For Immediate Release
Dorry Samuels, Press Office Coordinator
Where Will Senators Stand on Wall Street Reform?
Those opposed to moving forward have taken 25 percent more in campaign cash
WASHINGTON - The 41 Republican senators who signed on to a letter opposing the
financial reform package have received 25 percent more in campaign
contributions, on average, from Wall Street interests than their
Democratic colleagues, according to analysis of campaign finance data by
Common Cause, Public Campaign and Public Citizen. Because the Democrats
effectively control 59 seats and 60 votes are needed to move forward
with debate, the key question is whether Senate Republicans will
unanimously block consideration of the financial reform bill or whether
at least one of them will allow it to proceed.
All 41 of the Senate's Republicans have received, on average,
$2,116,945 each from the financial, insurance and real estate sector
over the past six years, according to the groups' analysis of data from
the nonpartisan Center for Responsive Politics (www.opensecrets.org). The other
57 Democrats and two Independents have received $1,688,068, on average,
from these interests-a difference of more than $425,000 per Senator.
"Wall Street executives and firms have spent obscene amounts of money
on lobbying and campaign contributions in Washington to maintain the
status quo in the financial sector," said David Arkush, director of
Public Citizen's Congress Watch division. "As their first vote on Wall
Street reform nears, the question is whether these senators will stand
with Wall Street-and with its millions of dollars in campaign cash-or
with Main Street. Americans are tired of politicians doing the bidding
of their big donors."
In 2009, the financial industry spent $1.4 million a day on lobbying
fees and campaign contributions to influence the policy-making process
in Washington, D.C. After the vote this evening, this analysis will be
updated to reflect the contributions received by those voting for and
Public Citizen is a national, nonprofit consumer advocacy organization founded in 1971 to represent consumer interests in Congress, the executive branch and the courts.