By Brandon Moseley
Alabama Political Reporter
Alabama Senator Scott Beason (R) from Gardendale released a press release Monday charging that his opponent Congressman Spencer Bachus (R) from Vestavia had maintained too close of a relationship with the banks that he is charged with regulating as Chairman of the House Financial Services.
The Beason Campaign’s Press Release said, “Throughout his congressional career, Bachus has supported legislation friendly to the banking industry, such as the bank bailout bill known as the Troubled Asset Relief Program (TARP).”
Sen. Beason said, “It really doesn’t matter whether Bachus is in bed with the Big Banks or the Big Banks are in bed with Bachus.” “Either way, it’s the taxpayers like you and me who end up getting the short end of the stick.”
The Beason Campaign press release continued, “The overwhelming majority of Bachus’s contributions come from out-of-state, primarily from the DC area or New York City and Chicago (which are home to major financial services industries). Spencer Bachus received 89 percent of his campaign contributions from outside his district and 80 percent of campaign contributions outside Alabama.”
Sen. Beason continued, “Rep. Spencer Bachus is reported to have had a fundraising event at the Alabama Bankers Association this morning. According to additional documentation received by this campaign, prominent bankers were asked to come prepared with check books.”
“The top five industry categories contributing to Bachus during this campaign cycle are Commercial Banks, Real Estate, Insurance, Securities and Investment and Finance/Credit Companies. These industries”…….”are the ones he regulates as Chairman of the House Financial Services Committee. His top five donors are listed as the J Hass Group, Credit Suisse Group, Credit Union National Association, JPMorgan Chase and Company and the Mortgage Bankers Association,” the Beason Press Release wrote.
According to the press release, “Bachus also joins Democrats Barack Obama, John Kerry and Christopher Dodd as the top beneficiaries of Fannie Mae and Freddie Mac campaign contributions. “No congressman is more reliant on finance sector contributions than Bachus, who has pulled in 84 percent of his PAC contributions from the finance sector and 70 percent of his total contributions during the first three months of 2011”(Sunlight Foundation).
Sen. Beason said, “I’ve seen a lot in politics, but I’ve never seen this level of audacity displayed in such a brazen manner. Cozying up with his banker buddies right after callously disregarding the will of his constituents shows exactly who Bachus’s friends are. And if he goes back nothing will change.”
Much of the ethical allegations against Congressman Bachus are based on allegations in the book, “Throw Them All Out” by Peter Schweizer. Rep. Bachus rejects the allegations being brought against him by the book, his critics in the main stream media, and by his political opponents. Rep. Bachus on his website said, “The truth is completely the opposite, as the director of enforcement for the U.S. Securities and Exchange Commission has stated repeatedly under oath. I have never traded on insider information.” “The author also alleged that I bought a fund of financial stocks in July 2008, contradicting my stated policy of not investing in companies under the jurisdiction of the Financial Services Committee which I now chair. In fact, as CNBC accurately reported, the fund consisted entirely of energy stocks. But no apology for this fabrication has been made.” “Still, these facts did not prevent the author from launching into a long diatribe of false innuendoes concerning my financial investments. Books like this are a dime a dozen, because scandal sells, and distrust of Congress is at an all-time high.”
Rep. Bachus concludes, “It is hurtful when loved ones, neighbors and church members read and hear falsehoods attacking your character made and repeated in the media. But negative and personal attacks intended to create controversy and fear do not succeed.” “As your representative, please be assured that I will continue to strive to serve you with joy and optimism.”
Rep. Bachus is currently under investigation by the independent Office of Congressional Ethics.
Sen. Scott Beason is challenging incumbent Congressman Spencer Bachus for the Republican nomination in Alabama’s Sixth Congressional District. Blount County Probate Judge David Standridge and Tea Party Activist Al Mickle are also running in the March 13th Republican Primary. Whoever wins the Republican Primary will face a Democratic Party opponent on the November 6th. Both retired U.S. Air Force Colonel Penny Huggins Bailey from Leeds and Birmingham attorney William “Bill” Barnes are running in the Alabama Democratic Party Primary. Alabama’s Sixth Congressional District includes all or parts of Blount, Bibb, Chilton, Coosa, Jefferson, and Shelby Counties.
Hash tags: Senator Scott Beason Representative Spencer Bachus Alabama 6th Congressional District ethics banking financial services committee
To read Rep. Bachus statement:
To read Sen. Beason’s Press Release: