Rep. Spencer Bachus (R-AL)
I’ve already noted how the GOP’s zeal for repeal has led to an influx of money from the financial services industry. And according to Politico, Rep. Spencer Bachus (R-AL), who is slated to take over the House Financial Service Committee should Republicans gain a majority, told a crowd of 100 financial services lobbyists that they should be donating to Republicans, since Dodd-Frank “hammered them”:
When Republican Rep. Spencer Bachus of Alabama stepped in front of 100 financial services lobbyists at the Capitol Hill Club last month, he asked for an equal chunk of their campaign cash — and made clear he was watching closely. It is hard to believe, he told the crowd, that some in their industry were still giving more to Democrats than Republicans after, he said, Democrats hammered them with over-reaching Wall Street reform legislation, people familiar with the presentation said. Bachus told the group, for instance, that the Independent Community Bankers of America had given 68 percent of its contributions to Democrats, according to a lobbyist who was present.
And evidently Bachus’ spiel worked, as Independent Community Bankers of America Executive Vice President Steve Verdier said that “his group has started giving more heavily to Republicans and will end up giving 55 percent of its money to Democrats, down from the nearly 70 percent mark.”
But even if the ICBA — whose members are likely going to profit from Dodd-Frank, as their bigger competitors have a host of new restrictions placed upon them — gives a majority of its money to Democrats, that will be the exception in this cycle. According to the Center for Responsive Politics, “Republican candidates received 34 million dollars in donations from the finance, insurance and real estate sector since January compared to 23 million dollars given to Democrats.”
And when it comes to America’s “too big to fail” banks, donations are all skewing towards the Republicans. Bank of America, JP Morgan Chase, Wells Fargo and Goldman Sachs are all giving a majority of their donations this cycle to the GOP. The Financial Services Roundtable — which represents the country’s biggest financial firms — “has given the GOP $212,000 this round compared with almost $179,000 to Democrats.”
Of course, these kinds of overtures to financial services lobbyists are nothing new for House Republicans. After all, House Minority Leader John Boehner (R-OH) assembled a host of bank lobbyists back in December to develop a strategy for killing financial reform.
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