Wall Street's April Donations

Submitted by Adam Smith on Thu, 05/19/2011 - 20:58

The political action committee (PAC) for the American Bankers Association, a financial industry trade association, donated $80,500 to U.S. House members or their leadership PACs in April as that chamber began debate on whether to weaken Wall Street consumer protection provisions passed by the previous Congress. The leadership PACs for four U.S. Senators received $14,500, according to Public Campaign analysis of data provided by the Federal Election Commission.

House Financial Services Committee

  • 14 recipients that serve on the House Financial Services Committee received $34,000 from the association in April.

Financial Services Committee Members


Member

State

Amount

Scott Garrett (PAC and Committee)

R-NJ

$10,000

Kevin McCarthy

R-CA

$5,000

Melvin Watt

D-NC

$2,500

Nydia Velazquez

D-NY

$2,500

Donald Manzullo

R-IL

$2,500

David Scott

D-GA

$2,000

Jeb Hensarling (PAC and Committee)

R-TX

$2,000

Patrick McHenry

R-NC

$1,500

Dave Schweikert

R-AZ

$1,000

Gary Ackerman

D-NY

$1,000

Randy Neugebauer

R-TX

$1,000

Shelley Capito

R-WV

$1,000

Stephen Lynch

D-MA

$1,000

William Huizenga

R-MI

$1,000

  • Financial Institution and Consumer Credit Subcommittee Chair Shelley Moore Capito (R-W.Va.) received a $1,000 donation from the association on April 11th, roughly three weeks before she held a markup on three pieces of legislation that would significantly weaken consumer protections. 
  • Rep. Randy Neugebauer (R-Texas), chair of the Oversight and Investigations Subcommittee, received $1,000.
  • Rep. Scott Garrett (R-N.J.) received $5,000 each to his campaign committee and leadership PAC on April 1st and 27th. Garrett, chair of the Capital Markets and Government-Sponsored Enterprises Subcommittee, held a hearing on April 14th on a provision of the Dodd-Frank financial reform legislation on risk-retention rules.

Other Key Facts:

  • House and Senate Republicans received $66,000 from the PAC, while Democrats received less than one half of that amount, or $29,000.
  • The leadership PACs for four Senators received $14,500 from the committee—Sen. Jim Inhofe (R-Okla.), $5,000; Sen. Debbie Stabenow (D-Mich.), $5,000; Sen. Roy Blunt (R-Mo.), $2,500; and Sen. Bob Corker (R-Tenn.), $2,000.

The American Bankers Association PAC filing is available online from the FEC.