$25M Contributed to Senate Banking Committee

$25M Contributed to Senate Banking Committee
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$25M Contributed to Senate Banking Committee

A report on campaign contributions shows that the financial services industry has contributed roughly $25 million dollars to members of the Senate Banking Committee, led by Senator Chris Dodd.  From WNPR's Washington Desk, Sara Sciamacco reports.

Over the last five years, financial services companies have contributed an enormous amount to the campaigns of Senate Banking Committee members. That's according to the Center for Responsive Politics. And those same members are the ones who wrote and continue to haggle over the controversial financial reform bill. But can lawmakers so financially beholden to an industry really be objective as they try to change it? Craig Holman of the watchdog group Public Citizen says no.

"What we've seen with the financial services industry is that it is the number one source of campaign contributions for many, many members of Congress. And as a result they've been able to use this financial clout to avoid any serious regulations and reforms."

Connecticut Democratic Senator and Committee Chairman Chris Dodd received a total of $2.9 million in such campaign contributions with $1.2 million of that coming from securities and investment firms. So, has the money had any influence on him? A spokesperson for the committee said no and added that Dodd who is not seeking re-election “has been an advocate for public financing of congressional campaigns so that members don’t have to hold out tin cups to corporations”.

For WNPR in Washington, I'm Sara Sciammacco Capitol News Connection.