Washington, D.C.--Members of the Joint Committee on Deficit Reduction have received $41 million from the financial sector during their time in Congress, according to a new report from Public Campaign and National People’s Action, “Wall Street and the Supercommittee: The $41 Million Question.”  At least 27 current or former aides for the “supercommittee” members have lobbied on behalf of financial firms.

“Wall Street bought the deregulation that led to our economic collapse and the American public has paid the price,” said Nick Nyhart, president and CEO of Public Campaign. “The supercommittee should not give Wall Street and big banks another free ride because of their campaign cash.”

Tax reforms such as closing the “Hedge Fund Loophole” and instituting a Financial Speculation Tax can generate over a trillion dollars that can be used for housing, jobs, and repairing our nations’ frayed social safety net, according to National People’s Action

“Wall Street and the big banks are trying to buy their way out of paying their fair share.  We know where the money is to rebuild our economy and it’s not in the pockets of school children or in Grandma’s pension – it’s on Wall Street,” said George Goehl, executive director of National People’s Action.

In addition to summary data, the report provides individual details for each member of the committee, including their campaign contributions from financial interests, former aides working for the industry, and fundraising activity.

• The 12 members of the supercommittee have received at least $41 million from the finance, insurance, and real estate (FIRE) sector during their time in Congress.
• They have received nearly $900,000 from three of the top American banks: JPMorgan Chase, Bank of America, and Wells Fargo.
• Since 2000, the financial sector has spent over $4 billion lobbying elected officials.
• At least 27 current or former aides to supercommittee members have worked as lobbyists for financial sector interests.

The report concludes, “Everyday Americans didn’t create toxic assets or ship jobs overseas. Over the past few years, we’ve witnessed a political system that allows those who caused the economic disruption we see on Main Street in town after town and city after city to buy their way out of responsibility and pass that burden on to the rest of us. With the actions of the supercommittee under the microscope, we hope that will come to an end.”

The report can be found online at http://publicampaign.org/reports/41million.

In August, Public Campaign and National People’s Action signed a letter with two-dozen organizations urging the supercommittee members to give up fundraising and provide complete transparency of their meetings with lobbyists, donors, and corporate CEOs. So far, five members of the committee have announced that they would slow or curtail fundraising.

Beginning this week, community, faith and labor groups around the country will be making in-person visits to ten of the twelve the super-committee members while they are home on recess.  Groups will be delivering a petition signed with thousands of signatures calling on the super-committee to make Wall Street pay their fair share.

These actions are part of a wider movement this fall where everyday people will engage in a series of direct actions targeting big banks that bankrupted the country and drained wealth from American families. The direct actions primarily target JPMorgan Chase, Bank of America and Wells Fargo and include taking over bank buildings, meetings of corporate officials, civil disobedience, prayer vigils, mass mobilizations, and more. Organized by members of The New Bottom Line, including organizational member National People's Action, and allies such as SEIU locals in Boston and Minneapolis and Right to the City.

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Public Campaign is a national nonprofit, nonpartisan organization working to raise the voice of everyday Americans through common sense reform of the way our elections are financed. Learn more at www.publicampaign.org.

National People's Action (NPA) is a Network of community power organizations from across the country that work to advance a national economic and racial justice agenda.  NPA has over 200 organizers working to unite everyday people in cities, towns, and rural communities throughout the United States. Learn more at http://www.npa-us.org.