Scott Brown Received More Than $900,000 From Financial Services Sector After Watering Down Wall Street Reform
"Scott Brown Received More Than $900,000 From Financial Services Sector After Watering Down Wall Street Reform"
Among the PAC contributors to Brown were:
American Bankers Association PAC: $2,000 American Financial Services Association PAC: $1,000 Citigroup Inc. PAC: $2,000 Credit Suisse Securities LLC PAC: $6,000 USAA PAC: $2,500 Wells Fargo and Company PAC: $3,000
Why the support? Well, it was Brown who threatened to join a Republican filibuster of the Dodd-Frank Wall Street Reform and Consumer Protection Act in 2010, using that threat to significantly water down the bill. Among the industry-favored concessions he extracted were removal of a $19 billion bank tax and weakening of the “Volcker rule,” restrictions on risky trades made with dollars backed by the government.
“Sen. Brown’s politics are tailor made for New York Republicans,” Wayne Berman, a lobbyist for several financial sector companies observed last December. And if the financial sector’s donations are any example, New York Republicans certainly agree.