By Benjamin Goad - 07/25/14 12:10 PM EDT
The financial sector has shelled out more than $800 million to influence Washington via lobbying and campaign spending in the current election cycle, according to a new report from Americans for Financial Reform.
That works out to roughly $1.5 million a day, a total on pace to eclipse Wall Street’s effort four years ago to beat back the Dodd–Frank Wall Street Reform and Consumer Protection Act, the left-leaning policy group said.
“The industry’s continued high level of spending reflects the ongoing battle to reshape the financial system, and the industry’s persistent efforts to repeal or win exemptions from parts of the law, to weaken implementing regulations, and to forestall further proposals for change,” the group concluded in its 40-page report.
The study, based on data compiled by the Center for Responsive Politics, shows that roughly 62 percent of the political spending went to Republicans; 38 percent went to Democrats.
The top recipients in the Senate feature members of both parties. Rounding out the top four were Sens. Cory Booker (D-N.J.), Minority Leader Mitch McConnellMitch McConnellMcConnell: Cures bill a 'top priority' in lame duck McConnell opens door to changing 9/11 bill Reid sums up 114th Congress as 'a flop' MORE (R-Ky.), Minority Whip John CornynJohn CornynMcConnell opens door to changing 9/11 bill Election-year politics: Senate Dems shun GOP vulnerables Congress steamrolls Obama's veto MORE (R-Texas) and Ed MarkeyEd MarkeyFCC pulls vote on contentious box plan in final minutes Overnight Cybersecurity: FBI probes possible hack of Dems' phones | Trump's '400-pound hacker' | Pressure builds on Yahoo | Poll trolls run wild Dems tie nuclear first-strike bill to concerns about Trump MORE (D-Mass.), according to the study.
Both Booker and Markey ran in special elections during the cycle, while McConnell and Cornyn are up for reelection this fall.
In the House, the top four recipients were Speaker John BoehnerJohn Boehner3 ways the next president can succeed on immigration reform Republican Study Committee elders back Harris for chairman Dems to GOP: Help us fix ObamaCare MORE (R-Ohio), Jeb Hensarling (R-Texas), Paul RyanPaul RyanMcConnell opens door to changing 9/11 bill Ryan: Recession 'around the corner' without tax reform Michigan Dems highlight Flint with unanimous opposition to CR MORE (R-Wis.) and Majority Leader Eric CantorEric CantorRyan seeks to avoid Boehner fate on omnibus GOPers fear trillion-dollar vote is inevitable Insiders dominate year of the outsider MORE (R-Va.), who was defeated this spring in a surprise primary upset.
Top industry spenders on both lobbying and campaigns included the National Association of Realtors, the American Bankers Association and Prudential Financial, the report found.