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Former Wall Street economist joins NY Senate race
April 14, 2010 / 5:39 PM / 8 years ago

Former Wall Street economist joins NY Senate race

NEW YORK, April 14 (Reuters) - David Malpass, a former chief economist at collapsed Wall Street giant Bear Stearns, on Wednesday became the third Republican to enter the U.S. Senate race for the seat held by Democrat Kirsten Gillibrand.

Presenting himself as a fiscal conservative, Malpass vaunted his financial expertise at his campaign announcement, declaring his acumen is needed “especially now, when our country and state face such dire economic circumstances.”

“I‘m challenging Senator Gillibrand because she’s chosen at every step to spend New Yorkers’ hard-earned taxes without setting any limits or boundaries. That costs us jobs and businesses,” he said.

Attacking “uncontrolled spending” in Washington, Malpass blasted U.S. Senate Democrats’ financial regulation reform bill as not doing enough for small businesses and takes the wrong approach on regulating big banks.

Malpass, 54, was an assistant secretary of Treasury and State in the administrations of Presidents Ronald Reagan and George H.W. Bush.

He spent 15 years at investment bank Bear Stearns, including six years as its chief global economist. Malpass left the bank after its March 2008 meltdown and takeover by rival JPMorgan.

The fall of Bear Stearns ushered in a severe financial crisis, tipping the economy into deep recession. But Malpass has said he played no part in the bank’s everyday operations.

Malpass, president of economic research firm Encima Global, said he has raised more than $1 million for his campaign.

Other Republicans vying for the party’s nomination in the September primary are Joseph DioGuardi, a former U.S. congressman and father of “American Idol” judge Kara DioGuardi, and former Long Island lawmaker Bruce Blakeman.

Editing by Ellen Wulfhorst and Doina Chiacu

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