March 28, 2010

Against Financial Regulation Reform, And Disclosure of Those Against It

From today's NY Times:

    The group, the Committee for Truth in Politics, has spent an estimated $5 million on advertising against the proposals, according to the Campaign Media Analysis Group, which monitors political advertising. The ads portray the financial reforms -- misleadingly, the administration says -- as a $4 trillion bailout for big banks.

    The group's membership and financing have been kept secret, and it has refused to divulge its donors; it is suing the Federal Election Commission, claiming the rules for disclosure in political advertising are an unconstitutional impediment to free speech.

    James Bopp Jr., the lawyer and conservative advocate who represents the group in its lawsuit, said in an interview that the ads accurately reflected a section in the House bill that would allow the Federal Reserve to spend up to $4 trillion to stabilize the financial system in a liquidity crisis. He said characterizing the bill as anything other than a bailout "is a typical Washington lie where politicians do one thing in Washington, which is to advance the Obama socialist agenda, and lie about it when they go home because they don't want anyone to know about it."

Posted by Rick Hasen at March 28, 2010 03:05 PM