House members who voted ‘yes’ on bailout received 54 percent more from banks/securities firms.
According to research produced by MAPLight.org.
Financial Services Sector - Contribution HistoryMapLight.org says that over the past five years, banks and securities firms gave an average of $231,877 in campaign contributions to each Representative voting in favor of the bailout, compared with an average of $150,982 to each Representative voting against the bailout – 54 percent more money given to those who voted Yes.
Democrats who voted yes received “an average of $212,700 each, about twice as much as those voting No, $107,993.” Republicans who voted yes “received an average of $273,181 each, 50% more than those voting No, $181,688.”
The financial services sector has contributed more to candidates for Congress, Presidential candidates, and political parties than any other sector, totaling $339,649,585 from 2007-present.
The sector has also contributed heavily to both John McCain and Barack Obama’s Presidential campaigns in 2007-2008: $22,108,926 to Sen. McCain and $24,860,257 to Sen. Obama.
The financial services sector has been a top campaign contributor for years, donating more than $2 billion to Federal candidates from 1989 through today.
Note: The financial services sector referenced on OpenSecrets.org includes more industries than just the banking and securities industries MAPLight.org examined in this vote correlation report.
Looking Back: Financial Services Modernization Act of 1999 (Gramm-Leach-Bliley)
In 1999 Congress passed the Gramm-Leach-Bliley bill, with bipartisan support, allowing the nation's largest banks to get even larger and take risks that had been prohibited since the Great Depression. A recent CRP analysis found that legislators who voted for this act received twice as much from the financial, insurance and real estate sectors as those who voted against it. Citigroup was the Act’s most aggressive supporter.