Target Jim McCrery: Wall Street Puppet on Social Security

February - March 2005

Responding to Bush's 2005 State of the Union declaration that Social Security privatization was his top legislative priority, we sprung into action, immediately highlighting the corruption of the chair of the Social Security subcommittee, Rep. Jim McCrery. The following week we unveiled a research analysis exposing that Rep. Jim McCrery, the newly appointed head of the Social Security Subcommittee in the House, had taken over $200,000 from the securities and commercial banking interests that stand to benefit from privatization of Social Security.

We launched a successful online fundraising appeal that generated $25,000 to pay for three newspaper ads and a television ad asking Rep. McCrery to stop taking money from industries that stand to benefit from his actions. This expose, combined with a stellar effort from our Social Security campaign, helped to define the Republicans' plan for what it was -- a benefit cut for you and windfall profits for the rich.

Corruption Expose on Rep. Jim McCrery Gets Results

In the last two weeks of February 2005, we launched a multi-media advertising blitz to expose the Wall Street conflict of interest of Rep. Jim McCrery - the man charged to push Social Security privatization through the House of Representatives.

We ran three full page ads in McCrery's hometown newpapers, and followed by airing a pointed TV ad - over 100 times in McCrery's home district. Both ads broadcast McCrery's Wall Street conflict to hundreds of thousands of his own constituents, and reached millions more through national media coverage in The New York Times, CNN, USA Today, Time Magazine, The Los Angeles Times, TalkingPointsMemo.com and others.

See the ads at right, read more about the recent McCrery media coverage, and take stock in the fact that our shared and hard-hitting fight against Social Security privatization is winning!

Representative Jim
McCrery (R-LA)

Who McCrery is supposed to represent

The 638,466 people of Louisiana's 4th Congressional District.

Who does McCrery actually represent?

Rep. McCrery's Top Five Commercial Bank and Securities Contributors:

American Bankers Association: $14,500

Bank of America: $12,500

Wachovia: $8,000

Morgan Stanley: $7,000

J.P. Morgan: $3,000

Total contributions to McCrery from commercial banks and securities (2000-2004): $198,650

ACTION RESULTS

Check out the TV ad that aired over 100 times in McCrery's home district.

See the full ad (PDF) that we ran in McCrery's two hometown newspapers to launch the multi-media expose on his corruption.

McCrery's Rap Sheet

Between 2000 and 2004, McCrery received nearly $200,000 in campaign contributions from securities and commercial banking interests. Between 2002 and 2004 alone, contributions increased by 42 percent, going from $61,650 to $87,500.
McCrery's former legislative director, Jonathan Traub, is a registered lobbyist for the Securities Industry Association. Traub joined Richard Hunt, another McCrery aide who had already since joined the SIA.
McCrery publicly stated he regularly visits Kenneth Kies, the leading GOP tax lobbyist. Kies was named a "major player" on the Social Security privatization issue, working for the securities industry. In 2003, McCrery told the press that Kies visits him every few weeks.
McCrery has voted for measures pushed by corporate contributors in the past. In 2000, the health care industry contributed $66,209 to McCrery's campaign. In 2004, that figure rose by 65 percent to $109,368. Similarly, insurance industry contributions rose by 101 percent from $41,900 in 2000 to $84,383 in 2004. Not surprising, McCrery's supported the GOP Medicare prescription drug bill which gave an enormous windfall to the insurance and pharmaceutical industries in 2003.
McCrery hopes to be a lobbyist someday. One day after announcing that he would remain in Congress for at least another term, McCrery revealed that he discussed the idea of forming a lobbying shop.

Read the Full Report »

McCrery In The News

Featured:

One day after Louisiana cable system Lifewise Cable Media stopped running ads by the liberal group Campaign for America's Future, which said Louisiana Republican Congressman Jim McCrery, quote, "wants to privatize Social Security and cut our guaranteed benefits," Lifewise has now agreed to start running the ads again.

McCrery calls the ads, quote, "patently false," insisting his proposal to set up personal investment accounts within SOcial Security is not privatization. But after receiving nearly 20 pages of documents and press reports from the Campaign for AMerica's Future backing up its claim, Lifewise says it determined, quote, "Both sides are correct and the ads should be run." McCrery's office declined to comment.

CNN.com Inside Politics, "Reform's hard road"
March 1, 2005

USA Today, "Social Security fight gets personal"
March 1, 2005

CNN's Inside Politics with Judy Woodruff, Television excerpt
February 28, 2005

Checking the "Political Bytes" on this Monday, the liberal 527 group Campaign for America's Future is joining the debate over Social Security. The group is running a TV ad this week in the district of Louisiana Republican Jim McCrery. He's chairman of the House Social Security Subcommittee.

The ad says McCrery accepted campaign money from Wall Street firms which could benefit from the president's plans for private investment accounts. In a statement, McCrery called the ad, "pitiful" and said he will not be deterred in his effort to help the president reform Social Security.

Time Magazine, "Bush's Social Security Plan in Trouble?"
February 27, 2005

The New York Sun, "Social Security Activist Groups' Battle Gets Ugly"
February 24, 2005

The New York Times, "Flare-Ups in Battle Over Bush's Social Security Plan"
February 24, 2005

The Hill, "BUSINESS & LOBBYING: McCrery attacked on Social Security policy"
February 23, 2005

CBS MarketWatch, "Snow: More work ahead to sell Social Security plan"
February 23, 2005

McCrery On The Blogs

Talkingpointsmemo.com, "Down At Law"
March 2, 2005

Talkingpointsmemo.com, "Amazing"
March 2, 2005

Talkingpointsmemo.com, "The Hapless Representative from the 4th District of Louisiana, Jim McCrery"
March 2, 2005

DailyKos.com, "Liberals Finally Playing Hard Ball With GOP Congressman"
February 27, 2005

Talkingpointsmemo.com, "Campaign for America's Future Hits a Triple"
February 24, 2005