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New ad highlights Bera's record of serving community, Ose's record of serving himself

The Bera for Congress campaign released its second TV ad of the 2014 general election today, a 30 second commercial called "Serve." The ad highlights the stark contrast between Dr. Bera, who has kept his promise to serve the people of Sacramento County, including championing the No Budget No Pay law and returning his pay during the Republican shutdown, and his opponent, former Congressman Doug Ose, who voted repeatedly to help himself and his wealthy friends on Wall Street at the expense of middle class families.

"The difference between who Dr. Bera's fighting for and who former Congressman Ose is fighting for could not be clearer," said Bera spokesperson Allison Teixeira. "Dr. Bera kept his promise to serve the people of Sacramento County, but Congressman Ose went to Washington and served himself and his friends on Wall Street while middle class families suffered."
 
Watch the ad: www.itpaystobedougose.com
 

The Bera campaign is the only campaign to air ads so far in the 2014 race for CA-07. Congressman Ose has relied solely on millions of dollars in misleading attack ads from Washington D.C. interest groups like the one founded by Bush mastermind Karl Rove.

BACKGROUND AND SCRIPT

Narrator:

Dr. Ami Bera swore an oath to serve others.

Bera championed a bill that says if Congress doesn’t do it’s job, it shouldn’t get paid.

GFX: “Major Proponent of the No Budget No Pay Act” Elk Grove Patch – October 2, 2013

GFX: “Signed Into Law” Folsom Telegraph – November 6, 2013

Elk Grove Patch: Bera “Major Proponent of the No Budget No Pay Act” Saying that “Congress should lead by example and put people before politics,” Dr. Ami Bera pledged to “give up his federal pay for the duration of the government shutdown” in 2013. The Elk Grove Patch identified him as “a major proponent of the No Budget No Pay Act, which says if members of Congress don’t do their job and pass a responsible budget, they don’t get paid” and added that “Bera has led the fight to keep Congress accountable.” [Elk Grove Patch, 10/2/2013]

Folsom Telegraph: No Budget No Pay “Signed into Law.” In an interview with the Folsom Telegraph, Dr. Ami Bera noted that “I ran on ‘no-budget, no-pay.’ I sponsored it in my first month and it passed the House and passed the Senate and was signed into law by the President.” [Folsom Telegraph, 11/6/2013]

Co-Sponsored “No Budget, No Pay” Bill In 2013, Bera co-sponsored H.R. 310, which would require members of Congress to pass a timely budget or forfeit their paychecks. As opposed to the No Budget No Pay provision that was passed as part of debt ceiling legislation, the bill would not allow members to receive their pay retroactively once the budget was passed. The Sacramento Bee reported the bill was similar to the penalty approved in California’s voter-approved Proposition 25. [H.R. 310, CRS Summary Link ; H.R. 325, CRS Summary Link; Roll Call, 1/24/13, Sacramento Bee, 1/23/13]

Bera voted in favor of another version of No Budget, No Pay, H.R. 325, which included the debt ceiling suspension. This bill passed 285 to 144. [Roll Call #30, 1/23/2013; Sacramento Bee, 1/23/13; Roll Call, 1/24/13 ; McClatchy Washington Bureau, 2/7/13]

Narrator:

Bera kept his promise, and during the shutdown...        

...he returned his pay.

GFX: “Bera Gives Up Pay During Shutdown” Elk Grove Patch – October 2, 2013

Elk Grove Patch: “Bera Gives Up Pay Earned During Shutdown.” In an article titled “Congressman Bera Gives Up Pay Earned During Shutdown,” the Elk Grove Patch reported that Dr. Ami Bera pledged to “give up his federal pay for the duration of the government shutdown” in 2013. Saying that “Congress should lead by example and put people before politics,” Bera was identified as “a major proponent of the No Budget No Pay Act, which says if members of Congress don’t do their job and pass a responsible budget, they don’t get paid.” The Elk Grove Patch added that “Bera has led the fight to keep Congress accountable.”

The Sacramento Bee also noted that Bera and others had “asked the House to withhold their pay until the shutdown is over” and reported that his “shutdown pay status” was “no pay.” [Elk Grove Patch, 8/2/2013; Congressman Bera Press Release, 10/2/2013; Sacramento Bee, 10/1/2013; Sacramento Bee, 10/2/2013]

Narrator:

But Doug Ose?

He’s out to serve himself.

Ose invested millions on Wall Street and voted to loosen the rules on the banks.

GFX: Doug Ose
Deregulate Wall Street  

Voted for Too Big to Fail Wall Street Banks

Ose Voted in Favor of Repealing the Glass-Steagall Act, Allowing Investment Banks, Commercial Banks, and Insurance Companies to Merge and Become “Too Big to Fail.” In 1999, Ose voted in favor of the Graham-Leach-Bliley Act, which repealed important portions of the 1933 Glass-Steagall Act, among other things. President Bill Clinton signed the bill into law. The Glass-Steagall Act had been in effect since the Great Depression and worked to separate large sectors of the U.S. financial services industry. At the time, lawmakers wanted to keep investment banking, with its greater penchant for risk, separate from commercial banking in order to protect against huge losses of ordinary depositors’ money. In 1956, additional legislation separated commercial banks and insurance companies. Critics of the repeal of Glass-Steagall argued it would lead to financial companies that were too big and powerful, and would weaken protections for consumers. U.S. Senator Byron Dorgan predicted the legislation would lead to a financial crisis:

I think we will look back in 10 years’ time and say we should not have done this but we did because we forgot the lessons of the past, and that that which is true in the 1930’s is true in 2010,” said Senator Byron L. Dorgan, Democrat of North Dakota. “I wasn’t around during the 1930’s or the debate over Glass-Steagall. But I was here in the early 1980’s when it was decided to allow the expansion of savings and loans. We have now decided in the name of modernization to forget the lessons of the past, of safety and of soundness.

Ose’s Holdings in Bank of America Doubled in Value in the Month After The Repeal of Glass-Steagall. In 1999, Doug Ose owned at least $50,000 and as much as $100,000 in Bank of America stock. In November 1999, Doug Ose voted to repeal Glass-Steagall. Prior to the repeal, Bank of America was trading at $53.19 per share. One month later, Bank of America was trading at $108.17 per share, growth of 103% in the month following the Glass-Steagall repeal vote. [Yahoo Finance Historical Price Lookup, accessed 06/13/2014; S 900, Vote #570, 11/04/1999; Doug Ose, “Financial Disclosure Statement,” 05/14/1999]

Narrator:

He let the banks prey on homeowners...

GFX: Doug Ose
Deregulate Wall Street

Voted Three Times to Ease the Rules That Protect Homeowners From Wall Street Banks

Ose Supported Changes to Bankruptcy Laws That Were a Boon to Credit Card Companies. In 2001, 2002, and 2004, Ose voted in favor of a bankruptcy bill pushed by banking and credit card companies to make it harder for people to erase their debts in bankruptcy court. The bill applied a new standard in which, if a debtor had sufficient income to repay at least 25 percent of the debt over five years or earned at least the median income for his state, he or she would be forced into a repayment plan. The measure passed the House 306–109 in 2001, passed 244–116 in 2002, and passed 265–99 in 2004. It passed both chambers and finally became law in 2005. [CQ House Action Reports, 11/15/02; Las Vegas Review Journal, 2/01/04; HR 333, Vote #484, 11/14/02; HR 333, Vote #25, 3/01/01; S 1920, Vote #10, 1/28/04]

Experts Believe the Bankruptcy Reform Worsened the Mortgage Crisis. Expert analysis of the effects of bankruptcy reform, which passed and was signed into law in 2005, determined that the changes to bankruptcy laws contributed to the mortgage crisis by making it more difficult for homeowners to keep their homes when filing for bankruptcy.

Bankruptcy Legislation Written by Bank Lobbyists; The “credit card industry’s wish list.” Even the Congressional sponsors acknowledged that the legislation to change bankruptcy laws to benefit credit card companies was written by the industry’s own lobbyists. [New York Times, 3/13/2001]

2001 Bankruptcy Reform Vote

2001: Ose Owned At Least $51,000 in Bank of America and State Street Bank Stock. In 2001, Ose owned at least $51,000 and as much as $115,000 of stock in Wall Street banks. At least $50,000 of that stock was in Bank of America with at least an additional $1,000 of stock in State Street Bank. [Doug Ose, “Financial Disclosure Statement” 05/15/2002]

Ose Voted to Benefit Wall Street Banks, Hurt Consumers With Bankruptcy Reform Bill. On March 1, 2001, Ose voted for a bankruptcy reform bill that was a boon to credit card companies at the expense of consumers. [HR 333, Vote #25, 03/01/2001]

Bank of America and State Street Bank Stocks Gain in Days Following Vote. Both Bank of America and State Street Bank stock gained value after the vote from the preceding week, with Bank of America gaining 2.8% following the vote and State Street Bank gaining 6.15%. [Buy Upside, accessed 06/19/2014 ; Buy Upside, accessed 06/19/2014]

2002 Bankruptcy Reform Vote

2002: Ose Owned At Least $3,276,727 in Bank of America, State Street Bank, and Citigroup Stock. In 2002, Ose owned stocks in State Street Bank worth at least $1,000 and as much as $15,000. He owned at least $50,000 and as much as $100,000 in Bank of America stock at the same time. Ose Properties No. 6 owned $3,225,726.54 of Citigroup stock in 2002. [Doug Ose, “Financial Disclosure Statement” 08/12/2003]

Ose Voted for 2002 Bankruptcy Reform Bill. [HR 333, Vote #484, 11/15/2002]

Ose’s Holdings in State Street Bank, Bank of America, and Citigroup All Gained Value Following Vote. In the two weeks following Ose’s November 2002 vote in favor of Wall Street Banks over consumers concerning bankruptcy reform, State Street Bank’s stock gained 4.08% in value, Bank of America’s stock gained 1.92% in value, and Citigroup, whose stocks gained the most off the vote, gained 7.58%. Citigroup was also Ose’s largest holding, and his investment would have gained $244,510 in only two weeks. [Buy Upside, 06/19/2014 ; Buy Upside, 06/19/2014 ; Buy Upside, 06/19/2014]

2004 Bankruptcy Reform Vote

2004: Ose Owned at Least $581,000 of Stock in Bank of America, State Street Bank, Citigroup, Bank One, and Goldman Sachs. In 2004, Ose owned stocks in State Street Bank worth at least $1,000 and as much as $15,000, Bank of America stock worth at least $50,000 and as much as $100,000, Citigroup stock worth between $500,000 and $1,000,000, Bank One stock worth at least $15,000 and as much as $50,000 and Goldman Sachs stock worth between $15,000 and $50,000. [Doug Ose, “Financial Disclosure Statement” 03/07/2005]

Ose Voted for 2004 Bankruptcy Reform Bill. [S 1920, Vote #10, 01/28/2004]

Recommended Reexamining Mortgage Cost Disclosure Rules. From 1998 to 2004, Ose received $18,450 from the mortgage industry and tens of thousands more from big banks like JPMorgan Chase, Bank of America, and Wells Fargo. These banks and mortgage interests were at the center of the foreclosure crisis that began in 2007, and have had to pay billions of dollars in restitution for fraudulent and unfair mortgage practices. Despite the need for consumer protection, Ose actually recommended reexamining the Truth In Lending Act, which requires mortgage lenders to disclose terms of credit to consumers.

The purpose of the regulation is to inform consumers’ credit decision making and increase comparison credit shopping. Although OMB declined to take further action in response to Ose’s request for reexamination, they did note that the Federal Reserve Board had already issued preliminary rules allowing mortgage lenders and other creditors to file disclosures electronically. [Ose Letter to OMB Office of Information and Regulatory Affairs Administrator John Graham, 4/17/2002; OMB, Office of Information and Regulatory Affairs, Summaries of Public Suggestions for Reform of Regulations and Guidance Documents, p. 270, 2002; OMB, Progress in Regulatory Reform, 2004]

Narrator:

Making millions for Ose and his Wall Street friends.

For Doug Ose, it pays to be in Congress.

GFX: Doug Ose
Deregulate Wall Street
Make Millions For Himself

Doug Ose’s Net Worth Tripled in Just Six Years in Congress. According to data submitted by Doug Ose, his wealth more than tripled while in Congress. Using the conservative lower limit of his total net worth from personal financial disclosures, Ose’s wealth grew from $11,248,032 in 1999 when he entered Congress to $46,437,051 in 2004, a jump of $35,189,019 (313%) while he was in Congress. The figure for the upper limit reported on disclosures is an increase of $103,535,999, from $47,071,001 to $150,607,000, or 220%. [Doug Ose, “Financial Disclosure Statement” 05/15/2000, 03/07/2005]

Doug Ose’s Wealth Increased by between $38 and $115 Million while in Congress. In March 2014, the Sacramento Bee reported that Doug Ose’s wealth “increased significantly” while he was there, “rising from between about $13.5 million and $60 million to between roughly $51.5 million and $175 million, according to financial disclosures.” [Sacramento Bee, 3/31/14]

"Ose also appeared regularly in lists of the wealthiest members of Congress.”  [Sacramento Bee, 3/31/14]

Ose’s Holdings in Bank of America Doubled in Value in the Month After The Repeal of Glass-Steagall. In 1999, Doug Ose owned at least $50,000 and as much as $100,000 in Bank of America stock. In November 1999, Doug Ose voted to repeal Glass-Steagall. Prior to the repeal, Bank of America was trading at $53.19 per share. One month later, Bank of America was trading at $108.17 per share, growth of 103% in the month following the Glass-Steagall repeal vote. [Yahoo Finance Historical Price Lookup, accessed 06/13/2014; S 900, Vote #570, 11/04/1999; Doug Ose, “Financial Disclosure Statement,” 05/14/1999]

Ose’s Holdings in State Street Bank, Bank of America, and Citigroup All Gained Value Following Bankruptcy Reform Vote. In the two weeks following Ose’s November 2002 vote in favor of Wall Street Banks, State Street Bank’s stock gained 4.08% in value, Bank of America’s stock gained 1.92% in value, and Citigroup, whose stocks gained the most off the vote, gained 7.58%. Citigroup was also Ose’s largest holding, and his investment would have gained $244,510 in only two weeks. [HR 333, Vote #484, 11/15/2002; Buy Upside, 06/19/2014 ; Buy Upside, 06/19/2014 ; Buy Upside, 06/19/2014]