Tuesday, January 11, 2011

Minnick Being Considered for Comptroller of Currency?

Reuters reported last week that former Idaho Representative Walt Minnick has met with Obama administration officials including Treasury Secretary Timothy Geithner to discuss possible presidential nomination to serve as either as Comptroller of the Currency or head of the Federal Deposit Insurance Corporation (FDIC), two federal regulatory agencies.

Not surprisingly, this news made it's way around banking circles long before it made it's way to Minnick's home state.

The American Bankers Association's website devoted to tracking news related to the Dodd-Frank reform bill noted the discussions between Minnick and the Obama administration on Friday, the day Reuters first reported the talks. From October 14, 2008 through October 13, 2010, the American Bankers Association donated $15,000 to Walt Minnick's campaign. As the Dodd-Frank bill was being debated in Congress, Minnick proposed giving the Office of the Comptroller of the Currency "the power to establish both tough new consumer protection regulations and its existing safety and soundness regulation" while simultaneously working to strip reform legislation of the creation of a Consumer Financial Protection Agency and accepting an obscene amount in donations from the industry with the most at stake in the debate--the financial sector.

A word of caution to the Obama administration and Geithner's treasury: Don't let this anti-regulation, anti-government DINO con you into a nomination to any post. He and his deep pockets conned the Idaho Democratic Party into letting him run for Congress after a strong candidate had already announced, his two-year term was fraught with anti-Democratic language that only served to fuel tea party ire, and all of this culminated in a nasty campaign for re-election. He has left our party in shambles, he has ruined the inroads made between the Democratic party in this state and the Hispanic community and ultimately handed the national GOP one more seat in the U.S. House of Representatives.

Walt Minnick wasn't right for the Idaho Democratic Party, he wasn't right for Idaho and he isn't right for the Obama administration.

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