Financial Bailout: Who’s minding the store?
As Congress begins wrestling with the Bush administration’s financial industry bailout legislation (and Sen. Christopher Dodd’s alternative), perhaps it’s worth asking who are these folks who may well be deciding the economic fate of the nation? In this post (which took me about five hours longer to put together than I’d anticipated; hint to Labs: we need to design a tool to do this stuff faster), we take a look at the Senate Banking Committee and the House Finance Committee. Specifically, we look at how much of the campaign cash raised by members of those committees has come from the industries at the epicenter of the crisis — finance, insurance and real estate — over the course of their careers.
In other words, how disinterested are particular members of Congress when they approach this issue? When Rep. Paul Kanjorski, D-Pa., a member of the House Finance Committee and the chair of its subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises, casts his vote for or against particular provisions of the bailout, or the entire bill, will he have in the back of his mind the 41.6 percent of his career contributors who work for companies that will be affected by his vote? What about Rep. Spencer Bachus, R-Ala., ranking member of the House Finance Committee, who over the course of his career has relied on affected industries for 42.2 percent of his campaign cash? Sen. Christopher Dodd, chair of the Senate Banking Committee, and Rep. Barney Frank, his counterpart in the House, have both received more than 30 percent of their campaign donations from finance, insurance and real estate PACs, employees and their family members. Over the course of their careers, they’ve raised a lot of money from people whose interest now is an a bailout on the most generous terms available for their industry. How will they balance all the competing interests?
What follows is my very rudimentary list, starting with President George W. Bush’s 2004 fundraising, then the Senate Banking Committee, followed by the House Finance Committee. Committee chairs and ranking members are listed first, followed by subcommittee members, followed by the remainder of the committee members, Democrats first, then Republicans. All figures are from Open Secrets, which has posted a handy guide for doing your own digging here.
President George W. Bush: In 2004, employees and family members of the Finance, Insurance & Real Estate sector contributed 17.9 percent of his total contributions, $33,844,215 of the $189,164,840 he raised.
Sen. Chris Dodd, chairman of the Senate Banking Committee: Since 1989, Dodd has raised $13,163,356 from employees, their family members, and PACs from the Finance, Insurance & Real Estate sector out of a total of $43,344,186 — 30.3 percent of his total take.
Sen. Richard C. Shelby, ranking member of the Senate Banking Committee: Since 1989, Shelby has raised $4,240,502 from employees, their family members, and PACs from the Finance, Insurance & Real Estate sector out of a total of $20,741,533 — 20.4 percent of his total take.
Sen. Tim Johnson, chair of the Senate Banking Committee’s Financial Institutions Subcommittee: Since 1989, Johnson has raised $2,782,143 from employees, their family members, and PACs from the Finance, Insurance & Real Estate sector out of a total of $16,364,546 — 17 percent of his total take.
Sen. Chuck Hagel, ranking member of the Senate Banking Committee’s Financial Institutions Subcommittee: Since 1995, Hagel has raised $1,610,616 from employees, their family members, and PACs from the Finance, Insurance & Real Estate sector out of a total of $8,408,360 — 19.2 percent of his total take.
Sen. Charles Schumer, chair of the Senate Banking Committee’s Housing, Transportation, and Community Development Subcommittee: Since 1989, Schumer has raised $12,793,446 from employees, their family members, and PACs from the Finance, Insurance & Real Estate sector out of a total of $46,362,049 — 27.6 percent of his total take.
Sen. Mike Crapo, ranking member of the Senate Banking Committee’s Housing, Transportation, and Community Development Subcommittee: Since 1989, Crapo has raised $1,278,842 from employees, their family members, and PACs from the Finance, Insurance & Real Estate sector out of a total of $7,058,045 — 18.1 percent of his total take.
Sen. Evan Bayh, chair of the Senate Banking Committee’s Security and International Trade and Finance Subcommittee: Since 1997, Bayh has raised $3,971,396 from employees, their family members, and PACs from the Finance, Insurance & Real Estate sector out of a total of $23,910,036 — 16.6 percent of his total take.
Sen. Mel Martinez, ranking member of the Senate Banking Committee’s Security and International Trade and Finance Subcommittee: Since 2003, Martinez has raised $2,896,435 from employees, their family members, and PACs from the Finance, Insurance & Real Estate sector out of a total of $16,088,801 — 18 percent of his total take.
Sen. Jack Reed, chair of the Senate Banking Committee’s Securities, Insurance, and Investment Subcommittee: Since 1989, Reed has raised $2,686,232 from employees, their family members, and PACs from the Finance, Insurance & Real Estate sector out of a total of $13,147,550 — 20.4 percent of his total take.
Sen. Wayne Allard, ranking member of the Senate Banking Committee’s Securities, Insurance, and Investment Subcommittee: Since 1989, Allard has raised $1,447,500 from employees, their family members, and PACs from the Finance, Insurance & Real Estate sector out of a total of $9,103,388 — 15.9 percent of his total take.
Sen. Tom Carper, chair of the Senate Banking Committee’s Economic Policy Subcommittee: Since 1989, Carper has raised $2,097,718 from employees, their family members, and PACs from the Finance, Insurance & Real Estate sector out of a total of $8,306,428 — 25.2 percent of his total take.
Sen. Jim Bunning, ranking member of the Senate Banking Committee’s Economic Policy Subcommittee: Since 1989, Bunning has raised $2,417,585 from employees, their family members, and PACs from the Finance, Insurance & Real Estate sector out of a total of $17,402,562 — 13.9 percent of his total take.
Other Senate Banking Committee members:
Sen. Robert Menendez: $3,820,822 of $26,087,972, or 14.6 percent.
Sen. Daniel Akaka: $549,095 of $6,428,013, or 8.5 percent.
Sen. Sherrod Brown: $1,432,581 of $17,364,119, or 8.3 percent.
Sen. Robert F. Bennett: $1,864,292 of $10,546,194, or 17.7 percent.
Sen. Mike Enzi: $943,894 of $4,303,148, or 21.9 percent.
Sen. Elizabeth Dole: $3,285,529 of $30,528,042, or 10.8 percent.
Sen. Bob Corker: $2,422,829 of $21,122,955, or 11.5 percent.
House
Rep. Barney Frank, chair of the House Financial Services Committee: $2,430,361 of 7,800,282, or 31.1 percent.
Rep. Spencer Bacchus, ranking member of the House Financial Services Committee: $3,579,199 of $8,478,461, or 42.2 percent.
Rep. Paul Kanjorksi, chair, Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises: $2,718,472 of $6,526,370, or 41.6 percent.
Rep. Deborah Pryce, ranking member, Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises: $2,805,109 of $9,644,584, or 29.1 percent.
Rep. Carolyn Maloney, chair, Subcommittee on Financial Institutions and Consumer Credit: $2,390,461 of $8,206,424 , or 29.1 percent.
Rep. Judy Biggert, ranking member, Subcommittee on Financial Institutions and Consumer Credit: $1,300,677 of $4,812,163, or 27 percent.
Rep. Maxine Waters, chair, Subcommittee on Housing and Community Opportunity: $359,445 of $3,687,508, or 9.7 percent.
Rep. Shelley Moore Capito, ranking member, Subcommittee on Housing and Community Opportunity: $1,442,572 of $9,471,708, or 15.2 percent.
Rep. Luis V. Gutierrez, chair, Subcommittee on Domestic and International Monetary Policy, Trade, and Technology: $661,907 of $3,629,409, or 18.2 percent.
Rep. Ron Paul, ranking member, Subcommittee on Domestic and International Monetary Policy, Trade, and Technology: $1,659,559 of $50,054,595, or 3.3 percent.
Rep. Melvin Watt, chair, Subcommittee on Oversight and Investigations: $780,278 of $3,784,876, or 20.6 percent.
Rep. Gary G. Miller, ranking member, Subcommittee on Oversight and Investigations: $690,788 of $3,364,982, or 20.5 percent.
Rep. Nydia M. Velzquez: $1,165,525 of 5,400,152, or 21.6 percent.
Rep. Gary L. Ackerman: $1,504,140 of $9,395,930, or 16 percent.
Rep. Brad Sherman: $1,462,636 of $7,839,873, or 18.7 percent.
Rep. Gregory W. Meeks: $1,015,432 of $3,657,984, or 27.8 percent.
Rep. Dennis Moore: $1,934,779 of $10,545,735, or 18.3 percent.
Rep. Michael E. Capuano: $813,176 of $4,402,712, or 18.5 percent.
Rep. Rubn Hinojosa: $735,536 of $4,100,872, or 17.9 percent.
Rep. William Lacy Clay: $290,100 of $2,393,701, or 12.1 percent.
Rep. Carolyn McCarthy: $908,045 of $10,052,787, or 9 percent.
Rep. Joe Baca: $460,832 of $4,124,421, or 11.2 percent.
Rep. Stephen F. Lynch: $765,494 of $5,707,556, or 13.4 percent.
Rep. Brad Miller: $770,481 of $4,652,256, or 16.6 percent.
Rep. David Scott: $911,504 of $4,287,122, or 21.3 percent.
Rep. Al Green: $183,265 of $1,500,075, or 12.2 percent.
Rep. Emanuel Cleaver: $313,549 of $2,589,538, or 12.1 percent.
Rep. Melissa L. Bean: $1,573,756 of $8,913,613, or 17.7 percent.
Rep. Gwen Moore: $254,879 of $2,086,326, or 12.2 percent.
Rep. Lincoln Davis: $482,275 of $4,366,497, or 11 percent.
Rep. Paul W. Hodes: $259,522 of
$1,618,766, or 16 percent (2008 cycle only).
Rep. Keith Ellison: $90,365 of $1,138,378, or 7.9 percent (2008 cycle only).
Rep. Ron Klein: $789,238 of $3,320,808, or 23.8 percent (2008 cycle only).
Rep. Tim Mahoney: $495,415 of $2,553,626, or 19.4 percent (2008 cycle only).
Rep. Charles Wilson: $146,819 of $609,691, or 24 percent (2008 cycle only).
Rep. Ed Perlmutter: $341,185 of $1,419,818, or 24 percent (2008 cycle only).
Rep. Christopher S. Murphy: $493,332 of $2,307,762, or 21.4 percent (2008 cycle only).
Rep. Joe Donnelly: $219,956 of $1,580,631, or 13.9 percent (2008 cycle only).
Rep. Bill Foster: $161,936 of $3,911,647, or 4 percent (2008 cycle only).
Rep. Andre Carson: $137,400 of $1,306,787, or 10.5 percent (2008 cycle only).
Rep. Jackie Speier: $183,099 of $1,290,807, or 14.1 percent (2008 cycle only).
Rep. Don Cazayoux: $112,300 of $2,039,860, or 5.5 percent (2008 cycle only).
Rep. Travis Childers: $68,050 of $1,315,736, or 5.2 percent (2008 cycle only).
Rep. Mike Castle: $2,328,012 of $7,591,986, or 30.7 percent.
Rep. Peter King: $1,271,665 of $6,709,578, or 19 percent.
Rep. Edward R. Royce: $2,353,853 of $8,114,893, or 29 percent.
Rep. Frank D. Lucas: $859,878 of $4,267,888, or 20.1 percent.
Rep. Steven C. LaTourette: $1,196,373 of $8,637,211, or 13.9 percent.
Rep. Donald A. Manzullo: $1,304,319 of $7,495,724, or 17.4 percent.
Rep. Walter B. Jones: $961,533 of $6,452,439, or 14.9 percent.
Rep. Christopher Shays: $2,876,206 of $12,760,606, or 22.5 percent.
Rep. Tom Feeney: $1,260,480 of $5,705,257, or 22.1 percent.
Rep. Jeb Hensarling: $1,950,421 of $6,284,449, or 31 percent.
Rep. Scott Garrett: $996,899 of $5,224,439, or 19 percent.
Rep. Ginny Brown-Waite: $649,129 of $3,197,019, or 20.3 percent.
Rep. J. Gresham Barrett: $691,667 of $3,553,083, or 19.5 percent.
Rep. Jim Gerlach: $1,453,549 of $9,203,665, or 15.8 percent.
Rep. Steve Pearce: $685,047 of $7,996,707, or 8.6 percent.
Rep. Randy Neugebauer: $1,151,274 of $5,515,655, or 20.9 percent.
Rep. Tom Price: $796,743 of $5,628,466, or 14.2 percent.
Rep. Geoff Davis: $1,547,657 of $9,372,768, or 16.5 percent.
Rep. Patrick T. McHenry: $786,000 of $3,581,370, or 21.9 percent.
Rep. John Campbell: $745,635 of $2,993,097, or 24.9 percent.
Rep. Adam Putnam: $730,298 of $4,985,933, or 14.6 percent.
Rep. Michele Bachmann: $363,705 of $2,176,100, or 16.7 percent (2008 cycle only).
Rep. Peter J. Roskam: $431,766 of $1,806,944, or 23.9 percent (2008 cycle only).
Rep. Kenny Marchant: $449,813 of $1,921,414, or 23.4 percent.
Rep. Thaddeus McCotter: $576,404 of $3,778,990, or 15.3 percent.
Rep. Kevin McCarthy: $173,112 of $736,447, or 23.5 percent (2008 cycle only).
Rep. Dean Heller: $190,252 of $1,242,583, or 15.3 percent.