House Finance Committee Members Took $62.9 Million From Industry Interests

Members of the House Financial Services Committee, which is playing a critical role in restructuring the nation's reeling financial, banking and housing sectors, have received nearly $63 million in campaign contributions from the industries they oversee.

A new analysis of campaign finance data by Public Campaign Action Fund, which provided an advance preview to the Huffington Post, shows that financial, insurance and real estate interests donated a combined $62.9 million to the 71 members of the House Financial Services Committee.

The hefty donations reflect the extent to which key companies and individuals of the financial sector have attempted to exert their influence on legislative debates even before the recent economic collapse. For good-government groups, the findings also raise a bevy of questions over just how neutral lawmakers have been in crafting solutions toward getting the financial markets and Wall Street on more stable footing.

"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 directory for Public Campaign Action Fund, in a prepared statement. "Their years of influence peddling, big money campaign contributions, and unaccountable rampant greed got us into this mess."

"Americans know that campaign contributions matter," Donnelly added. "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."

In its release, Public Campaign Action Fund notes that more than half a dozen trade organizations from these same industries were currently gearing up to defeat the creation of a Consumer Financial Protection Agency -- a key component of the Obama administration's attempt to overhaul regulatory reform. With major policy overhauls like these set to be considered by Congress, campaign donations have, not surprisingly, ticked up. In the first quarter of 2009 alone, the financial, insurance and real estate industries donated $2.25 million to House Financial Service Committee members.

The top two recipients of contributions among committee members are Rep. Spencer Bachus (R-Ala.), who received $3.62 million and Rep. Paul Kanjorski (D-Pa.), who took in $3.12 million.

Get HuffPost Politics On Facebook and Twitter!

Comments

[AntiMarxist]

I bet that is just the tip of the iceberg for Chairman Barney Frank and his Democrat henchmen.

[artgurrl]

Ah-hem, please note the fact that these committees are made up of alot of GOP as well. Perhaps you should have read to the bottom of the article to learn that fact.

[TJCole]

"We have a system of, legalized bribery..!"

Dr. Zbigniew Brzezinski

[SamKnause]

Hear Hear!! All of these articles are useless and meaningless if nothing is ever going to be done about it. It's just business as usual. Lobbying needs to be outlawed. Our government should not be for sale to the highest bidder, but it is, and that is a fact.

[LiarLiarIraqsOnFire]

Congress' priority - Business, as usual.

[MarieB]

Bribes disguised as donations.
Isn't bribery against the law?

[Rich Cleland]

SCOTUS tells us that money is speech; therefore restrictions on donations is an unacceptable restriction on free speech. If you think that's true, try getting your congressman to listen to $63 million of speech and see how quickly he loses interest.

Unfortunately, this article is missing one important information point. How much these individuals raised in total. It would be interesting to find out what the percentage breakdown in individual versus industry donations and also how much comes directly from residents within the district.

Maybe the people in their districts gave committee members $200 million and so the relative pittance from industry is inconsequential.

[GrumpyinAZ]

All incumbents must go

[artgurrl]

Both political parties must go and they should take their corporate lobbyists with them!

[NoFactsJustTruth]

A two cent National Sales Tax... (Big Ed's idea).

One cent for National Health Care,
and one cent to publicly finance ALL elections and OUTLAW LOBBYING (my idea).

NOTHING in OUR Constitution specifies a 'manner' of petitioning OUR Government, but I sure don't think the authors had LEGALIZED BRIBERY in mind!

[NoFactsJustTruth]

What I want to know is; judges are forced to recuse themselves for a conflict of interest, why not these low-life dirt-bag,bought-and-sold, bribe accepting CONgress members?

[Derelict outlaw]

NASCAR like suits with decals in proportion to the size of contributions accepted from different industries or PACS. Colorful visual aids that would enable quick recognition of the Congress persons bias, and they could sell space to citizens as well to raise extra money.

[NoFactsJustTruth]

LOL! Instead of, or in addition to, the 2 cent sales tax idea?

[vippy]

Well, we got the government we voted in, we deserve it. This makes me sick.

[Kevin Solarz]

This ought to be your main article Huffpost, on the front page to grab the peoples attention and get people to open up their eyes

[Sparty1]

I love living in the information age. These pols can't keep things under wraps anymore. Back in the day, they weren't called out for anything unless they got caught cheating or something like that. Now we can easily find out who's selling out the American people for campaign money. How can we expect the people that take campaign money to make themselves stop accepting campaign money?

[Decipherer]

Contrary to yet another misleading headline, it's not the "House Finance Committee," it is the "House Financial Services Committee."

Big difference, since the only "Finance Committee" in the Congress is in the U.S. Senate.

[expired]

Thanks Ronald Reagan.

[Janet Barnes]

Yep, voting for Democrats will really solve our problems.

When Americans realize we have a one party system with sides to the coin, only then do we have real hope for change.

Until then, we will continue to get raped by our political elite.

[rich misty]

Voting for Democrats does help. By my own count we have approximately 20% of the Dems corrupted.

http://www.google.com/search?hl=en&q=drown+government&btnG=Google+Search&aq=o&oq=

But every Republican in Congress, every single one of them, has signed a pledge to a man who wants to drown "We the people" for the purpose of generating private profits. It is criminal ideology.

[Christian]

Agreed, and we need to purge those that are still siding with business, what are they again, blue dogs? This is about corporations vs the people in the concerns of politicians. We need a party that only works for the common good of the people and totally rejects business without social benefit. It is the many against the few, the elite that owns industry against those of us that only work for their industries and earn a humble paycheck. We need the Progressive Party of America!

[ConservativeHippie]

Demopublicans are a two-headed snake.

[teron678]

If you think Parties are the problem in Congress you are delusional ... no matter if a strong new third party emerges .. you'll still be complaining ..... about a "one party system" .... Term Limits & Reforming the System when it comes to Lobbying & Campaign Contributions etc ..... is the only way to solve this problem ...

The more time progresses .. the more, the influence Corporations have on the Government grows ... which eventually leads to corruption ... no new party isn't going to change this ....

it's a mutual relationship between the corporations & the government . .with the corporations getting a bigger half which keeps growing every year

[rich misty]

Money is not freedom of speech no matter what conservative activist judges say.

America needs campaign finance reform with teeth... Otherwise the Republican base will suffer even more at the hands of their bribed officials.

[ConservativeHippie]

This is not a partisan issue. Our gov't is corrupt, both "parties". Wake up!

[rich misty]

That is the fallback propuhganda for Republicans. And it is a lie.

http://www.google.com/search?hl=en&q=drown+government&btnG=Google+Search&aq=o&oq=

Every Republican in Congress, every single one of them, has signed a pledge to a man who wants to drown "We the people" for the purpose of generating private profits. It is criminal ideology.