NEW RESEARCH: HOUSE FINANCIAL SERVICES COMMITTEE MEMBERS RECEIVED NEARLY $70 MILLION FROM WALL STREET INTERESTS

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The House Financial Service Committee is holding a hearing today on the findings of the Financial Crisis Inquiry Commission. Here are short fundraising profiles of three key committee members, based on new research released today by Public Campaign Action Fund:
 
New committee chairman Rep. Spencer Bachus (R-Ala.), who famously told a local newspaper in December that his job was to “serve the banks,” has received $4,622,424 from the financial industry throughout his career. This includes $1,054,813 from commercial bank interests, $710,916 from securities and investment executives and PACs, and $418,508 from credit companies. Rep. Bachus’ largest career contributors include the employees and PACs of JPMorgan Chase ($103,000), Bank of America ($83,000) and Citigroup ($77,950).
 
The incoming chairman of the Subcommittee on Capital Markets & Government Sponsored Enterprise Subcommittee, Rep. Scott Garrett (R-N.J.), has received $1,765,573 from the financial industry throughout his career. This includes $465,767 from securities and investment interests, $174,900 from commercial banking executives and PACs, and $93,750 from credit card interests. Rep. Garrett’s largest career contributors include Bank of America ($40,500), and UBS ($28,350). In addition, according to The Record, a committee related to Rep. Garrett received $150,000 from 12 donors “tied to one of the nation’s biggest hedge funds”, the $17 billion Elliot Management Corporation.
 
Even the new chair of the Oversight and Investigations Subcommittee, Rep. Randy Neugebauer (R-Texas), has received significant contributions from the industry he’s supposed to oversee and investigate. Over his career, Rep. Neugebauer has received $1,646,238 from the financial industry, including $323,829 from commercial bank interests, $244,921 from insurance interests, and $187,160 from securities and investment interests.

Read the full press release on the research by clicking here.

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