Which Ohio Congressman Has Taken $1 Million Plus from the Banking Industry?

Tonight's edition of Late Night Updates from the Left Coast opens with this trivia question. Which Ohio congressman has taken more than $1 million in donations from the banking industry in his career?

Nope. It's not John Boehner. It's Steven LaTourette. 

With the announcement today that the Federal Reserve will bail out insurance giant AIG with an $85 billion loan guarantee in exchange for 80% ownership of the company, it should become painfully obvious that allowing the inmates (in this case the banks) to run this particular asylum has serious, negative consequences for our economy, and all of us as taxpayers.

The events of recent days, the bankruptcy filing of Lehman Brothers, the sale of Merrill Lynch to Bank of America, and now the government takeover of AIG, make it painfully obvious that we need strong voices for an overhaul of the regulations over banks and financial services firms. Can Steve LaTourette be that voice? When you look at his record, it becomes painfully obvious the answer is no. He voted for HR 10, the 1999 bill which overturned the depression era Glass-Stegall Act and started the ball rolling towards this recession. Over $1 million in campaign contributions from the banking industry, including some directly from Emperor Palpatine himself, a.k.a. Phil Gramm. 

Bill O'Neill, on the other hand, has a track record of standing up for working families, and his thoughts on this issue mirror mine:

"Steve LaTourette either doesn't know what's going on, or he doesn't care," said O'Neill. "Since Congressman LaTourette took office, foreclosures in Ohio are up almost 400% -- largely because of President Bush's efforts to deregulate the banking industry. Steve LaTourette was complicit in the disaster when he voted for that bill; a bill that was written by and for that industry, who have since padded his campaign coffers to the point where they have become his largest campaign contributors.

"The people of Northeast Ohio deserve an explanation and, quite frankly, an apology."

If the people want banking reform to prevent future crises like these, they should keep that in mind before voting for candidates of the party that created this crisis.