Congressman Sides with Wall Street
After receiving more than $1 million in campaign contributions from the financial industry, Rep. Jeb Hensarling (R-Texas) has sided with Wall Street, opposing proposed fees on investment firms."Rep. Hensarling has received $1,031,891 from commercial banks, securities and investment firms, and finance and credit companies during his six years in Congress, according to data from the nonpartisan Center for Responsive Politics. The new fees announced yesterday on big Wall Street banks would help to recoup part of the financial bailout money. Rep. Hensarling also voted against the financial reform package that passed the House late last year. "Buoyed by a weakened regulatory regime, Wall Street executives ran roughshod over our financial system, wrecking our economy," said Nick Nyhart, president and CEO of Public Campaign. "That Rep. Hensarling would repeatedly stand up for these big banks while receiving hundreds of thousands in campaign cash from them is deeply troubling."Click here to read the full press release.