Rep. Michelle Bachmann (R-Minn) will soon introduce legislation that would repeal the financial reform bill passed by the last Congress, according to a report last night from the Minneapolis Star Tribune. She’s already sent out a “Dear Colleague,” letter to her fellow members urging them to sign on as original co-sponsors of the legislation.
It's no surprise then that Bachmann, a fundraising juggernaut, has received $1.2 million from the finance, insurance, and real estate sector during her time in Congress, according to the nonpartisan Center for Responsive Politics.
Here are some key facts:
- In 2010 alone, Bachmann received nearly $500,000 from the industry.
- More specifically, she received $102,862 from general finance interests, $102,850 from securities and investment firms, and $38,900 from commercial banks.
- In fact, the donations from financial interests and securities and investment firms make up the number 3 and 4 donating industries to her campaign committee and leadership PAC in 2010.
- In 2010, she received PAC money from some of the nation’s biggest banks and their trade association, including the American Bankers Association ($10,000), JP Morgan Chase ($2,500), Wells Fargo ($2,000) and Bank of America ($1,000).
It’s an interesting move for the Tea Party favorite, seeing that Election Day polling showed that 72 percent of Tea Party supporters believe elected officials haven’t been “tough enough” on the banks and mortgage lenders.
Let’s see how many of her colleagues join her in this effort to give the banks back some of their power.