Sen. McConnell takes financial industry cash, opposes financial industry reform

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ThinkProgress.org reports that this morning Sen. Mitch McConnell (R-Ky.) took to the Senate floor to announce his opposition to financial reform legislation. Sen. McConnell’s speech comes just one day after Fox News reported that Sen. McConnell held a private meeting last week with leading Wall Street executives and hedge fund managers. Also at the meeting was Sen. John Cornyn, who as chair of the Republican Senatorial Campaign Committee, is one of the party’s lead fundraisers.

 

Well, here's what Sen. McConnell left out of his speech this morning (but was probably not left off the agenda in New York last week):

  • Sen. McConnell’s campaign has received $4,250,800 from financial industry interests since 1998, according to analysis of campaign finance data by Public Citizen.
  • Sen. McConnell’s leadership PAC, the Bluegrass Committee, has also benefitted from Wall Street’s largesse. Since 2007, the PAC has received at least $181,500 from financial industry interests.
  • Mike Solon, the former “executive director” for Mitch McConnell, is a lobbyist with Akin Gump. In 2009, Solon lobbied on behalf of the Mortgage Insurance Companies of America and the U.S. Chamber of Commerce. The Chamber has pledged $6 million to defeat financial reform.
  • Amy Swonger, another former staffer for Sen. McConnell, is a lobbyist for Ernst and Young. In 2009, she lobbied on behalf of Citigroup, the American Bankers Association, and the Securities Industry and Financial Market Association.

As Public Campaign Action Fund’s David Donnelly said in a note to reporters today, “It’s no surprise that Mitch McConnell is opposed to reforming our nation’s broken financial regulatory system. He’s received more than $4 million from the industry in campaign contributions over the past 12 years and they are getting a return on their investment.”

And this isn't the first time.

 

(All lobbying and campaign finance data, unless otherwise noted, is based on analysis of data from the Center for Responsive Politics.)