You are hereThink Progress: Two Years After Financial Reform, Republicans Rake In Wall Street Fundraising Dollars
Think Progress: Two Years After Financial Reform, Republicans Rake In Wall Street Fundraising Dollars
-By Steven Perlberg
July 24, 2012- It’s been two years since the passage of Dodd-Frank, and the finance industry is still doing its best to completely gut the reforms meant to prevent another financial crisis. Republicans have spent the last two years trying to water down Dodd-Frank, and data suggests they have been solidly rewarded for their efforts.
The finance, insurance, and real estate (FIRE) sector is the biggest giving sector so far this election cycle, and they are donating to GOP candidates more than ever before. Republicans now hold a 64 percent share of campaign contributions from Wall Street, compared to just 48 percent in 2008, as this chart from Public Campaign shows:
Thanks to Citizens United, outside spending from the finance sector has now ballooned 20-fold from 2008, with almost 90 percent of dollars favoring conservatives.
The influx of cash has especially benefited members of the Financial Services Committee, who fundraise between three and five times more than those with a seat on Appropriations, once viewed as Congress’ most powerful committee. Wall Street mega banks like Goldman Sachs, Bank of America, and JP Morgan Chase are among the biggest industry donors, with Goldman leading the industry with nearly $5 million in contributions so far this cycle.