Wall Street banks, companies and trade associations continued to spend big bucks–$1.4 billion–to influence policymaking in Washington during the 2013-2014 election cycle.
According to Americans for Financial Reform's recently released "Wall Street Money in Washington," the financial sector is the largest source of campaign contributions to federal candidates and parties, and the second largest spender on lobbying.
The $1.4 billion in spending during the two-year period amounts to more than $1.9 million a day, and represents an average of about $2.6 million spent to elect or influence each of the 535 members of the Senate and House of Representatives, or about $3,600 per day for each member of Congress.
More than 340 financial sector companies and trade associations spent at least $500,000 each during this period, the report states.
AFR's report draws on the work of the Center for Responsive Politics (CRP), which tracks and categorizes campaign contributions and lobbying expenditures, as reported to the Federal Elections Commission (FEC) and the Senate Office of Public Records, respectively. The report includes complete lobbying data for 2013 and 2014, and contribution data for the 2013-14 election cycle reported through March 9.
In 2013-2014 the financial industry exceeded its rate of spending in the 2010 election cycle, when the industry was working to stop or weaken the Dodd-Frank Wall Street Reform and Consumer Protection Act as it made its way through Congress.
The U.S. Chamber of Commerce, which also lobbies on financial issues–including stopping the Department of Labor's redraft of its rule to amend the definition of fiduciary under the Employee Retirement Income Security Act–doled out a bit more than $234 million on contributions and lobbying combined during the two-year cycle.
Read on to see the companies and trade associations in the financial services sector with the highest level of combined spending on lobbying and contributions (from their PACS and employees).
15. Rennaissance Technologies
- Contributions: $10.3 million
- Lobbying: $920,000
- Total: $11.3 million
14. Goldman Sachs
- Contributions: $4.6 million
- Lobbying: $7 million
- Total: $11.7 million
