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.
Dodd-Frank was ultimately enacted in July 2010, and the landmark statute turned four this week. But nearly half of hundreds of regulations required by the law remain incomplete, and battles persist over their final language.
“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 McConnellAddison (Mitch) Mitchell McConnellHow the Democratic Party's campaign strategy is failing America GOP should grab the chance to upend Pelosi's plan on reconciliation We don't need platinum to solve the debt ceiling crisis MORE (R-Ky.), Minority Whip John CornynJohn CornynAbbott bows to Trump pressure on Texas election audit Senate panel advances antitrust bill that eyes Google, Facebook Democrats up ante in risky debt ceiling fight MORE (R-Texas) and Ed MarkeyEd MarkeyWarren, Bush offer bill to give HHS power to impose eviction moratorium Overnight Energy & Environment — Presented by Climate Power — Senate Democrats ding Biden energy proposal Six Democrats blast Energy Department's uranium reserve pitch 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 Andrew BoehnerLobbying world A new kind of hero? Last week's emotional TV may be a sign GOP up in arms over Cheney, Kinzinger MORE (R-Ohio), Jeb Hensarling (R-Texas), Paul RyanPaul Davis RyanPaul Ryan researched narcissistic personality disorder after Trump win: book Paul Ryan says it's 'really clear' Biden won election: 'It was not rigged. It was not stolen' Democrats fret over Trump-district retirements ahead of midterms MORE (R-Wis.) and Majority Leader Eric CantorEric Ivan CantorBottom line Virginia GOP candidates for governor gear up for convention Cantor: 'Level of craziness' in Washington has increased 'on both sides' 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.