confirmed that former Rep. Jim Leach (R-Iowa) will speak Monday, the opening night of the convention, themed 'One Nation.'" (Mary Ann Akers, "Surprise GOP Speaker At Dem Convention: Jim Leach," The Washington Post's "The Sleuth" Blog,, 8/24/08)

Representative Jim Leach: "Mr. President, Secretary Summers, colleagues in the House; let me just say, this is a bill that's bipartisan, bicameral, 'bi' -- in fact, tri-institutional, with officials of the legislative, executive, as well as the independent regulatory branches of government working well together." (Representative Leach, Remarks, Washington, D.C., 11/12/99)

Senator Paul Sarbanes (D-MD): Representative Leach "Shepherded" The Bill Through The Congress. SARBANES: "I want to thank Chairman Leach, who served as such an able chairman of the conference committee and kept us at the table on a -- when, on occasion, it looked like maybe people would walk away from the negotiating table. He shepherded the process through, I think, in an exemplary way." (Senator Sarbanes, Remarks, Washington, D.C., 11/12/99)

President Bill Clinton -- Who Signed The Gramm-Leach-Bliley Act -- Is The Leader Barack Obama Has Been Constantly Meeting With And Getting Advice From:

President Clinton Signed The Gramm-Leach-Bliley Act Into Law On November 12, 1999 As Public Law No. 106-102. (P.L. No. 106-102)

President Clinton: "This Is A Very Good Day For The United States." (President Clinton, Remarks, Washington, D.C., 11/12/99)

President Clinton: "So This Is A Day We Can Celebrate As An American Day." (President Clinton, Remarks, Washington, D.C., 11/12/99)
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