FINANCIAL SECTOR MAKES IT RAIN FOR KEY COMMITTEE CHAIRMAN

—Sunlight: “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.”

LOBBYISTS GEAR UP TO FIGHT FOR CUT BUDGET ITEMS

—The HIll: “Groups that advocate for everything from more foreign aid to bolstering the nation’s transportation system saw several of their favorite government programs suffer deep spending cuts in the fiscal year 2011 budget deal. … With millions of dollars now axed from what they consider key federal initiatives, groups are planning to redouble their efforts and lobby to restore as much funding as possible in next year’s budget. That will be a difficult task with both President Obama and House Republicans claiming deficit reduction as a top priority heading into the 2012 election race.”

OBVIOUS LOBBYING IS OBVIOUS

—The Atlantic: “It’s fun to watch lobbying in action, especially when it is so overt. I’ve just been sent a copy of this “Dear Colleague” letter organized by the Corn Refiners Association. The letter comes from two members of Congress. It asks other members of Congress to write the FDA to change the name of High Fructose Corn Syrup to Corn Sugar.”