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New Report: The Supercommittee’s Wall Street Money

September 28, 2011 Comments off

New Report: The Supercommittee’s Wall Street Money
Source: Public Campaign

Members of the Joint Committee on Deficit Reduction have received $41 million from the financial sector during their time in Congress, according to a new report from Public Campaign and National People’s Action, “Wall Street and the Supercommittee: The $41 Million Question.” At least 27 current or former aides for the “supercommittee” members have lobbied on behalf of financial firms.

Tax reforms such as closing the “Hedge Fund Loophole” and instituting a Financial Speculation Tax can generate over a trillion dollars that can be used for housing, jobs, and repairing our nations’ frayed social safety net, according to National People’s Action

In addition to summary data, the report provides individual details for each member of the committee, including their campaign contributions from financial interests, former aides working for the industry, and fundraising activity.

  • The 12 members of the supercommittee have received at least $41 million from the finance, insurance, and real estate (FIRE) sector during their time in Congress.
  • They have received nearly $900,000 from three of the top American banks: JPMorgan Chase, Bank of America, and Wells Fargo.
  • Since 2000, the financial sector has spent over $4 billion lobbying elected officials.
  • At least 27 current or former aides to supercommittee members have worked as lobbyists for financial sector interests.

+ Full Report

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