House Financial Committee Works on Bill to Regulate Their Own Campaign Contributors
Friday, October 16, 2009
Spencer Bachus (R-ALA) has received $5.8 million from financial sector
President Barack Obama has said he wants to create a new consumer protection agency that will regulate the financial industry when it comes to credit cards, insurance and mortgages. But this new government body can only be created with help from Congress—and the question is who will protect Congress from itself when banks, insurance companies and real estate businesses have contributed millions of dollars to the lawmakers writing the legislation in question.
According to OpenSecrets.org, the industries opposing the Consumer Financial Protection Agency Act of 2009 have given $77.6 million to the 71 members of the House Financial Services Committee since 1989. Industry representatives have been careful to play both sides of the political aisle, giving an average $1.3 million to each Republican and more than $900,000 to each Democrat on the committee.
-Noel Brinkerhoff
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