Wall Street Lobbies Big In 1st Quarter

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The Wall Street Journal reports today (via our friends at ThinkProgress), that “Wall Street and the financial industry spent more to lobby Washington in the first quarter of this year than a year ago when Congress was writing sweeping financial-overhaul legislation.”

According to lobbying disclosures filed this week, the 26 financial firms and trade associations that spent the most in 2010 on lobbying also spent $27 million in lobbying in the first quarter of the year—a 2.7% increase from the same time period in 2010.

These same banks and trade associations are also spending money on campaign contributions, according to our analysis of Federal Election Commission (FEC) data.* Of the 30 top lobbying groups in the finance, credit, and commercial banking sectors in 2010, 23 of their political action committees (PACs) have spent nearly $2.5 million on campaign contributions to candidates, parties, and political committees in the first quarter of 2011.

Political Action Committee

1st Quarter Giving

General Electric


American Bankers Association


Independent Community Bankers


Goldman Sachs


Credit Suisse


American Express


Wells Fargo


Bank of America


Financial Services Roundtable


JPMorgan Chase


SLM (Sallie Mae)


Morgan Stanley




Managed Funds Association


Cash American International




Securities Industry and Financial Market Association




Consumer Bankers Association


Discover Financial


American Society of Pension Professionals and Actuaries


Investment Co Institute




As big banks work with Congress and regulators to implement (or weaken) the Dodd-Frank financial reform bill, it's important to look at both lobbying and campaign cash.

*This might not reflect every group included in the Wall Street Journal analysis. In addition, executives and employees of these companies have surely donated money in the 1st quarter—we just won’t have all that information for a few more weeks.