Mitch McConnell Sides with Wall Street

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Pat Garofalo at ThinkProgress notes that Sen. Mitch McConnell (R-Ky.) said today that anything Congress could do to slow down the implementation of Wall Street regulations passed in the wake of the economic collapse, “the better America will be.”

America won't be better off with delays, but I bet his campaign account will be by working to delay these regulations.

According to the Center for Responsive Politics:

  • Since 1989, Sen. McConnell's campaign committee has received $5.7 million in campaign contributions from the finance, insurance, and real estate sector. In his last bid for re-election. That includes $1.6 million from securities and investment firms and $743,000 from commercial banks.
  • His campaign committee received $3.3 from these Wall Street interests during his 2008 re-election campaign.
  • In the 2010 cycle, his leadership PAC, the Bluegrass Committee, took in $886,000 from the industry—the biggest giving sector in that cycle.
  • Top career donors to his campaign committee from the industry include investment firm Elliott Management ($114,000 in donations), UBS ($107,950), and Citigroup ($93,750).

Sen. McConnell’s Bluegrass PAC hasn’t filed reports with the FEC this year, but both that filing and his second-quarter fundraising numbers are due next week. I bet we’ll see some familiar faces once those reports are in.