OpenCongress Blog

Blog Feed Comments Feed More RSS Feeds

FinReg Conferees and Finance Industry Cash

May 26, 2010 - by Donny Shaw

The Senate has selected their conferees to meet with the House on ironing out the differences between the two chambers’ financial reform bills. It’s a pretty standard list including members of the Banking and Agriculture Committees that had jurisdiction over the bill as it moved through the Senate. But, since the Senate’s conferees have all been influential players on the issue, it means that they are bringing an unusually large amount of financial industry donations to the negotiating table.

On average, senators who will participate in the conference committee have received 2.85 times as much money from the Finance/Insurance/Real Estate industry in the 2010 campaign cycle than a typical senator. The average for conference committee members is $739,374 while the average for the full Senate is $259,261, according to data from OpenSecrets.org.

As substantial as these top-line numbers are, they don’t tell the full story about how finance money might play into the conference committee. In the table below, you’ll see that there are almost two classes of negotiators — those receiving donations near and above $1 million, and those receiving levels well below the Senate average. We should be watching to see if votes on specific issues in the conference committee follow this division (that is, if the conference committee is televised).

 

Senate Conferees ‘09-’10 cycle $ from Finance
Sen. Christopher Dodd [D, CT] $894,888
Sen. Charles Schumer [D, NY] $3,896,839
Sen. Blanche Lincoln [D, AR] $941,350
Sen. Tim Johnson [D, SD] $102,149
Sen. Thomas Harkin [D, IA] $35,060
Sen. Patrick Leahy [D, VT] $159,200
Sen. John Reed [D, RI] $39,050
Sen. Richard Shelby [R, AL] $1,227,738
Sen. Judd Gregg [R, NH] N/A
Sen. Bob Corker [R, TN] $381,163
Sen. Saxby Chambliss [R, GA] $49,850
Sen. Michael Crapo [R, ID] $405,823

 

For a good rundown of the difference between the House and Senate bills that will have to be resolved in the conference committee, see this blog post.

 

Like this post? Stay in touch by following us on Twitter, joining us on Facebook, or by Subscribing with RSS.
 

Comments

meghan84 01/06/2012 4:19am

there are so many liars, to whom i should believe?

how to become a police officer:http://phatstaxx.com/

NomadFox 05/26/2010 1:11pm

“Frank-n-dodd” Marxist will not win. There will be a fight from your efford to take control and you will lose…. Your worst than the devil himself!!!!

jim_worth 05/31/2010 3:30pm

We have been deceived by the perception that Congress is serious about Financial Regulation. If they were, they would have selected better conferees, with less financial obligations, that would truly desire to help ‘the people’
Read the article, “Are You Shitting Me” on The Cutting Edge Blog at It’s Worth and Opinion: http://worthanopinion.net.

Jim Worth
Author, “Final Audit”

Chris51 07/01/2010 10:08am

Corporations have increased their cash reserves to $1.84 TRILLION, THE HIGHEST FIGURE IN HISTORY! Big business and the banks, after an unprecedented bailout by the public treasury, are hoarding the funds (Americans pay this back on their IRS tax bill). BIG CORPORATIONS EXECUTIVES ARE MAKING BIG BONUSES AND GETTING SALARY INCREASES FOR SHOWING HUGE PROFITS. The cash reserves of major corporations have jumped 26 percent in one year, the largest percentage increase in nearly 60 years. The cash reserves of working people, and particularly the unemployed, have not been so fortunate.

REPUBLICANS bloc, the SENATE vote and defeat sevaral proposed extension of unemployment benefits for unemployed workers. Many of these same Senators rushed through a $700 BILLION bailout of Wall Street in 2008 in a matter of days, cannot bring itself to support even the most meager subsistence for the unemployed workers who are the victims, not the perpetrators, of the economic crisis.
WWW.CHANGE.ORG

Due to the archiving of this blog, comment posting has been disabled.