Washington, D.C.—Rep. Shelley Moore Capito (R-W.Va.) will hold a markup tomorrow, May 4th, on legislation that would weaken new Wall Street regulations after taking $114,100 in campaign contributions from big banks and investment firms in the 2010 elections, according to new research from Public Campaign Action Fund.
"Deregulation of Wall Street led to the economic collapse that Americans are still climbing out of," said David Donnelly, national campaigns director for Public Campaign Action Fund. "Will Congresswoman Capito stand with her Wall Street donors or everyday people?"
Rep. Capito will chair a markup tomorrow in the House Financial Services Subcommittee on Financial Institutions and Consumer Credit on legislation aimed at weakening or slowing the implementation of consumer protection regulations passed as part of financial regulatory reform legislation in the last Congress. The legislation would be a boon to the big banks and securities firms responsible for our economic collapse.
Rep. Capito's campaign committee has benefited greatly from donations by these big banks over the years, according to Public Campaign Action Fund analysis of data from the Center for Responsive Politics.
- Rep. Capito received $114,100 in campaign contributions from the political action committees (PACs) and employees of commercial banks and securities and investment firms in the 2010 cycle. Top industry givers in 2010 included the PACs of JPMorgan Chase ($10,000), American Bankers Association ($10,000), and Goldman Sachs ($10,000).
- During her career in Congress, Rep. Capito has received $776,400 in campaign cash from the employees and PACs of commercial banks and securities and investment firms.
- PACs and executives representing Citigroup make up the single largest contributor to Rep. Capito's campaign over the years, handing over $78, 646 in campaign cash during her time in Congress.
"West Virginians need to know whether Rep. Capito represents them or the big banks trying to buy her influence in Washington, D.C," said Donnelly. "By working to weaken consumer protections with the legislation before her committee, they may be getting their answer."
Markup details are available online at http://financialservices.house.gov/Hearings/hearingDetails.aspx?NewsID=1866 or from Americans for Financial Reform at http://ourfinancialsecurity.org/2011/05/letter-in-opposition-to-4-pieces-of-legislation-that-would-weaken-the-cfpb/.
Public Campaign Action Fund is a national nonprofit watchdog group working to improve America's election laws and to hold elected officials accountable.