Kay's New Ad Highlights the "Choices" Elizabeth Dole Made on Behalf of North Carolinians during her Six Years in the U.S. Senate

November 3, 2008

GREENSBORO, N.C. - State Senator and U.S. Senate Candidate Kay Hagan (D-Guilford) released a new ad that highlights the choices Elizabeth Dole has made on behalf of North Carolinians during her six years in the U.S. Senate. “Choices” criticizes Dole’s votes against increasing the minimum wage, and her votes for tax breaks for Big Oil and Gas and corporations that ship North Carolina jobs overseas.



“Elizabeth Dole made her choices in the U.S. Senate, but now there are a lot of questions North Carolinians have about her record that she has left woefully unanswered,” said Hagan Campaign Communications Director Colleen Flanagan. “Simply put, her votes against increasing the minimum wage and in support of tax breaks for Big Oil and Gas and corporations that ship our jobs overseas have done nothing to help working families make ends meet. Elizabeth Dole doesn’t understand because she has been too busy looking out for the special interests, ineffective in Washington and absent from North Carolina, but that’s the same reason why Kay is ahead in this race. In tough economic times like these, North Carolinians deserve leadership, not lip-service.”

Dole has voted with President Bush 92% of the time, and has said the President’s failed economic policies were “exactly right” for America. Her record includes voting against increasing the minimum wage three times in 2005 and 2006, even while accepting pay raises for herself. Dole’s staunch opposition to raising the minimum wage dates back to the 1980s when she was Secretary of Labor and supported vetoing a minimum wage increase. While voting at least nine times to protect the interests of Big Oil and Gas, Dole has voted to give them $17 billion in tax breaks. And in 2004 and 2005, she voted in favor of giving tax breaks to companies that ship jobs overseas.

In September, Kay released her plan to advocate for North Carolina’s middle class families. In the U.S. Senate, Kay will end tax breaks currently being given to Big Oil and Gas companies and corporations that ship jobs overseas. She plans to reinvest that money into researching renewable energy sources and creating clean, green jobs in North Carolina that will stimulate the economy. As co-chair of the Budget Committee in the state Senate, Kay wrote balanced budgets, increased the minimum wage and maintained a fully funded pension plan.

The ad can be viewed at http://www.youtube.com/watch?v=72uAlcVuNg0 and Kay’s middle class plan can be found at www.kayhagan.com.

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“Choices” Ad Backup
Hagan Senate Committee, Inc.
0:30 TV
10/28/08

Transcript	Facts
Narrator: In this economy, Elizabeth Dole made her choices. Three votes against the minimum wage. Text: In this economy, Elizabeth Dole made her choices. Elizabeth Dole: Three votes against the minimum wage.	DOLE HAS A LONG HISTORY OF OPPOSITION TO MINIMUM WAGE INCREASES Dole Voted Against Minimum Wage Increase Three Times. Between 2005 and 2006, Dole voted against increasing the minimum wage three times. [Vote 179, 6/21/06; Vote 26, 3/7/05; Vote 257, 10/19/05] 2002: Dole Campaign Said Minimum Wage Hike Could Have A Negative Impact. In 2002, Dole spokeswoman Mary Brown Brewer said that Dole would consider raising the minimum wage “if it would not hurt the economy.” Brewer added, “Right now, though, North Carolina’s economy is going through a downturn. In small business today, many businesses are concerned that a minimum wage increase could have a negative impact on jobs, and we certainly can’t afford to lose any more jobs right now.” [Associated Press, 9/24/02] As Secretary Of Labor, Dole Supported Veto Of Minimum Wage Increase. As the Secretary of Labor in 1989, Dole said that a Democratic plan to raise the minimum wage from $3.35 per hour to $4.65 an hour “would call for a veto.” At the time, the minimum wage had remained stagnant since 1981. According to the Raleigh News and Observer, Dole “favored a smaller wage hike at the time that included a lower-level training wage for newly hired workers, and that just such a measure ultimately passed.” [Associated Press, 3/3/89; Economist, 3/18/89; Raleigh News and Observer, 9/20/02]
Narrator: Tax breaks to oil companies and corporations sending jobs overseas. Text: Elizabeth Dole Tax breaks to oil companies Elizabeth Dole Tax breaks to companies sending jobs overseas.	DOLE VOTED TO GIVE TAX BREAKS TO OIL COMPANIES AND CORPORATIONS THAT OUTSOURCE JOBS Dole Has Voted To Protect Tax Breaks Or Incentives For Big Oil At Least 9 Times. Since coming to Congress, Dole has voted at least 9 times to protect billions of dollars in tax breaks and subsidies for oil companies already reaping record profits. [Vote 146, 6/10/08; Vote 425, 12/13/07; Vote 222, 6/21/07; Vote 118, 5/11/06; Vote 331, 11/17/05; Vote 332, 11/17/05; Vote 341, 11/17/05; Vote 213, 7/29/05; Vote 89, 5/11/04] Dole Voted In Favor Of Tax Breaks For Companies That Send Jobs Overseas. In 2005, Dole voted against an amendment that would repeal $3.2 billion in tax incentives for domestic companies that move their manufacturing plants to offshore locations. In 2004, Dole voted against an amendment that would have struck $39 billion in tax breaks on overseas income and provided an immediate 9 percent tax deduction for domestic manufacturers. In 2004, Dole also voted against prohibiting American tax dollars from being used to ship jobs outside the country. [Vote 63, 3/17/05; Vote 90, 5/11/04; Vote 41, 3/11/04]
Narrator: Six years of putting the special interests first. Text: Elizabeth Dole Six years putting special interests first.	DOLE HAS CONSISTENTLY PUT SPECIAL INTERESTS AHEAD OF NORTH CAROLINA’S BEST INTERESTS Dole Has Accepted $3.4 Million From Lobbyists and Special Interests. Over the course of her career, Dole has taken $3,412,541 from lobbyists and special interests. In her 2002 Senate campaign, Dole accepted $1,433,600 from PACs, not including ideological committees. Since 2003, Dole has accepted $1,689,346 from PACs, not including ideological committees. Over the course of her career in the U.S. Senate, Dole has taken $292,595 from lobbyists. [Center for Responsive Politics – Dole 2002 campaign summary, 8/21/08, Dole PAC contributions, 2003-present, 10/25/08, Dole lobbyist money, 10/25/08] Dole Voted Against Limiting Gifts Not Just From Lobbyists, But Also From Their Employees. During debate on the 2006 ethics reform package, Dole voted to kill an amendment that would have expanded the definition of a lobbyists to include not only those registered to lobby for also their staffs. Senator Feingold argued that the existing language would leave a “huge loophole” that would allow lawmakers to dine with a lobbyist while another member of the firm pays the bill. [Vote 80, 3/29/06; USA Today, 3/30/06] Dole Voted Against Strong And Comprehensive Package Of Amendments To Strengthen Lobbying Reform. Before voting for the weak lobbying reform bill in March 2006, Dole voted against a stronger Democratic package that would have: criminalized the “K Street Project,” increased penalties against people who lie on their lobbying disclosure forms, barred all gifts from lobbyists and put an end to “dead of night” legislating. [Vote 35, 3/8/06; Reid Press Release, 3/7/06; Associated Press, 3/8/06] Dole Is An “Obvious Industry Favorite” For Big Oil & Gas. The Center for Responsive Politics reported that “the oil and gas industry has given incumbent Elizabeth Dole 22 times more money than Democratic challenger Kay Hagan. Of the candidates for Senate this election cycle, Dole is among the top 10 recipients of oil and gas money--an obvious industry favorite.” [Center for Responsive Politics, 9/29/08] Dole “Ally of Private Mortgage Insurance Industry” Blocked Bill That Would Make Them Compete With Revived FHA. In November 2007, Dole placed a hold on the FHA reform bill because she objected to FHA’s plan to price mortgages based on credit risk. The Washington Post reported, “Dole is an ally of the private mortgage insurance industry, which would have to compete with a revived FHA in the low-down-payment segment of the mortgage market.” [Washington Post, 11/24/07; Baltimore Sun, 11/25/07]
KRH: We all know this economy didn’t break itself. George Bush’s economic policies plotted the course. And Senator Dole voted with the special interests to put us over the edge. I’m Kay Hagan. I approve this message because middle class families have had enough, and together we can get our economy moving again. Text: Kay Hagan Kay Hagan U.S. Senate Hagan Economic Plan at www.kayhagan.com	DOLE HAS CONSISTENTLY SUPPORTED BUSH’S ECONOMIC POLICIES Dole Voted With President Bush 92% Of The Time. Between 2003 and 2007, Dole has voted with President Bush 91.6% of the time. In her first year in office, she supported his positions 98% of the time. [Congressional Quarterly Vote Studies, viewed 3/3/08] Dole Said Bush’s Economic Policies Were “Exactly Right” And “Working.” In August 2002, Dole told a group, “I think President Bush’s economic policies are exactly right, I don’t know about you.” n July 2004, Dole spoke at rally for Bush’s reelection campaign. Dole said, “This is not a time to make a change from what’s working, right? It’s working, the Bush economic policies are working.” [Myrtle Beach Sun-News, 8/25/02; Wilmington Star News, 07/13/04] BUSH-DOLE DEREGULATION POLICIES HURT OUR ECONOMY Bush Administration Pushed For More Self-Regulation, Less Government Interference. According to the Washington Post, “Once the Bush administration arrived in 2001, the push was for less regulation, not more. Voluntary oversight became the favored approach, and even those were accepted grudgingly by Wall Street, if at all. In private meetings and public speeches, Greenspan also argued a free-market view. Self-regulation, he asserted, would work better than the heavy hand of government: Investors had a natural desire to avoid self-destruction, and that served as the logical and best limit to excessive risk. Besides, derivatives had become a huge U.S. business, and burdensome rules would drive the market overseas.” [Washington Post, 10/15/08] Alan Greenspan Admitted Relying On Self Regulation Was A “Mistake.” The Washington Post reported, “Greenspan used the word ‘mistake’ once during the five-hour hearing, which also included former Treasury Secretary John Snow and current Securities and Exchange Commission Chairman Christopher Cox. ‘I made a mistake,’ Greenspan said, ‘in presuming that the self-interests of organizations, specifically banks and others, were such as that they were best capable of protecting their own shareholders and their equity in the firms.’” [Washington Post, 10/23/08] Experts Argue Bush’s Anti-Regulation Stance And Early Personnel Choices Helped Aggravate The Economic Crisis, If Not Cause It. The New York Times reported, “These experts, from both political parties, say Mr. Bush’s early personnel choices and overarching antipathy toward regulation created a climate, that, if it did not set off the turmoil, almost certainly aggravated it. The president’s first two Treasury secretaries, for instance, lacked the kind of Wall Street expertise that might have helped them raise red flags about the use of complex financial instruments that are at the heart of the crisis.” [New York Times, 9/20/08] Dole Introduced Bill To Reduce Regulation Of Financial Institutions. In March 2008, Dole introduced the Regulatory Relief and Fairness Act, which is “a bill to reduce the report and certification burdens for certain financial institutions.” The bill sought to ease regulations found in sections 302 and 404 of the Sarbanes-Oxley Act of 2002. Section 302 requires that CEOs and CFOs certify that financial disclosure statements are accurate, while section 404 requires the use of external auditors to certify proper accounting procedures were used. [S 2703, Introduced 3/5/08; San Diego Business Journal, 3/31/03] Dole Sought To Ease The “Burdensome Nature Of Compliance” To Ensure Businesses And Shareholders Receive Benefits” From Regulations. During a hearing in February 2008, Dole said that she was concerned about “the burdensome nature of compliance, especially from the financial institutions because they’re heavily regulated.” In a March 2008 press release, Dole said, “We must ensure that businesses and shareholders receive benefits from these regulations that are commensurate with the burdens they create.” [Dole Senate Office Press Release, 3/4/08; Senate Banking Hearing Transcript, 2/14/08] Accountancy Age: “Supremely Naive” To Cut Regulation For Banks. Gavin Hinks, the editor of Accountancy Age, wrote, “It strikes me that it is supremely naive to believe you should call for a cut in regulation for banks at a time when the judgment of those who run the banks doesn't appear to be something they'd shout about.” [Accountancy Age, 3/14/08] BUSH-DOLE INCREASED FOREIGN DEBT WHICH INFLATED THE HOUSING BUBBLE Some Economists Said The Bush Economic And Tax Policies Made The U.S. More Dependent On Foreign Capital, Inflating The Housing Bubble. The New York Times reported, “Beyond the administration’s deregulatory bent, some economists argue that it’s fiscal and tax policies made the United States more dependent on foreign capital, which inflated the bubble in housing prices. ‘A different Treasury would have taken a different approach,’ said Lawrence H. Summers, who served as Treasury secretary in the Clinton administration. ‘I don’t think the economy has been well managed, and that has certainly been crucial for the problems we’re facing.’” [New York Times, 9/20/08] Under Dole, Foreign Debt Climbs To Record Levels. In order to finance record budget deficits, the United States has engaged in unprecedented borrowing from foreigners. Since 2000, the United States has accumulated more debt to foreigners, approximately $2.182 trillion, than this country had accumulated in its first 224 years. [U.S. Treasury Department, Major Foreign Holders of Treasury Securities, 5/07] Nineteen Percent Of Foreign Debt Held By China. 22% of the United States’ foreign debt in July 2008 was held by Japan, a total of $593.4 billion. China held 19%, or $518.7 billion. Oil exporting nations, including Iran, Iraq and Saudi Arabia, held another $173.9 billion, or 6.5%. [U.S. Treasury, Major Foreign Holders of Treasury Securities, 7/08] Dole Voted Against Protections For Homeowners And Borrowers. Dole failed to co-sponsor a bill to protect consumers from high-cost loans, and she failed to co-sponsor a bill to protect consumers from predatory lending. She also voted against a measure that would let homeowners refinance if they were facing foreclosure, a provision supported by a wide range of consumer and civil rights groups and opposed by the mortgage industry. [S 1928, introduced 11/21/03; S 2452, introduced 12/12/07; Pittsburgh City Paper, 4/30/03; Vote 35, 2/28/08; New York Times, 2/29/08]

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