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Dennis Moore Took $34,000 from Financial Institutions on the Same Day he Voted to Bail Them Out

Press Release

Location: Overland Park, KS

Dennis Moore Took $34,000 from Financial Institutions on the Same Day he Voted to Bail Them Out

Nick Jordan held a press conference today laying out two recent shocking developments regarding Dennis Moore's culpability in run up to the economic crisis that is hurting Kansas families.

* First, Dennis Moore took nearly $34,000 in donations from financial institutions on the SAME DAY he voted to bail them out. Dennis Moore took money from companies like Wachovia, General Motors, and a host of other corporations involved in this flawed $700 billion bailout using taxpayer money. This is in addition to the more than $30,000 Moore has taken from Freddie Mac and Fannie Mae and the nearly $2 million Dennis Moore has taken from these same financial institutions over the ten years he sat on the House Financial Services Committee - the Committee charged with oversight of Fannie Mae, Freddie Mac, and other financial institutions.

* Second, on May 22, 2007, the House passed a bill to establish a new regulator for Fannie Mae and Freddie Mac. However, during consideration of this bill, Dennis Moore co-authored an amendment to limit the authority of the new regulator.

The effect of Dennis Moore's amendment, which became law, prevented authorities from considering the threat that the bloated size of Fannie Mae and Freddie Mac's toxic loans posed to the larger U.S. and world economies.

It prevented the regulator from reducing Fannie Mae and Freddie Mac's size if they were about to trigger a financial meltdown...

The Wall Street Journal wrote at the time that, quote:

"The four Members fronting for the scandal-plagued companies are Democrats Melissa Bean (Illinois) and Dennis Moore (Kansas) [and two others]... They prove that corporate socialism isn't partisan, and no doubt they'll be handsomely rewarded with campaign contributions if their amendment succeeds."

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