Sen. Richard Shelby (R-Ala.), the ranking Republican member on the Senate Banking Committee, introduced legislation today to hold “financial regulators accountable for rigorous, consistent economic analysis on every new rule they propose.”
Or, in other words, he wants to to weaken or slow the implementation of the Dodd-Frank Wall Street reform legislation passed in 2010. We reported recently on Shelby’s opposition to Wall Street reform and money from the financial industry—including a $5,000 Goldman Sachs PAC donation a day after announcing his opposition to Richard Cordray’s nomination to head the Consumer Financial Protection Bureau.
A Public Campaign Action Fund analysis of recent FEC filings of Shelby’s leadership PAC shows financial money is still pouring in.
Shelby’s Defend America PAC received $30,000 from 19 employees of Ernst & Young, a global accounting firm—including donations from 18 partners and one CPA. That includes $5,000 from Karole Lloyd, a partner and Vice President who is the “Area Industry Leader for the Financial Services Industry (FSI) practice in the Southeast,” according to the Ernst & Young website.
While these Ernst & Young donors are not Washington lobbyists, the firm’s DC practice represents several financial industry clients including Barclay’s Capital, Citigroup, Hartford Financial Services, Prudential Financial, and the Securities Industry and Financial Markets Association.
In addition to Ernst & Young, finance industry donors make up the rest of the PAC’s August donations: The American Council of Life Insurers PAC ($2,000), Association for Advanced Life Underwriting PAC ($5,00), AXA Equitable Life Insurance Company PAC ($2,500), and Thrivent Financial for Lutherans PAC ($1,000).