Daily Ticker Blog - Reform of "Too Big to Fail' Banks at Center of Rep. McCotter's Dark Horse Campaign

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By Aaron Task

According to a recent Bloomberg poll, over 50% of Republicans are "dissatisfied" with the field of GOP candidates running for president. Those numbers help explain speculation about a run by Texas Gov. Rick Perry or New Jersey's Chris Christie, despite the latter's frequent protestations.

Dissatisfaction also opens up the door to a dark horse candidacy, which brings us to Rep. Thaddeus McCotter of Michigan, who threw his hat into the GOP ring on July 1.

In the accompanying video, McCotter discusses his platform, which features many tried and true conservative positions, including: smaller government, lower taxes, regulatory reform and a muscular foreign policy.

What's different about McCotter, among other things, is that banking reform is at the centerpiece of his campaign. He supports action often associated with progressive politicians, including:

* Using debt-for-equity swaps to force banks to recapitalize.
* Higher debt-to-equity leverage limits so banks "never implode again."
* The "segregation" of failed Wall Street firms by placing their toxic assets in a Resolution Trust Corp.-type structure.
* Additional investigations of potential misdeeds (and outright criminal acts) by Wall Street executives and regulators.

"I'm running because I think the American people understand that big government and big bailout banks have alienated them from institutions that are supposed to serve them and are, in fact, beholden to them," McCotter says.

In addition to his view that America must force China to live up to its agreements regarding both trade and human rights, McCotter's position on the big banks is something that could -- in theory -- appeal to independents and some democrats as well as GOP primary voters.

The five-term Congressman and rock n' roll guitarist understands he faces an uphill battle against better-known and better-financed candidates; that may explain why he won't join Reps. Michele Bachmann and Ron Paul who both have declared they will not seek reelection to Congress so they can focus on the presidential race.

"I'm not presumptuous," McCotter says. "If the American people, if the Republican party faithful believe this is something they can get behind and unite behind to move America forward they will; if they don't, they will get someone else."

Click here for more about McCotter and stay tuned for The Daily Ticker's continued coverage of the 2012 race, including a schedule interview this week with Ron Paul.

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