Cash to Congress Is Unabated as Banks Seek Influence

Bloomberg:

As the U.S. Senate prepares to vote as early as this week on legislation rewriting the rules for Wall Street, the financial industry is holding fundraisers for lawmakers at a rate of almost one every business day this month.

Some members of Congress have criticized Wall Street one month only to ask the industry for money the next. U.S. Representative John Adler, a New Jersey Democrat, demanded accountability from Wall Street in an April 29 statement. This week, he’s holding what is billed as a “financial services dinner” in Washington with a minimum contribution of $1,000.

At least 20 House and Senate lawmakers have scheduled fundraisers in May targeting the industry or hosted by lobbyists for banks such as Goldman Sachs Group Inc. and Citigroup Inc., according to Democratic and Republican party committee schedules sent to prospective donors. The events allow lobbyists to mingle with lawmakers as the Senate debates sweeping new regulations for the industry.

“How hard are you going to be on somebody who’s handing you money?” said Bill Allison, an editor at the Sunlight Foundation, a Washington-based watchdog group.

Posted via email from Jim Nichols