For immediate release:    For more information:
Wednesday, July 8, 2009    Rick Bielke: rbielke@publicampaign.org

ANALYSIS: HOUSE FINANCIAL SERVICES COMMITTEE RECEIVED $62.9 MILLION IN CAMPAIGN CONTRIBUTIONS FROM FINANCIAL, INSURANCE, AND REAL ESTATE INTERESTS

Washington, D.C. – An analysis of campaign finance data by Public Campaign Action Fund, a national campaign finance watchdog group, found that members on the House Financial Services Committee have received $62.9 million in campaign donations from financial, insurance, and real estate interests. The data, which was compiled by the nonpartisan Center for Responsive Politics, covers lifetime campaign contributions received by the 71 members on the committee.

“Wall Street and their allies on Capitol Hill should not write the rules that govern the financial, banking, and housing industries,” said David Donnelly, national campaigns director for Public Campaign Action Fund. “Their years of influence peddling, big money campaign contributions, and unaccountable rampant greed got us into this mess. Congress should follow Chairman Barney Frank’s example and stand up to these well-heeled special interests. It’s time to put consumers, workers, homeowners, and taxpayers first for a change.”

“Americans know that campaign contributions matter,” continued Donnelly. “Members of Congress will be held accountable for whether they side with Wall Street and the big banks or if they side with the rest of us to restore some stability and responsibility to the marketplace.”

The release of the analysis comes as the House Financial Services Committee prepares to hear legislation drafted by the Obama Administration to establish a Consumer Financial Protection Agency, a measure vehemently opposed by the major business and financial interests. Yesterday, several news outlets exposed that as many as seven trade associations were preparing to launch a major public relations and lobbying campaign to defeat the consumer friendly piece of legislation.

Public Campaign Action Fund’s analysis of campaign contributions found that:

•    The average committee member took $885,586 from the financial, insurance, and real estate interests over their career.
•    The financial, insurance, and real estate interests already donated $2.25 million to committee members in the first quarter of 2009.
•    Twenty-three members of the committee took more than a million dollars in campaign cash from the industries, including 12 Republicans and 11 Democrats. Forty-three members received at least $500,000.
•    The list was topped by Rep. Spencer Bachus (R-Ala.) at $3.62 million and Rep. Paul Kanjorski (D-Pa.) at $3.12 million, both of whom represent districts outside the geographic home of the industry in New York City.

Public Campaign Action Fund is a national nonpartisan organization dedicated to advancing comprehensive campaign finance reform. The group also works to hold elected officials accountable for the favors they do for special interest backers.