Posted by: Democratic Thinker | August 31, 2009

Bank-Rolling Congress

 Public Citizen reported last Wednesday that several businesses which received Troubled Asset Relief Program (TARP) money and several related Political Action Committees (PACs) have donated nearly six million dollars to members of congress. The article links to their report. See excerpt:


Aug. 26, 2009
Bailed-Out Banks’ PACs, Lobbyists Have Sponsored 70 Fundraisers for Congress, Donated $6 Million Since Election

Public Citizen Report Shows Those Fighting Federal Oversight of Banking Industry Among Biggest Fundraisers

WASHINGTON, D.C. – Lobbyists, political action committees (PACs) and trade associations tied to the banks receiving the most federal bailout money have scheduled 70 fundraisers for members of Congress since Election Day and have made $6 million in federal campaign contributions, according to a Public Citizen report released today.

The report, “Bank-Rolling Congress,” contains Public Citizen’s analysis of fundraiser invitations collected by the Sunlight Foundation and campaign contribution disclosures that lobbyists and lobbyist-affiliated PACs are required to make to the Senate. The study was based on an examination of the 10 banks receiving the most Troubled Asset Relief Program (TARP) money and five trade associations opposing a government agency to oversee consumer financial products. (The Sunlight data shows no fundraisers hosted by three of the 10 banks and one of the trade associations. One firm, SunTrust Bank, did not report any lobbying.)

(See complete article at original site)


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