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 McConnellIn House GOP, Ryan endorsement of Trump seen as inevitable McConnell: Trump White House will have ‘constraints’ Nearly 400 House bills stuck in Senate limbo MORE (R-Ky.), Minority Whip John CornynJohn CornynClinton email headache is about to get worse Overnight Tech: House GOP launches probe into phone, internet subsidies Senators hope for deal soon on mental health bill MORE (R-Texas) and Ed MarkeyEd MarkeyDem senators call for sanctions on Congo Honor Frank Lautenberg by protecting our kids Sanders pans chemical safety reform deal 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 BoehnerIn House GOP, Ryan endorsement of Trump seen as inevitable House GOP faces dilemma on spending bills Overnight Finance: Puerto Rico bill clears panel | IRS chief vows to finish term | Bill would require nominees to release tax returns MORE (R-Ohio), Jeb Hensarling (R-Texas), Paul RyanPaul RyanDole: Gingrich should be Trump's running mate In House GOP, Ryan endorsement of Trump seen as inevitable Meet the billionaire donor behind Hulk Hogan’s lawsuit against Gawker MORE (R-Wis.) and Majority Leader Eric CantorEric CantorJohn Feehery: GOP: Listen to Reince The Trail 2016: Dems struggle for unity Overnight Regulation: Supreme Court rejects GOP redistricting challenge 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.