On "reopening" financial reform

Reuters reported this morning that Sen. Richard Shelby would like to “reopen” financial reform legislation. Specifically, he said he’d like to reevaluate the Consumer Financial Protection Agency—a hallmark of the legislation.

 

I thought it’d be good to remind people of all the campaign cash Sen. Shelby has received from Wall Street this cycle.

 

Here are the facts:

  • Some of Sen. Shelby’s top donors this cycle have ties to Wall Street firms. Listed below are some of the top giving financial firms (their PACs and employees).

Company

Amount

JP Morgan Chase

$65,450

Goldman Sachs

$39,600

Morgan Stanley

$39,100

  • Sen. Shelby has received $689,000 from employees and PACs tied to securities and investment firms, $231,000 from commercial banks, and $227,600 from finance and credit companies.
  • In total, Sen. Shelby has received $2.1 million from the financial, insurance, and real estate sector during the 2010 cycle alone.

 

Our previous report on Sen. Shelby provides more details on lifetime totals from Wall Street interests. It's been reported, in general, that Wall Street donors are shifting to Republicans this cycle pending a major shake up in Congress. Your call, though, on why Sen. Shelby wants to "reopen" this debate.

 

Analyzed by Public Campaign Action Fund using data from the nonpartisan Center for Responsive Politics.