Jeb Hensarling Bashes Wall Street Reform While Raking in Wall Street Money

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House Republican Conference Chairman Rep. Jeb Hensarling (R-Texas) thinks the Dodd-Frank financial reform legislation passed in the wake of the economic collapse is just terrible. He voted against it in 2009, has sponsored several pieces of legislation this Congress to weaken it, and today he has an op-ed in Politico decrying it as a “a ruthless cocktail of political favoritism, regulatory overreach and radical, unprecedented power consolidation.”

I’m sure that’s exactly what he was telling all the Wall Street donors that filled his campaign account last year too.

Wall Street was the biggest giving sector to Hensarling’s campaign and super PAC in 2011, according to the Center for Responsive Politics. He raised at least $737,000 from the finance, insurance, and real estate (FIRE) sector last year.* The top give giving industries are all from the financial sector.

Industry Total Contributions
Insurance $151,497
Commercial Banks $130,700
Securities & Investment $107,050
Finance/Credit Companies $98,500
Misc. Finance $90,300

Donations from the executives and PACs at Visa, JPMorganChase, the American Bankers Association, Bank of America and others were filling his campaign coffers last year. These donations will likely increase with reports that Hensarling is interested in becoming the chair of House Financial Services Committee.

For a more detailed look at Hensarling’s Wall Street ties, check out the Public Campaign and National People's Action report on him from last year when he was serving on the Congressional “supercommittee” on deficit reduction.

*Fundraising reports for the fourth quarter of 2011 were filed recently and those contributions may not be included in these totals.