Background Memo: Boehner and Cantor Go to Wall Street
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.