Thursday, April 05, 2012

Sherrod Brown Voting Record Nets 'F' Grade From National Taxpayers Union

Columbus, Ohio -- After analyzing 234 Senate roll call votes on taxes, spending and regulations, the National Taxpayers Union (NTU) gave Ohio Senator Sherrod Brown an “F” rating for voting the pro-taxpayer position only six percent (6%) of the time in 2011.

Brown tied two of his colleagues for the lowest taxpayer rating of any Senator. His F-rating also earned him NTU’s designation of “Big Spender."

“Since Sherrod Brown began his spending binge in Washington two decades ago our national debt has increased more than $11 trillion. If we want to change the out of control spending in Washington, we have to change who we send there. State Treasurer Josh Mandel has protected taxpayer money by cutting his office budget by more than a million dollars, returning $400,000 in unspent dollars to the state treasury, and earning Ohio the highest credit ratings possible for the funds he manages. As Senator, Josh Mandel will fight to balance the federal budget and stop the wasteful spending that is burying our children and grandchildren in debt.” – Travis Considine, Communications Director Josh Mandel For U.S. Senate

Treasurer Mandel's Record Of Success

Josh Mandel Protects Hard Earned Ohio Taxpayer Dollars. “‘As the chief watchdog of Ohio’s tax dollars, I feel a responsibility to root out fraud wherever I see,’ Mandel said. He described the allegations of fraud against the two banks as ‘an extreme breach of the public trust.’” (Alan Johnson, “Statewide pension funds drop two banks,” The Columbus Dispatch, 3/20/12)

“Ohio Treasurer Josh Mandel severed contracts yesterday with two major banks that handled $41 billion in Ohio pension investments, accusing them of ‘systematically exploiting public pension funds and taxpayers.’” (Alan Johnson, “Statewide pension funds drop two banks,” The Columbus Dispatch, 3/20/12)

Josh Mandel Fulfills Campaign Pledge To Help End Fraud And Corruption. “’The pattern of fraud that has been detailed and alleged across the country against banks entrusted to safeguard funds for Ohio teachers, police, firefighters and retirees is an extreme breach of the public trust,’ Mandel said. ‘I have been fighting against abuse and corruption in banks that serve as international custodians for Ohio pension funds for the last two years, and as treasurer I feel that I have a duty to end custodial agreements with banks being sued for defrauding taxpayers.’” (Laura Bischoff, “Ohio claims fraud involved 2 East Coast banks,” Dayton Daily News, 3/19/12)

“His predecessor, Democrat Kevin Boyce, had hired the wife a State Street lobbyist as an office assistant. Mandel also questioned why Boyce would choose State Street less than a year after California’s attorney general sued the bank, accusing it of overcharging pension funds for foreign currency trades — the same practice DeWine is investigating.” (Joe Guillen, “Ohio treasurer ending relationships with 2 banks,” The Cleveland Plain Dealer, 3/19/12)

Josh Mandel Takes On Big Wall Street Banks. “The Ohio move is the first time a state publicly completely has severed ties with BNY Mellon amid the currency-trading investigations; previously, pension funds in Massachusetts and Los Angeles have restricted foreign-exchange trading with the bank.” (Matthias Rieker and Jean Eaglesham, “Ohio Cuts Ties With Mellon, State Street,” The Wall Street Journal, 3/19/12)

Mandel Overhauls The Treasurer’s Office To Save Ohio $1.2 Million. “[Mandel’s] changes helped produce a $400,000 surplus that Mandel returned to the state treasury at the end of the fiscal year on June 30. In addition, he projected an estimated $1.2 million savings in the current biennium.” (Alan Johnson, "Mandel Tightens Money Belt," The Columbus Dispatch, 07/12/11)

Mandel Implements Electronic Bank Transfers, Which Will Save Ohio $100,000. “Until recently, a state treasurer employee was making a round trip to a Cleveland bank five days a week, transporting an average of $11million a day in checks written to the state of Ohio. No more. By converting to electronic deposits, the state is sparing taxpayers the cost and security risk of the weekday trips, plus an estimated $100,000 a year savings in check-processing and related fees and by gaining access to deposits more quickly, Treasurer Josh Mandel said.” (Alan Johnson, "Mandel Tightens Money Belt," The Columbus Dispatch, 07/12/11)

Mandel Saves Ohio $30,000 By Disconnecting Unused Phone Lines. "The treasurer reported saving $30,000 annually by disconnecting unused phone, fax and mobile phone lines; $10,000 by lowering cellphone minutes; and $47,000 by consolidating regional offices." (Alan Johnson, "Mandel Tightens Money Belt," The Columbus Dispatch, 07/12/11) 

Mandel Maintains The Highest Rating Possible For STAR Ohio. "Ohio Treasurer Josh Mandel said the state's STAR Ohio investment fund has maintained the highest possible rating, AAAm, from Standard & Poor’s rating agency. The fund is invested by the treasurer for contributing school districts and local governments." (Alan Johnson, "Ohio investment fund retains top rating while others are downgraded," The Columbus Dispatch, 09/08/11)