September 29th, 2008
05:50 PM ET
6 years ago

Fact Check: McCain's stance on deregulation

Sen. McCain made a statement Monday after the $700 billion bailout plan failed to pass in the House.
Sen. McCain made a statement Monday after the $700 billion bailout plan failed to pass in the House.

The Statement: At a campaign rally Monday, September 29, in Denver, Colorado, Democratic presidential nominee Sen. Barack Obama once again charged his Republican opponent, Sen. John McCain, with being a supporter of deregulating financial markets that have since collapsed. "He's fought against common-sense regulations for decades ... and he said in a recent interview that he thought deregulation has actually helped grow our economy. Senator, what economy are you talking about?" Obama said.

Watch: McCain, GOP have failed economic philosophy, Obama says

Get the facts!

The Facts: During his time in the senate, McCain has been a champion of government deregulation - some of which is being blamed for the Wall Street meltdown. Since the recent crisis, though, he has supported a plan for the government to take on the debt of failing financial institutions.

During a September 21 interview on CBS's "60 Minutes," McCain was asked if he regretted a 1999 vote for deregulating Wall Street. "No - I think the deregulation was probably helpful to the growth of our economy," McCain said.

In footage of a speech aired during that interview, though, McCain voices support for government now stepping in. "I'm not saying this isn't going to be messy and I'm not saying it isn't going to be expensive," he said, "but we have to stop the bleeding."

The Verdict: True - although McCain has supported more government oversight of Wall Street as part of the bailout plan.


Filed under: Candidate Barack Obama • Fact Check • John McCain
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