The Republican nominee for Ohio's U.S. Senate seat released a new commercial Tuesday morning attacking interests that have been major backers of his campaign.
Ohio Treasurer Josh Mandel, who is challenging Sen. Sherrod Brown (D), uses the new ad to attack Wall Street and promote the creation of manufacturing jobs in the state. Mandel also attacks fellow Republicans in the ad, particularly those who voted for the Wall Street bailout. During his campaign, Mandel relied on Wall Street bankers and sitting GOP senators as part of his fundraising operation.
"Every Democrat and every Republican who took our tax dollars and bailed out Wall Street was dead wrong," Mandel says in the ad, which was paid for by his campaign. "It was fiscally irresponsible and morally wrong. Somehow those politicians in Washington think they can behave by a different set of rules."
Mandel, a Tea Party favorite, has long used Wall Street interests to help fuel his challenge to Brown. OpenSecrets.org lists the New York City metropolitan region as Mandel's fourth largest donation base, following Cleveland, Cincinnati and Columbus in Ohio. Mandel raised $403,325 from the region, according to the website.
Mandels' filings with the Federal Election Commission show a list of employees of New York-based financial services firms contributing heavily to Mandel's campaign, along with branches of New York banks based around the country. The filings show Mandel raising money in affluent New York-area suburbs -- including Scarsdale, Chappaqua and New Rochelle in Westchester County and Summit, Short Hills and Bernardsville in New Jersey.
Among Mandel's Wall Street-based donors are David Liptak, the founder of State Street Partners, and his wife, Janette, who both contributed $5,000 a piece, Philip Geier Jr. of the Geier Group who contributed $10,000, and James and Jill Haber of Juno Investments who both donated $5,000.
Mandel made more than a dozen trips to Washington during the campaign for fundraisers, which several incumbent senators attended. Mandel spokesman Travis Considine did not return messages left for comment.
In the ad, Mandel tells a group of nodding manufacturing workers and senior citizens, that he supports non-Wall Street based jobs.
"The more we can empower hardworking blue collar workers to grow the economy, the stronger we'll be as a nation," Mandel says in the ad.
The ad's debut comes as Mandel faces criticism for saying he would not have supported the auto bailout and calling Brown "un-American" for supporting the bailout. Mandel is also facing criticism for appearing alongside Romney at a rally with coal miners who did not get paid for appearing at the rally, where Mandel called New York and Hollywood "radical."
Brown's campaign used the ad to attack Mandel's record.
“Instead of Sherrod Brown, a champion for Ohio manufacturing and middle class jobs, Josh Mandel would be a Senator who opposed fighting for Ohio's 850,000 auto industry related jobs and refuses to stand up for Ohio manufacturers against cheating China, and that's not the kind of change Ohio needs,” Brown spokeswoman Sadie Weiner said in a statement.
Also on HuffPost:
A main justification cited for the widely-debated bailouts was that regulators lacked the legal tools to effectively wind down large, complex firms like AIG. So in Dodd-Frank, they were given this ability. The FDIC and Federal Reserve have a joint proposal that requires such large firms to submit "living wills," which is expected to be finalized in August. Regulators are also divided over whether to include non-banks, such as certain hedge funds and private equity firms. And the FDIC is still in the process of reaching agreements with other countries to help wind down multinational firms.
Debit Card Fees
One of the most hotly-debated provisions -- setting limits on the charges that banks could charge merchants for the use of debit cards -- pitted giant retailers like Walmart and Home Depot against Mastercard and Visa. Though the financial services industry failed to get legislation passed in the Senate to delay the new requirements, it helped convince the Federal Reserve to raise the fees from 12 to 21 cents that merchants have to pay banks.
One looming battle is over which firms are labeled "systemically important" and therefore subject to increased government oversight. Though banks with more than $50 billion in assets automatically qualify, they are furiously lobbying to even out the damage by getting the feds to include some private-equity firms, insurers and hedge funds in that designation.
The overhaul of the massive market in derivatives -- complex financial instruments widely blamed for exacerbating the financial crisis -- has been delayed until at least October 2012. At that point, a new Congress or new administration might be less interested in taming the sector. House Republicans have also tried another tack, starving regulatory agencies of the funds they need to implement and enforce the upcoming rules.
Consumer Financial Protection Bureau
The Consumer Financial Protection Bureau is also one of the most polarizing elements of the law, with liberals championing its creation and conservatives condemning it as another unaccountable bureaucracy. Much of the drama centered around Elizabeth Warren, the Harvard Law professor who first proposed the CFPB, with Republicans vehemently opposed to her heading the new agency. After months of anticipation, the Obama administration didn't pick Warren, but chose one of her allies, former Ohio Attorney General Richard Cordray, whose nomination did nothing to please the CFPB's GOP opponents. Otherwise, the bureau is on track, with some high-level hires and more than 200 staffers (and 1,000 expected by the end of the year.) Tomorrow, it takes over some powers including making rules for existing consumer financial laws. Yet without a director, it remains hobbled and unable to perform some of its essential duties.
Though Wall Street has vigorously fought new capital requirements -- requiring banks to hold enough capital, so as to survive times of crisis -- arguing that they would restrict lending and growth, most of the rules have been implemented. Earlier this year, regulators finalized a rule which establishes a capital floor for banks.
The Volcker Rule
The Volcker Rule, named after former Fed chairman Paul Volcker, prohibits banks from trading for their own benefit. But it has yet to be implemented, and regulators have still not released proposed rules, thought they face an October deadline. Lobbyists and regulators have been debating the definition of so-called proprietary trading.
'Skin In The Game'
Out of concern that the mortgage crisis was exacerbated since mortgage originators don't have skin in the game, the law required them to retain some of the credit risk of borrowers. But a 20 percent requirement has been opposed by the industry, which claims that it will increase the cost of borrowing. Regulators are seeking comments through August 1, and the final rule won't be ready for at least a few months.
Office of Financial Research
With experts saying that regulators' lack of information and industry data helped prevent them from anticipating the mortgage and credit crisis in 2008, Dodd-Frank authorized the creation of the Office of Financial Research. But the new office, backed by subpoena power, still lacks a director, limiting its effectiveness.