Big donors kept on funding Rep. Michael Grimm's campaign despite the New York Republicans legal and PR troubles.
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 readingWays and Means, Financial Services, and Energy and Commerce are top House fundraising committees
The analysis was conducted at the request of and in collaboration with This American Life and Planet Money public radio... View Article
Continue readingToo Big To Fail: Is the financial sector too big in Washington?
Thomas Hoenig, the president of the Federal Reserve Bank of Kansas City, recently penned an op-ed in the New York... View Article
Continue readingNew Financial Services Committee members raise money from finance sector
Eight of the twelve new members chosen to take seats on the House Financial Services Committee can count the finance,... View Article
Continue readingIncoming finance committee chairman relies on finance campaign contributions
The House Republican Steering Committee voted on Tuesday to name all committee chairman for the incoming Congress. Their choice to head the House Financial Services Committee, the committee in charge of overseeing the financial sector and the government's implementation of new financial reforms, happens to be the member of Congress most reliant on contributions from the financial sector. Contributions from the finance, insurance and real estate sector accounted for 62.5 percent of all contributions received by Rep. Spencer Bachus, the incoming House Financial Services Committee chairman, during the 2010 election cycle. These contributions amounted to $1.23 million out of a total $1.97 million that Bachus' campaign and political action committees raised.
Continue reading