Press release from Common Cause and Public Campaign:

WALL STREET AND BIG BANKS BREAK FROM TRADITION AND ARE GIVING JUST AS MUCH TO REPUBLICANS

WASHINGTON, D.C.— A Washington Post analysis of political contributions collected by the Center for Responsive Politics shows that the securities and investment industries have shifted from a two-to-one margin in political contributions to Democrats to almost an even split in their giving between Republican and Democratic candidates and committees. The commercial banking industry and their employees gave twice as much to Republicans as they did to Democrats during the last three months of 2009.

“The shift in Wall Street’s giving from Democrats to Republicans comes as the Democratic-led Congress is wrestling with how to reform the industry’s greedy past practices,” said David Donnelly, national campaigns director for Public Campaign. “Amazingly, Republican leaders are describing Wall Street’s attitude toward the Democrats as ‘buyer’s remorse’ but what’s really at stake is the public’s trust in Washington. Democrats and Republicans who support reforming Wall Street should say good riddance to Wall Street’s money. And those politicians who continue to scoop up checks from the big banking interests will wear it like an Albatross on their necks come November.”

“With deep pocket interests like Wall Street giving generously to whoever can help most at the moment, it’s no surprise that the public interest is typically not at the top of the agenda for Congress,” said Bob Edgar, president of Common Cause. “Taking the special interests out of the business of paying for our congressional campaigns would change that. We need Congress to pass the Fair Elections Now Act.”

The Fair Elections Now Act, sponsored by Democratic Caucus Chair John Larson (D-Conn.) in the House and Assistant Majority Leader Dick Durbin (D-Ill.) in the Senate, would reduce the fundraising pressures on members of Congress. If enacted, congressional candidates would be able to run for office with a mixture of small donations and public funding. In addition to Rep. Larson, the House bill has the broad and bipartisan support of has 135 co-sponsors.

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Common Cause is a nonpartisan, grassroots organization dedicated to restoring the core values of American democracy, reinventing an open, honest, and accountable government that works for the public interest, and empowering ordinary people to make their voices heard.

Based in Washington, D.C., Public Campaign is a national non-profit non-partisan organization dedicated to sweeping campaign reform laws that aim to dramatically reduce the role of big money in politics.