CONCORD – Today, the New Hampshire Democrats and the Shaheen Campaign accused Senator John Sununu of “lay[ing] the groundwork for our current financial crisis,” by supporting the bipartisan Financial Modernization Act of 1999.
As a member of the House of Representatives, John Sununu did support the legislation along with 356 of his fellow congressman and 90 members of the Senate. The legislation received strong support from both Republicans and Democrats in the Senate including current vice presidential nominee Senator Joe Biden (D-DE), former Majority Leader Senator Tom Daschle (D-SD), Senator Ted Kennedy (D-MA), current Majority Leader Harry Reid (D-NV), Senator Chris Dodd (D-CT), Senator Chuck Schumer (D-NY) and Jeanne Shaheen’s 2004 presidential candidate, Senator John Kerry (D-MA).
In the House, the legislation was supported by both Republicans and Democrats, including current House Speaker Nancy Pelosi (D-CA.) The bill was signed into law on November 12, 1999, by President Bill Clinton, a Democrat.
The Democrats fail to mention that the current economic crisis was largely sparked by the home mortgage crash which was caused by their efforts to block much needed reforms to Fannie Mae and Freddie Mac. Since 2000, Senator Sununu has led the charge in Washington for fair and strong policies to maintain credibility in our economy - authoring key legislation that created tighter regulations on Fannie Mae and Freddie Mac and provided greater federal oversight of insurance markets.
“This is the latest dishonest attempt by Jeanne Shaheen to smear John Sununu. Next time the Democrats should check their facts before they criticize Senator Sununu for voting in favor of bipartisan legislation that was supported by their Senate Majority Leader, their Speaker, their 2004 presidential nominee, their 2008 vice presidential nominee and the last Democrat president,” said Fergus Cullen, Chairman of the New Hampshire Republican Party.
“Moreover, I am quite sure that Jeanne Shaheen couldn’t explain this legislation or its relevance to the financial markets without New York Senator Chuck Schumer whispering in her ear.”
The Senate Vote On the Financial Modernization Act of 1999
The House Vote On The Financial Modernization Act of 1999