New huge anti-Garamendi IE

Capitol Weekly's John Howard has the breaking story. Foes of Insurance Commissioner John Garamendi are poised to put $2.4 million into an independent expenditure committee that will attack the commissioner's proposed auto insurance rating regulation, Capitol sources said. Much of the money will be spent on a direct-mail campaign targeting 1.5 million people in 52 counties. The money will be provided by several major auto insurance companies, including State Farm, Farmers, Allstate, Safeco and 21st Century. Garamendi, a candidate for lieutenant governor, faces Sen. Jackie Speier, D-Hillsborough, in the June Democratic primary. Speier heads the Senate Banking, Finance and Insurance Committee, and has been critical of Garamendi on a number of insurance-related issues. The insurers' committee is not connected with Speier's campaign. The direct-mail effort will target zip codes in which auto rates would rise under the proposed regulation, urging recipients to contact Garamendi and voice their opposition to the regulation.