Rep. Price must answer questions about financial industry ties

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Washington, D.C.—Public Campaign Action Fund released new information today in light of news that Rep. Tom Price (R-Ga.) is under investigation by the Office of Congressional Ethics. According to the report, in the days leading up to—and after—Rep. Price’s “no” vote on financial regulatory reform, the Georgia Congressman received $29,000 in campaign contributions from those with a stake in the legislation.

“This is a perfect example of what’s wrong with our broken political system,” said David Donnelly, national campaigns director for Public Campaign Action Fund. “Rep. Price took thousands of dollars of special interest cash and voted their way, leaving voters wondering who he really represents in Washington, D.C.”

From December 7 to December 31, 2009, Rep. Price received $29,000 in campaign contributions from the political action committees (PACs) of financial services companies and lobby firms with financial industry clients. Just one day before the vote on the legislation, Rep. Price held a “Financial Services” luncheon fundraiser on Capitol Hill. Now, the Office of Congressional Ethics is investigating his ties to these donors.

“Rep. Price needs to ensure his constituents he stands with them—and not his big money donors,” said Donnelly. “To do that, he should immediately co-sponsor and work to pass the Fair Elections Now Act.”

The Fair Elections Now Act (H.R. 1826) would sever the ties between special interest campaign cash and members of Congress. With Fair Elections, candidates would be able to run competitive campaigns for office on a blend of Fair Elections funds and a four-to-one match on donations of $100 or less. The legislation has the broad, bipartisan support of more than 150 U.S. House members.

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Public Campaign Action Fund is a national, nonpartisan organization working to reduce the influence of special interest money in our political process