Don Young’s History Fairbanks vs. Don Young

Don Young’s legacy includes the financial crisis on Wall Street, a depressed housing market, and even high fuel prices

Investment bankers made losing wagers that leveraged the US economy with their risky investment schemes. This fraud unfolded largely "below the radar" because Don Young (and others) consistently voted to:

The end result undermines our retirement savings accounts, a recession and major job losses now seems inevitable, and Alaskans are paying at the gas pump and the grocery store. Five years ago, Warren Buffett dubbed these unregulated markets “financial weapons of mass destruction”. Fed Chairman Ben Bernanke is now promoting the “clear need for careful attention to financial regulation” - i.e., reversing the deregulatory measures that led to this crisis.

When the economic meltdown unfolded, and the bailout became the focal point of national scrutiny, Young voted to hold the investment bankers accountable, and protect taxpayer interests - he opposed the Wall Street bailout. Listen to our radio ad on this subject.

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 Bill

Young’s Action Effect Date Status

H.R. 1424

CoSonsor, Voted No on final passage, Roll Calls 101 and 681

$700 billion Wall Street bailout.

3/5/08 and 10/3/08

Passed into Law

H.R. 3997

Voted No, Roll Call 674

$700 billion bailout for Wall Street

9/29/08

Rejected by House

H.R. 2264

Voted No, Roll Call 398

Prohibit oil-producing and exporting cartels under the Sherman Act.

5/22/08

Passed in House

H.R. 6074

Voted No, Roll Call 332

Establish Antitrust Task Force to evaluate crude oil price manipulation.

5/20/08

Passed in House

H.R. 1461

Voted Yes, Roll Call 547

Increase the ability of Fannie Mae and Freddie Mac to expand subsidies of residential finance, with weaker over-sight than is applied to federal banks, thus increasing taxpayer exposure.

10/26/05

Passed in House, died in Senate

H.R. 4577

Voted Yes, Roll Call 603

Commodities Futures Modernization Act. Exclude derivatives (including credit default swaps) from federal regulation. Business Week attributed 25% to 50% of peak 2008 crude prices to relaxed government oversight of energy speculation.

12/15/00

Passed into Law

S. 900

Voted Yes, Roll Call 570

Financial Services Modernization Act, allowed banks/insurance companies to participate in risky investment banking ventures, dealing in the derivatives that Warren Buffet described as “financial weapons of mass destruction”.

11/4/99

 

Passed into Law

H.R. 10

Voted Yes, Roll Call 276

House version, Financial Services Modernization Act, allowing banks/insurance companies to participate in risky investment banking ventures, dealing in the derivatives that Warren Buffet described as “financial weapons of mass destruction”.

7/1/99

Passed in House,

H.R. 1058

Voted Yes, Roll Calls 216, 839, & 870

Private Securities Litigation Reform Act eliminated safeguards against fraud and weakened protections for investors. States that restored liability for fraudulent behavior by investment bankers were stonewalled by lobbyists.

3/8/95, 12/6/95, & 23/30/95

Passed into Law

 

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