CONTACT: Marc Bradley
PHONE: 203-807-4583
EMAIL: marc@williamtong.com

TONG SURGES IN FIRST DEBATE, OFFERS CONTRAST TO CAREER POLITICIANS
Focuses on failure of Congress and Washington, Raises Doubts About Murphy’s Record and Effectiveness

NORWICH — At the first debate between the three Democratic candidates for United States Senate, William Tong surged, making an aggressive case for his candidacy by highlighting his plan to Reclaim the American Dream. He called attention to the failure of Congress and Washington, offering a stark contrast to his opponents, Chris Murphy and Susan Bysciewicz, and raising serious questions about Murphy’s record and effectiveness.

“Washington has failed the people of this state. Tonight we heard three very different visions for Connecticut and the nation. I’m the only candidate who can offer something different. Unlike my colleagues in the race, I’ve had a meaningful career outside of elective office and I have a strong record of legislative accomplishment. I’m not a career politician. I’m not an insider.”

Tong noted that more than 155,000 people in Connecticut remain unemployed and that there are more than 100,000 households ‘underwater’ in the state, meaning more is owed on their mortgages than those homes are worth.

Tong’s plan to Reclaim the American Dream focuses on jobs, housing, small businesses, and unemployment. Among the proposals he highlighted were:

• A plan to help businesses hire by allowing employers to use a new hire’s unemployment check towards that employee’s full salary.
• An emergency plan to refinance America’s mortgage debt, allowing all homeowners with federally backed mortgages to refinance to 4% and saving households an average of $2,800 a year.
• A call for the Small Business Administration to double its loan guarantee activity, from $28 billion to $60 billion annually.
• Construction of five new vocational and technical schools and five new science and math academies in Connecticut.

Tong concluded, “We know what the Republican candidates in this race want to run against. They want to run against the failure of Congress and Washington, against career politicians who have spent their entire careers in elective office, against insiders. They can’t do that to me.”

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U.S. SENATE CANDIDATE WILLIAM TONG BACKS CONSTITUTIONAL AMENDMENT OVERTURNING CITIZENS UNITED DECISION

U.S. Senate candidate William Tong today called for a constitutional amendment overturning the U.S. Supreme Court’s 2010 Citizens United decision.

The ruling allowed unlimited political donations by corporations, unions and individuals.

“The Supreme Court made a major mistake and we need to fix it,” Tong said. “The Citizen’s United ruling is one of the worst high court decisions of the last 100 years. As a lawyer, I take amending the Constitution very seriously, but this decision must be overturned before it buries our democracy in an avalanche of money.  Left unchecked, our country is bound to become a full blown corporatocracy.”

“We are already witnessing Citizens United’s corrosive effects, as wealthy individuals and corporations exploit it to twist the electoral process. It is eroding common sense state restrictions, as happened recently when a court issued an injunction against Montana’s 1912 law banning independent corporate donations to political campaigns.  We must act before this decision does further damage.

“Allowing this foolish decision – championed by Justices Scalia and Roberts – to stand dramatically increases the corrosive impact of money on politics, inevitably leading to corruption. Money must not equal speech or the fabulously wealthy will drown out the voices of ordinary Americans.”

Tong said that any constitutional amendment should empower Congress to restore longstanding laws restricting corporate and union political giving that the Citizens United decision overturned. It should also enable lawmakers to establish new campaign finance restrictions, he said.

Tong repeated his call for tough new limits on money in politics. He praised Connecticut’s public financing system.

“Connecticut’s public financing system is a potential model for the nation,” Tong said. “I support public financing of elections to assure that the people, not plutocrats, choose our leaders. To fix Washington, we have to drastically reduce the influence of money in politics and I call on all of my colleagues in this race for the US Senate to join me in pledging to introduce legislation to end Citizens United if elected.”

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Democratic U.S. Senate candidate State Rep. William Tong today called the recent $25 billion mortgage settlement a good start, but urged more investigations, including criminal, and more help for underwater homeowners.

Tong, co-chairman of the General Assembly’s Banks Committee, made his remarks after a committee meeting today on the settlement.

“Homeownership is a pillar of the America Dream,” Tong said. “I know because buying a home was a pivotal moment in my family’s rise in America. We didn’t have much growing up, but we had a home.  We must tackle this housing crisis in order to save the middle class, the backbone of this country.”

Tong thanked Attorney General George Jepsen and his staff for their hard work on this settlement, which will provide $190 million in relief to Connecticut homeowners and the state. But said that this was just a start and urged more investigations, including criminal, and litigation, if justified.

“This is a good start, but more needs to be done,” Tong said. “I urge state and federal authorities as well as consumers, pension funds and others to keep investigating. Additional investigation, leading to possible litigation and criminal charges, can secure more money and better loan terms for homeowners hurt by financial industry abuses.

“Too often, financial institutions view such settlements as the cost of doing business and break promises to halt illegal activity. Only the threat of additional legal action up to criminal prosecution and prison will stop the greed that sank our economy and impoverished millions.”

As U.S. Senator, Tong said he would do more to assist homeowners and revive the housing market. Homeownership with job creation, education and small business promotion are the four pillars of his plan to restore the American Dream.

“As U.S. Senator, I will fight for underwater homeowners and hold banks and financial institutions responsible for their abuses,” Tong said. “Our economy will not fully recover until the housing market recovers. My plan will help stabilize the housing crisis and help reclaim the American Dream here in Connecticut and around the country.”

Tong’s housing proposals include:

• Set federally backed mortgages at 4 percent, allowing underwater homeowners to refinance at lower interest rates. The program would put more than $2,800 a year into the pockets of Connecticut families and $1 billion into the state’s economy;
• Expand principal relief programs such as those in California and Nevada, enabling homeowners who are underwater but making payments to reduce their debt burden over time;
• Provide homeowners who lose their jobs with short-term bridge loans so they can keep their houses while they search for work.

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