Of course the Republicans are. Because they’re all about populism, right? Not only are the Republicans against taxing the banks to recover the TARP funds, but they’re also against re-regulating Wall Street, and they’re in favor of allowing corporations to spend unlimited cash on political campaigns (that is, unless that corporation is run by George Soros, right?). The GOP reactions to the Citizens United decision:
– Sen. John Cornyn (R-TX): “It is about a nonprofit group’s ability to speak about the public issue. I can’t think of a more fundamental First Amendment issue. … [The ruling could] open up resources that have not previously been available [for Republicans].” [NYT]
– Rep. Steve King (R-IA): “The Constitution protects the rights of citizens and employers to express their viewpoints on political issues. Today’s Supreme Court decision affirms the Bill of Rights and is a victory for liberty and free speech.” [Statement]
– Rep. Mike Pence (R-IN): “If the freedom of speech means anything, it means protecting the right of private citizens to voice opposition or support for their elected representatives. The fact that the Court overturned a 20-year precedent speaks volumes about the importance of this issue.” [Statement]
– Senate Minority Leader Mitch McConnell (R-KY): The court took a step toward “restoring the First Amendment rights [of corporations and unions]. … By previously denying this right, the government was picking winners and losers.” [AP]
– RNC Chairman Michael Steele: “Today’s decision by the Supreme Court in Citizens United v. FEC, serves as an affirmation of the constitutional rights provided to Americans under the first amendment. Free speech strengthens our democracy.” [Statement]
– Senate Candidate Marco Rubio: “Today’s SCOTUS decision on McCain-Feingold is a victory for free speech.” [Statement]
And here’s the president’s response to Citizens United:
With its ruling today, the Supreme Court has given a green light to a new stampede of special interest money in our politics. It is a major victory for big oil, Wall Street banks, health insurance companies and the other powerful interests that marshal their power every day in Washington to drown out the voices of everyday Americans. This ruling gives the special interests and their lobbyists even more power in Washington — while undermining the influence of average Americans who make small contributions to support their preferred candidates.
That’s why I am instructing my Administration to get to work immediately with Congress on this issue. We are going to talk with bipartisan Congressional leaders to develop a forceful response to this decision. The public interest requires nothing less.
My only gripe is “bipartisan,” of course. But I think the battle lines are clear. The Republicans are on the side of the corporations overpowering common voters.
President Obama earlier today announced his proposed “Volcker Rule,” which would limit the reckless risk-taking of big banks by barring them from “from owning, investing, or sponsoring hedge fund or private equity funds and from engaging in proprietary trading.”