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Saturday, April 16, 2011

House Financial Services Committee: Hotbed of Money From Financial Sector Interests http://www.opensecrets.org/news/2011/04/house-financial-services-committee.html

The House Financial Services Committee is a furnace in which legislation affecting Wall Street is forged. It's also a hotbed of money from individuals and political committee committees connected to the financial sector.For instance, Financial Services Committee Chairman Spencer Bachus (R-Ala.) raised $1.4 million from the finance, insurance and real estate sector during 2009 and 2010, with 84 percent of that sum came from industry PAC. Not only was the finance, insurance and real estate sector Bachus' top source of funds for his re-election, but they accounted for a huge portion of his overall campaign cash. About $6 out of every $10 he raised for his political war chest came from industries within this broad sector that are regularly affected by legislation within the Financial Services Committee's jurisdiction, according to research by the Center for Responsive Politics.

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