Public Campaign

Donate Now
Follow us On:
  • YouTube
  • Twitter
  • Facebook
  • Home
  • Fair Facts
  • Get Involved
  • Voter Blog
  • Press Room
  • About Us

Background Memo: Boehner and Cantor Go to Wall Street

Submitted by Adam Smith on Mon, 05/09/2011 - 17:02

Speaker of the House John Boehner (R-Ohio) and Majority Leader Eric Cantor (R-Va.) will be in New York City this week meeting with Wall Street executives to discuss the looming fight over the debt ceiling.

With legislation advancing in the House that would significantly weaken consumer protections passed as part of the financial regulatory reform bill in the last Congress, debt won’t be the only item on the agenda. And these discussions will also happen as big campaign checks are handed over, according to an article in Politico today.

Both Boehner and Cantor have benefitted handsomely from Wall Street’s largesse during their time in Congress, according to Public Campaign analysis of data provided by the Center for Responsive Politics.

Speaker Boehner--$2.1 Million in 2010

  • In the 2010 election cycle, Speaker Boehner and his leadership political action committee (PAC), received nearly $2.1 million in campaign contributions from the finance, insurance, and real estate (FIRE) sector.
  • The employees and PACs of banks and securities & investment firms make up the biggest donors from the FIRE sector to Boehner’s 2010 campaign.

Company

Industry

Total (2010)

Fidelity Investments

Securities & Investment

$50,450

Citigroup Inc

Commercial Banks

$32,950

Credit Suisse Group

Securities & Investment

$28,400

Bank of America

Commercial Banks

$27,750

Goldman Sachs

Securities & Investment

$25,000

JPMorgan Chase & Co

Commercial Banks

$23,500

  • During his career in Congress, Boehner has received $8 million from these Wall Street interests.

Majority Leader Cantor--$3.1 Million in 2010

  • In the 2010 election cycle, Rep. Cantor and his leadership PAC received $3.1 million from Wall Street interests.
  • Hedge funds, securities and investment firms, and commercial banks make up some of the top donors to Cantor’s 2010 campaign.

Company

Industry

Total (2010)

Goldman Sachs

Securities & Investment

$103,150

SAC Capital Advisors

Hedge Funds

$63,298

Capital One Financial

Finance/Credit Companies

$41,650

Elliott Management

Hedge Funds

$39,198

New York Life Insurance

Insurance

$30,750

Credit Suisse Group

Securities & Investment

$26,250

  • In a February 2010 article about Wall Street campaign donors, Cantor told the Wall Street Journal, “I sense a lot of dissatisfaction and a lot of buyer's remorse on Wall Street.” A Public Campaign report showed that Cantor’s Wall Street money spiked after this statement and in the second quarter of 2010, he saw a 32 percent increase from previous quarters. 2
  • During his career in Congress, Cantor has received more than $7.9 million from Wall Street interests.

Media Contact

Adam Smith, Communications Director
(202) 640-5593
asmith@publicampaign.org

View All Press Releases
  • Privacy Policy

Public Campaign

1133 19th Street, NW 9th Floor Washington, DC 20036
  • info@publicampaign.org
  • 202.640.5600
  • 202.640.5601