Incoming House Members Should Distance Themselves From Financial Committee Chairman’s Statement that Washington “Serve the Banks

10 incoming GOP freshman have already received $1.9 million from financial interests

 

Washington, D.C.—The ten incoming House freshmen chosen to serve on the House Financial Services Committee should denounce incoming committee chairman Rep. Spencer Bachus’ (R-Ala.) statement that Washington is there to serve big banks, said nonpartisan campaign watchdog Public Campaign Action Fund. A Public Campaign Action Fund analysis of data from the Center for Responsive Politics found that the incoming members had already raised $1.9 million in campaign donations from Wall Street and financial interests.

 

“Spencer Bachus may think his job is to serve the banks, for which they reward him handsomely, but a wide majority of the American people would disagree,” said David Donnelly, national campaigns director for Public Campaign Action Fund. “The ten incoming Republican members chosen for the committee should stand with consumers and not the bankers that brought the economy to its knees.”

 

The ten new Republican House members that have been selected to serve on the House Financial Services Committee in January have already received a combined $1.9 million in campaign contributions (see below) from the financial, insurance, and real estate industries during the 2010 election cycle.

Robert Dold (R-Ill.)

$554,024

Steve Stivers (R-Ohio)

$294,105

Michael Grimm (R-N.Y.)

$222,350

Nan Hayworth (R-N.Y.)

$204,215

Steve Pearce (R-N.M.)

$176,580

Robert Hurt (R-Va.)

$127,200

Michael Fitzpatrick (R-Pa.)

$122,250

Francisco Canseco (R-Texas)

$101,550

Sean Duffy (R-Wisc.)

$91,175

Bill Huizenga (R-Mich.)

$68,250

Total

$1,961,699

 

The chairman-in-waiting, Rep. Bachus, opposed financial reform legislation that was passed by the House last December. As reported by Think Progress.org, Bachus told the Birmingham News last week, “in Washington, the view is that the banks are to be regulated, and my view is that Washington and the regulators are there to serve the banks.” During his time in Washington, Bachus has received at least $2.8 million from commercial banks, securities and investment firms, and finance and credit companies. He has also been active in fundraising from banking and Wall Street lobbyists and executives for candidates.

 

“Washington has served the banks for too long, and that’s why, in part, we’re in this economic mess,” said Donnelly. “These incoming members ought to send a very clear signal that they work for their constituents and not the big banks by publicly distancing themselves from Rep. Bachus’ statement and the sentiments expressed by him. Otherwise, they’ll look like they're catering to their big donors, just like he is.”

###

 

Public Campaign Action Fund works to hold politicians who are against comprehensive campaign finance reform accountable for where they get their political donations. Learn more at www.campaignmoney.org.