BUSINESS
11/28/2009 05:12 am ET Updated May 25, 2011

Schumer Receives $1.65 Million From Wall Street

Politico reports that New York Sen. Chuck Schumer raised $1.65 million in contributions from the financial services industry -- nearly twice the amount of any other senator.

Data from the Center for Responsive Politics shows that despite scaling back contributions after last year's financial collapse, Wall Street firms are still investing in the Senate. Of the $10.6 million the industry gave to sitting senators this year, more than $7.7 million has gone to Democrats, defying the traditional notion that Republicans benefit most from Wall Street contributions.

From Politico:

Schumer spokesman Brian Fallon says his boss "calls the shots the way he sees them" -- regardless of who's giving him money.

"The financial services industry is a vital part of New York's economy, but he doesn't hesitate to go after the institutions when they are wrong, such as with credit cards, corporate governance and overdraft fees," Fallon said.

Schumer's fellow New York Senator Kirsten Gillibrand came in second with $886,000 in contributions from the industry. Majority Leader Harry Reid followed with $814,000, according to Politico.

In 2007, Wall Street's investments in Schumer paid off when the senator ran to the financial industry's defense, playing a key role in fighting off a tax hike on hedge fund and equity fund managers.