As Obama receives an endorsement today from former Congressman Jim Leach, you might want to ask about Obama's attacks calling Leach's deregulation bill (Gramm-Leach-Bliley) a lobbyist-driven deal that led to the subprime lending crisis…
Leach Co-Authored The Gramm-Leach-Bliley Act Which Obama Blames For The Subprime Lending Crisis:
Leach Was The Co-Author Of The Gramm-Leach-Bliley Act, Which Repealed The Glass-Steagall Act And Allowed Competition Between Commercial And Investment Banks And Insurance Companies.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)
Obama Has Attacked The Gramm-Leach-Bliley Act As A Lobbyist-Driven Deregulation That Led To The Subprime Lending Crisis. Obama: “By the time the Glass-Steagall Act was repealed in 1999, the $300 million lobbying effort that drove deregulation was more about facilitating mergers than creating an efficient regulatory framework. … The regulatory environment failed to keep pace. When subprime mortgage lending took a reckless and unsustainable turn, a patchwork of regulators were unable or unwilling to protect the American people.” (Cheyenne Hopkins, “Regulatory Revamp Newest Plank In Obama's Platform,” American Banker, 3/28/08)
