Fact Sheet - Wall Street Money In Politics

FACT SHEET

AMERICANS FOR CAMPAIGN REFORM

$180

Wall$160 Street Tops Campaign Finance Charts • $140 Individuals and PACs in finance, insurance, and real

estate have contributed over $2 billion to federal $120 campaigns since 1990, the largest sector by a factor of two • $100 Wall Street contributions increased five-fold from $60 million in 1990 to $311 million in 2008 $80 • Members of the U.S. House and Senate received an average $142,663 and $1,042,663, respectively, in Wall $60 Street contributions as of July 28, 2008 $40

Both $20 Parties Profit from Wall Street Funds

Figure 1: Total PAC and individual contributions from

finance, real estate, and insurance industries, 1990-2008 Millions

Millions

$200 Street Money in Politics Wall

$350

Individuals Series1 PACs Series2

$300 $250 $200

Series2 Series1

$150 $100

• Wall Street donors consistently favored the political party

$120

Wall $100 Street Donors Favor Incumbents • Incumbent Members of Congress received three-quarters

Millions

Millions

$0 $50 in power with higher contributions in eight out of ten 1992 1994 1996 1998 2000 2002 2004 2006 2008 elections1990 between 1990-2008 $0 $200 • Republicans received 55% of total Wall Street funds from 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 1990-2008, compared with 44% for Democrats $180 • The top twenty recipients of Wall Street contributions Figure 2: Partisan breakdown of contributions from include $160 Senators and Representatives regarded as among finance, insurance, and real estate industries, 1990-2008 the most liberal and the most conservative Members in $140 Congress $200 $180

Democrats Series1

$160 $140

Republicans Series2

$80 (74%) of the $225 million in Wall Street contributions in $120 2008, $60consistent with recent trends $100 • With the exception of two House challengers in highly $80 $40 contested campaigns, every one of the top forty Wall $60 Street-backed candidates running for Congress in 2008 $20 was an incumbent, as of July 28, 2008 $40 $0 $20 Wall Street1990 Targets Committees 1992Regulatory 1994 1996 1998 2000 2002 2004 2006 2008 $0 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008

• Wall Street contributions to House and Senate candidates

in 2008 were heavily concentrated on members of the relevant banking, commerce, and tax committees responsible for industry regulation • Nine of the top ten House recipients of Wall Street contributions in 200808 served on the Financial Services (6) or Ways and Means (3) committees • Top-ten members of the relevant House committees received an average $1.5 million from Wall Street in 2008, ten times the overall average in the House • The top ten Senate recipients of Wall Street contributions in 2008 were either candidates for President or members of the Commerce, Banking, Finance, and Budget committees, or in Senate leadership; average contributions received was $14.3 million, incl. presidential candidates Source: Center for Responsive Politics analysis of campaign finance disclosures filed with the Federal Election Commission, 1990-2008

Series1 Series2

Figure 3: Top ten Wall Street contributors, 2008 Rank

Organization

Amount

1

Goldman Sachs

$4,287,701

2

Citigroup Inc

$3,438,497

3

JPMorgan Chase & Co

$3,029,568

4

Morgan Stanley

$2,842,517

5

National Assn of Realtors

$2,525,300

6

UBS AG

$2,256,060

7

American Bankers Assn

$2,029,088

8

Lehman Brothers

$1,921,167

9

Merrill Lynch

$1,824,505

10

Bank of America

$1,800,504

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8/25/09