Former President Bill Clinton on Wednesday hinted at an attack Democrat Rory Reid is preparing to launch against Republican Brian Sandoval in the race for Nevada governor.
Clinton made a speech in support of Reid at the House of Blues at Mandalay Bay.
In it, he sought to buoy enthusiasm among supporters of Reid, who trails Sandoval by double digits in statewide public polls.
Clinton also hinted how Reid will soon try to paint Sandoval a candidate who would side with big banks over typical Nevada citizens.
It could be a damaging charge in a state where home foreclosures and unemployment are high and distrust of financial institutions runs deep.
"His opponent sponsored a bill to deregulate banking so that they could do here what happened in New York and all over America. I don’t think that is a good idea," Clinton said. "If you want a vibrant free market you have to have oversight, otherwise they always have tended to destroy themselves for 400 years."
It was an apparent reference to a 1997 bill Sandoval sponsored as a member of the Assembly.
Reid campaign staffers wouldn’t specify why the 45-page bill was harmful, saying only an attack ad on the subject would be released late Wednesday or early Thursday.
A summary in the Legislative Counsel Bureau’s 1997 Summary of Legislation document describes on page 54 AB360.
"The bill contains various provisions updating the organization of banks, including changing from former concepts such as ‘shareholders’ and ‘capital’ to newer concepts such as ‘stockholders’ and ‘stockholder or members’ equity’."
It goes on to state: "In addition, the measure simplifies requirements for other corporations, including thrift companies, to amend their articles of incorporation to become a bank. A bank is authorized to increase or reduce its authorized stock without the approval of its stockholders under certain circumstances."
The bill became effective in 1997, under Democratic Gov. Bob Miller.