In the 2014 elections, 31,976 donors — equal to roughly one percent of one percent of the total population of the United States — accounted for an astounding $1.18 billion in disclosed political contributions at the federal level.
Continue readingSunlight’s Dodd-Frank Tracker is being decommissioned
Today we are turning off our Dodd-Frank tracker. It will still be online but it will be frozen in time, no longer reflecting new meetings.
Continue readingLet them eat earmarks
Jonathan Rauch is the latest to insist that dishonesty and good government go hand-in-hand. What he doesn't realize is that corruption is alive in Washington — and letting it flourish won't solve our problems.
Continue readingFederal candidates depend on financial sector more than any other for campaign money
Candidates running for federal office are two-thirds more dependent on donors from the finance, insurance and real estate (FIRE) sector for campaign contributions than any other sector. Through the second quarter of 2012, federal candidates have relied on the sector for 15.2% of their itemized (over $200 contributions), solidly ahead of their dependence on the next closest competitors -- health interests (at 8.9%) and lawyers and lobbyists (at 8.8%). This is not a new phenomenon. In each of the last seven election cycles, federal candidates have depended on the finance sector for between 15% and 17% of their contributions at the same point in the cycle. But with tax reform being high on the agenda no matter who is elected and the finance sector eager to continue to shape the implementation of Wall Street reform, the contributions are as important as ever. What is different this cycle is that FIRE contributions are solidly supporting Republicans for the first time since 2000. Through the second quarter of 2012, 54.8% of finance industry contributions to federal candidates went to Republicans, up dramatically from 44.3% in 2010 (even after the passage of Dodd-Frank) and 42.2% in 2008. This shift has taken place in the House, the Senate, and as most frequently reported, the presidential race. In the battle to be president, our calculations show that 58.6% of all financial sector itemized campaign donations going to Republican candidates, up from 38.6% in 2008. To be clear, this total only includes money directly to candidates. If we looked at super PACs, finance money would be titled even more Republican. Through the second quarter, we calculate that Mitt Romney’s Restore Our Future super PAC depended on the finance sector for 43% of its money, and 75% of the finance money was coming directly from the securities and investment sub-sector (aka Wall Street). No other sector of the economy even came close in helping to “Restore Our Future.”
Continue readingFormer Senator Evan Bayh Joins Equity Firm
Former Senator Evan Bayh is joining Apollo Global Management as a senior adviser with a role in public policy. Bayh... View Article
Continue readingFurther Wall Street to Washington revolving door thoughts
In the post below I noted that the selection of William Daley as chief of staff to the President (now... View Article
Continue readingSenators Appointed to Conference Committee Connected to Financial Industry
Senators selected to work to combine the House and Senate financial regulation bills in a conference committee are some of... View Article
Continue readingWhy apply transparency to lobbying?
Multiple stories point to a huge lobbying effort on the part of the financial industry as the Senate debates reform... View Article
Continue readingWall Street Lobbyists Pine For Behind The Scenes Deals
Last week, Ezra Klein wrote a post on how members of both parties are still running around raising money from... View Article
Continue readingBanks, Exchanges Seek to Influence Derivatives Reform
The final piece of the financial regulatory reform puzzle is about to come into place as Sen. Blanche Lincoln released... View Article
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