Gave $41 Million to Senate Banking Committee
Flood of Dollars Looks Like “Wall Street Buying Votes,” says Watchdog; More Massachusetts-Style Backlash Likely If Consumer Protections Are Dropped
-- A report released today by Consumer Watchdog on the financial industry’s efforts to neuter the financial reform bill in Congress, and the Senate Banking committee in particular, finds the sector gave $41 million to committee members since 2005 and spent $336 million lobbying Congress in the first three quarters of 2009.
Some senators are interpreting the results of Tuesday’s special election in Massachusetts as a sign they should go slow on financial and other needed reforms.
“Nothing could be further from the truth,” said Carmen Balber, Washington director for Consumer Watchdog. “Senators who have taken millions from the financial industry appear ready to kill proposed consumer protections that would rein in the speculation and greed that cost Americans their homes, jobs and savings. But selling out to Wall Street yet again will do nothing to restore confidence on Main Street. The message for the Senate is to stand up to their financial industry donors or pay the price when the voters lose faith as they did in Massachusetts.”
Sen. Christopher Dodd (D-CT), Chairman of the Senate Banking committee, was the top recipient of industry money, and took $9,000,975 from the financial sector since 2005. Ranking Member Richard Shelby (R-LA) took $2,461,009. Shelby has opposed an independent consumer protection regulator and news reports suggest Chairman Dodd is considering dropping his initial proposal for a strong independent consumer financial agency.
