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Financial Industry Showers House Financial Services Chairman With Contributions

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Last year House Financial Services Committee Chairman Spencer Bachus, R-Ala., stated his philosophy on how the relationship between Washington and Wall Street should proceed, "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." According to first quarter campaign contribution filings due today the financial sector generously supports Chairman Bachus' philosophy.

Bachus raised over seventy percent of his total first quarter campaign contributions from the finance, insurance, and real estate sector (FIRE). This totaled $212,335 out of Bachus' haul of $299,439.

The majority of this money, $122,506, came from FIRE sector political action committees. This accounted for eighty-four percent of the total political action committee contributions Bachus received. Another $89,835--fifty-eight percent of all individual contributions to Bachus--was contributed by individuals who work in the FIRE sector.

Bachus is leading the charge against the implementation of a host of rules mandated by the Dodd-Frank law passed last year including those governing derivatives, consumer protection, and debit swipe fees. At the end of last year, Bachus stated that he would go "page by page . . . to identify job-killing provisions or lending-killing provisions."

A previous Sunlight Foundation study found that Bachus was the most reliant on contributions from the FIRE sector in 2010 having raised sixty-three percent of all contributions from the sector.

Political action committees contributing to Bachus this year include big banks, credit unions, real estate companies, and electronic payment networks. Below is a full list of FIRE PACs giving to Bachus and the dates of their contributions:

PACDateAmount
Affinity Federal Credit Union03/04/112500
America Institute of Certified Public Accountants02/10/111000
America Institute of Certified Public Accountants03/31/114000
American Express01/27/112500
American Financial Services Association01/27/115000
Bank of America01/18/111000
C.V. Starr & Company03/31/112500
C.V. Starr & Company03/31/112500
Capital One Financial Corp03/24/115000
Chicago Board Options Exchange03/04/115000
Coastal Federal Credit Union02/25/111000
Community Financial Services Association03/31/112000
Compass Banc02/10/111000
Credit Union Legislative Action Council03/12/115000
Crowe Horwath03/31/114000
Credit Union National Association Mutual Group03/04/111000
Deloitte & Touche03/31/114000
Ernst & Young"02/10/115000
Independent Community Bankers Association01/27/111000
Independent Community Bankers Association03/11/114000
Independent Community Bankers Association03/11/115000
Independent Insurance Agents of America03/24/111000
Insured Retirement Institute03/24/111000
IntercontinentalExchange02/03/111000
Investment Company Institute02/10/112500
JPMorgan Chase02/11/115000
JPMorgan Chase02/11/115000
KeyCorp01/27/111000
MetLife03/11/112500
Mortgage Bankers Association03/31/111000
National Association of Federal Credit Unions01/27/115000
National Association of Insurance and Financial Advisors02/03/111000
National Multi Housing Council01/27/115000
National Venture Capital Association01/07/112000
New York Life Insurance03/24/115000
QC Holdings03/04/114000
Security Service Federal Credity Union03/12/111000
The Northern Trust Company02/10/111000
Total System Services03/12/112500
UBS Americas03/08/115000
VISA01/27/115000