The Daily Caller
April 20, 2010
- A d v e r t i s e m e n t
In the often-confusing debate on financial regulatory reform, there are many assertions and accusations but few facts. Yet here are two: Washington is awash in Wall Street money, and both Republicans and Democrats are recipients.
Democrats have an edge when it comes to raising funds in lower Manhattan, and particularly from Goldman Sachs, the investment bank being sued by the Securities and Exchange Commission.
The financial sector has given $11.1 million to the Democratic National Committee and its two congressional campaign committees so far this election cycle, compared to $7.3 million for Republicans, according to OpenSecrets.org. Goldman has given about 70 percent of its donations to Democrats this cycle and gave 75 percent of its $6 million in donations to Democrats in the 2008 election.
Republicans get their share, too, especially in the Senate where financial reform will be decided. Out of the $7.3 million given to the Republican campaign arms, the National Republican Senatorial Committee got $4.3 million.
The result is that both parties have flung accusations back and forth, some of them having merit and some of them not, even as they both have factions that are genuinely trying to pass a reform bill. But if Wall Streetâ€™s largesse to both of them is any indication, neither side will want to be too tough with the final regulatory reform proposal.