Financial Industry Showers House Financial Services Chairman With Contributions


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:

PAC Date Amount
Affinity Federal Credit Union 03/04/11 2500
America Institute of Certified Public Accountants 02/10/11 1000
America Institute of Certified Public Accountants 03/31/11 4000
American Express 01/27/11 2500
American Financial Services Association 01/27/11 5000
Bank of America 01/18/11 1000
C.V. Starr & Company 03/31/11 2500
C.V. Starr & Company 03/31/11 2500
Capital One Financial Corp 03/24/11 5000
Chicago Board Options Exchange 03/04/11 5000
Coastal Federal Credit Union 02/25/11 1000
Community Financial Services Association 03/31/11 2000
Compass Banc 02/10/11 1000
Credit Union Legislative Action Council 03/12/11 5000
Crowe Horwath 03/31/11 4000
Credit Union National Association Mutual Group 03/04/11 1000
Deloitte & Touche 03/31/11 4000
Ernst & Young” 02/10/11 5000
Independent Community Bankers Association 01/27/11 1000
Independent Community Bankers Association 03/11/11 4000
Independent Community Bankers Association 03/11/11 5000
Independent Insurance Agents of America 03/24/11 1000
Insured Retirement Institute 03/24/11 1000
IntercontinentalExchange 02/03/11 1000
Investment Company Institute 02/10/11 2500
JPMorgan Chase 02/11/11 5000
JPMorgan Chase 02/11/11 5000
KeyCorp 01/27/11 1000
MetLife 03/11/11 2500
Mortgage Bankers Association 03/31/11 1000
National Association of Federal Credit Unions 01/27/11 5000
National Association of Insurance and Financial Advisors 02/03/11 1000
National Multi Housing Council 01/27/11 5000
National Venture Capital Association 01/07/11 2000
New York Life Insurance 03/24/11 5000
QC Holdings 03/04/11 4000
Security Service Federal Credity Union 03/12/11 1000
The Northern Trust Company 02/10/11 1000
Total System Services 03/12/11 2500
UBS Americas 03/08/11 5000
VISA 01/27/11 5000