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Steve Stivers (Ohio 15)

Steve Stivers (Ohio 15)

Campaign Contributions

Since 2010, Rep. Stivers has taken well over $5 million[1] from individuals and PACs associated with banks, payday lenders, and other financial and real estate interests – more than from any other sector of the economy.

His top corporate benefactors since 2007
include Nationwide Insurance ($199,610), Huntington Bancshares ($157,950), JP
Morgan Chase & Co ($112,600), Federated Investors Inc. ($86,400), Blue
Cross/Blue Shield ($69,000), Morgan Stanley ($63,150), Northwestern Mutual Life
Insurance ($62,850), Stonehenge Partners ($62,600), Ernst & Young
($59,800), and the American Bankers Association ($58,872). During the current election cycle,
he has collected contributions from Nationwide Insurance ($37,600), Blue
Cross/Blue Shield ($36,500), JP Morgan Chase & Co ($28,500), USAA
($25,000), PricewaterhouseCoopers ($21,600), Ernst & Young ($20,200), the
National Association of Mutual Insurance Companies ($20,000), the American
Resort Development Association ($20,000), the National Multi Housing Council
($20,000), Massachusetts Mutual Life Insurance ($20,000), the American Land
Title Association ($20,000), the Investment Company Institute ($20,000), UBS
($20,000), Warburg Pincus ($20,000), Federated Investors Inc. ($20,000), the
National Association of Real Estate Investment Trusts ($20,000), New York Life
Insurance ($20,000), the American Bankers Association ($18,000), and many
others.

Voting Record

In 2017 and 2018, Americans for Financial Reform (a coalition of more than 200 consumer and other public-interest groups) tracked 38 House floor votes and 36 Financial Services Committee votes – 74 votes altogether – on measures making it easier for Wall Street banks and other financial companies to make reckless bets or take unfair advantage of consumers, investors, or workers, or endanger the safety and stability of the overall financial system and the economy. Rep. Steve Stivers voted for 66 out of 74, including proposals to:

●  Sharply reduce the funding, powers, and political
independence of the Consumer Financial Protection Bureau, making it easier for
mortgage lenders, payday lenders, and credit card companies, etc. to stick
customers with hidden fees and unexpected charges (HR 10, voted
for
);

●  Repeal the “Volcker Rule,” which bars the big
Wall Street banks from playing reckless games with insured deposits and other
taxpayer-subsidized funds (HR 10, voted
for
);

●  Roll back consumer credit safeguards for
mobile (or manufactured) homes, making it easier to steer borrowers into
high-cost loans with excessive fees and interest – in an industry that has long
been rife with such abuses (HR 1699, voted
for
);

●  Weaken oversight of the Big 3 credit ratings
agencies, Moody’s, Standard & Poors, and Fitch, which made huge sums of
money by slapping triple-A ratings on toxic mortgage-backed securities in the
run-up to the financial crisis (HR 3911, voted
for
);

●  Give Wall Street banks and other large
financial companies a new way to undo rules they dislike, by requiring the
explicit approval of both houses of Congress before any major regulation takes
effect (HR 26voted
for
); and

●  Strip consumers of
the right to band together and take banks and other financial companies to
court over systematic wrongdoing, leaving people with no recourse except to
submit an individual complaint to a corporate-friendly private arbitration
firm. This is a system that effectively operates as a corporate Get out of Jail
Free Card, since the damage to any one victim of financial industry fraud and
trickery is rarely large enough to justify the cost of legal action, and
arbitration proceedings are usually kept under wraps. (HJ Resolution 111, voted
for
)

Steve Stivers also
voted for the
Republican tax-cut plan (HR 1), from which big banks and
financial companies – and their executives – stand to gain hundreds of billions
of dollars, with the scandal-ridden Wells Fargo poised to be the leading corporate beneficiary.

All these votes occurred during the
115th Congress, which has done next to
nothing about the serious problems facing ordinary Americans (health care,
housing, etc.). If you’re wondering how the same elected body could somehow
manage to act on item after item from Wall Street’s legislative wish list, the
answer lies with Steve Stivers and the far too many other
lawmakers like him who have built their congressional lives around the pursuit
of campaign donations from big banks, securities firms, payday lenders, and
other giant financial companies.

When it comes to the issues that
Wall Street banks and other financial firms care about, Stivers
has ignored not only the interests but the will of the people he is sworn to
represent. Ten years after the financial crisis, the great majority of voters –
across lines of geography and political party – voice their support for
existing regulations and say they would like to see the rules governing Wall
Street and the financial world made tougher. Yet in all the actions described
here, Rep. Stivers has not once taken a stand for
stronger rather than weaker regulation of banks, lenders, and other financial
entities.


[1] On 9/18/18, OpenSecrets.org showed Rep.
Stivers with a total of $5,349,795  in
FIRE sector contributions, based on data reported to the Federal Elections
Commission and compiled by the Center for Responsive Politics. Like other
dollar amounts cited here, this number can be updated by clicking the link to
CRP’s website.

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