Political Correction

RNC Goes Off-Message On Wall Street Reform

July 07, 2010 11:01 am ET - by Matt Finkelstein

Republican National Committee Chairman Michael Steele will reportedly remain the party's leader, despite botched remarks about the war in Afghanistan that prompted influential conservatives to call for his resignation.  Nonetheless, the RNC is already continuing its tradition under Steele of veering off-message and undermining Republican talking points.   

With the push for Wall Street reform coming down to the wire, and both parties accusing the other of siding with big banks, the RNC is actually attacking Democrats for losing support from Wall Street.  Yesterday, the RNC tweeted:

Of course, Republicans have long relied on the dishonest claim that Wall Street reform would give a "permanent bailout" to the big banks.  But the RNC tweet — which links to this article — makes it clear that Wall Street bankers don't view the Democrats' reform efforts as such a gift:

A revolt among big donors on Wall Street is hurting fundraising for the Democrats' two congressional campaign committees, with contributions from the world's financial capital down 65 percent from two years ago.

The drop in support comes from many of the same bankers, hedge fund executives and financial services chief executives who are most upset about the financial regulatory reform bill that House Democrats passed last week with almost no Republican support.

For his part, Steele has been all over the map on Wall Street reform.  Last month, he defended Wall Street against attempts to "demonize" it, but one day later the RNC declared that President Obama had not done enough to "crack down" on the big banks.  Previously, Steele complained that Democrats were "propping up the same Wall Street fat cats who contributed millions of dollars to the coffers of Democratic leaders."

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