On Capitol Hill, it pays to pay. Wall Street certainly pays, and a new report unveils just how much, as well as what it gets in return.
Since 2006, the Finance, Insurance, and Real Estate (FIRE) sector, has poured around $4.2 billion into efforts to maintain influence in the halls of Congress, according to a new report by Elect Democracy, a nonpartisan effort by human rights organization Global Exchange. That comes out to $1,331 a minute.
Washington’s Wall Street Sugar Daddies as Nation of Change reports:
That money lets these industries get what they want in Washington. The F.I.R.E. sector contributed $879 million to members of Congress since 2006, and took positions on 383 bills during the 112th Congress. For instance, they supportedFree Trade Agreements with Korea, Panama, and Colombia in 2007, and backed the bailout in 2008. Bills they opposed include the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2009, the Limited Homeowner and Investor Loss in Foreclosure Act of 2010, and the Stop Student Loan Interest Rate Hike Act of 2011.