http://www.campaignmoney.org/press-room/2011/04/21/spencer-bachus-1st-quarter-funds
Washington, D.C.—Ninety-seven percent of Rep. Spencer Bachus’ (R-Ala.) first quarter fundraising came from donations outside of Alabama, according to Public Campaign Action Fund analysis of data provided by the Federal Elections Commission (FEC). Bachus, chairman of the House Financial Services Committee, told the Birmingham News last December that his job was to “serve the banks.” These banks and other special interests have responded in kind, according to this analysis.
“While Spencer Bachus raised $3,200 a day – including Sundays – for his re-election campaign, middle class workers in Alabama struggled to recover from the recession,” said David Donnelly, national campaigns director for Public Campaign Action Fund. “With so much money from the Washington, DC area and so little from Alabama, perhaps he’s more interested in serving the banks and his big contributors than his constituents.”
Already in the 112th Congress, Bachus has introduced legislation (H.R. 1121) that would weaken the Consumer Financial Protection Bureau that was created under the financial regulatory reform legislation passed in the last Congress.
The analysis by Public Campaign Action Fund found the following:
- Of the $284,734 Bachus raised in the first quarter, 97% was from outside of Alabama with 40%–or $114,200–coming from the “inside the beltway” Washington, D.C., Virginia, Maryland region.
- Bachus raised just $9,757 from 11 Alabama residents in the first quarter.
- Ninety-one percent, or $259,142, of the total donations came in amounts of $1,000 or more.
- According to FEC records, Bachus only reported $235 in unitemized contributions of $200 or less.
- In just one day, March 24th, pawnbrokers—and their industry’s chief lobbyist—donated $18,650 to Bachus’ campaign.
- Of the top 20 corporate or trade association political action committees donating to Bachus, 18 have matters directly before his committee:
| Independent Community Bankers PAC | Commercial Banks | $10,000 |
| JPMorgan Chase & Co PAC | Commercial Banks | $10,000 |
| AICPA Effective Legislation Comm | Accountants | $5,000 |
| American Financial Services ASSN., PAC | Finance/Credit Companies | $5,000 |
| C.V. Starr & Company, Inc. PAC | Insurance | $5,000 |
| Capital One Financial Corp Assoc PAC | Finance/Credit Companies | $5,000 |
| Chicago Board Options Exchange PAC | Securities & Investments | $5,000 |
| Credit Union Legislative Action Council | Credit Unions | $5,000 |
| Ernst & Young PAC | Accountants | $5,000 |
| ExxonMobil PAC | Oil & Gas | $5,000 |
| Honeywell PAC | Manufacturing | $5,000 |
| National Multi Housing Council PAC | Real Estate | $5,000 |
| Natl Assoc. of Fed. Credit Unions PAC | Credit Unions | $5,000 |
| New York Life PAC | Insurance | $5,000 |
| UBS Americas Fund for Better Govt | Securities & Investments | $5,000 |
| Visa USA Inc. PAC | Finance/Credit Companies | $5,000 |
| Crowe PAC | Miscellaneous Finance | $4,000 |
| Deloitte & Touche Federal PAC | Accounts | $4,000 |
| QC Holdings, Inc. PAC | Finance/Credit Companies | $4,000 |
| Affinity Federal Credit Union PAC | Credit Unions | $2,500 |
“Bachus raised money from a who’s who of big corporate special interests,” continued Donnelly. “It’s critical that Alabamans watch his record and hold him accountable.”
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Public Campaign Action Fund is a national nonprofit watchdog group working to improve America’s election laws and to hold elected officials accountable.