Watchdog Calls DeMint’s Efforts to Repeal Financial Reform Payback

DeMint and Senate Republican co-sponsors have taken $49.7 million from Finance, Insurance, and Real Estate sectors during their careers

Washington, D.C.—Campaign finance watchdog Public Campaign Action Fund questioned Sen. Jim DeMint (R-S.C.) and his colleagues on the introduction of a bill that would repeal the Dodd-Frank financial regulatory reform passed last year after they collected $50 million in campaign contributions from the industry.

Sen. DeMint and the 18 Republicans co-sponsoring the legislation have strong ties to Wall Street interests and have received $49.7 million in campaign cash from the finance, insurance, and real estate industry (FIRE) during their time in Congress, according to Public Campaign Action Fund analysis of data provided by the Center for Responsive Politics.

“After witnessing the near collapse of our economy, and seeing millions put out of work thanks to greed on Wall Street and millions more living with underwater mortgages, you would think that these Senators would side with the ordinary Americans who were hurt the most,” said David Donnelly, national campaigns director for Public Campaign Action Fund. “But this group of Senators continues to side with the Wall Street interests who pour millions into their campaign coffers.”

The legislation, S. 712, would repeal the Dodd-Frank financial regulation bill that was passed as a result of the economic downturn caused by Wall Street greed and a lack of oversight. Sen. DeMint has received $2.7 million in campaign contributions from the FIRE sector during his time in Washington. Senate Minority Leader Mitch McConnell (R-Ky.), a cosponsor of the legislation, has received $5.4 million from the industry during his time in the Senate.

Senator

Career FIRE

Mitch McConnell (R-Ky.)

$5,462,903

Lamar Alexander (R-Tenn.)

$4,953,225

John Cornyn (R-Tex.)

$4,810,777

Kay Bailey Hutchison (R-Tex.)

$4,701,188

Johnny Isakson (R-Ga.)

$4,460,445

John Thune (R-S.D.)

$4,083,067

Jon Kyl (R-Ariz.)

$3,859,294

Jim DeMint (R-S.C.)

$2,708,123

John Ensign (R-Nev.)

$2,614,370

David Vitter (R-La.)

$2,550,693

Mike Crapo (R-Idaho)

$2,204,578

Jeff Sessions (R-Ala.)

$2,166,535

Jim Inhofe (R-Okla.)

$1,486,552

Tom Coburn (R-Okla.)

$1,292,639

Mike Johanns (R-Neb.)

$736,525

Ron Johnson (R-Wisc.)

$656,256

Rand Paul (R-Ky.)

$519,639

Jim Risch (R-Idaho)

$245,461

Mike Lee (R-Utah)

$190,665

TOTAL

$49,702,935

“Holding Wall Street accountable is something that every American—from blue, red, or purple states—can get behind,” said Donnelly. “Sen. DeMint and the supporters of this bill are showing who they care about, and it’s not the millions of Americans struggling to find work.”

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Public Campaign Action Fund is a national nonpartisan campaign finance group that works to hold elected officials accountable and to further comprehensive reforms that place elections into the hands of everyday Americans. Learn more at www.campaignmoney.org.