The financial industry has “spent more than $800 million on contributions to campaigns and on federal lobbying so far this election cycle,” PoliticoPro reports, citing AFR’s new report, “Wall Street Money in Washington,” which draws on data compiled by the Center for Responsive Politics. The report, as the paywalled story goes on to say, “found the financial sector has contributed $245 million to political campaigns, as of June 30, and spent nearly $560 million on lobbying through March.” Just-released CRP data for the second quarter should increase that total.
Other highlights mentioned by PoliticoPro include these:
- “As regulators implemented sweeping changes to the mortgage market and Congress weighed a major overhaul of the housing finance system, the National Association of Realtors blew everyone else in the housing industry out of the water. The group has spent more than $51.4 million on lobbying and contributions this cycle.”
- “The American Bankers Association was next, at $12.3 million, followed by Prudential Financial ($9.9 million); the American Council of Life Insurers ($9.4 million) and Wells Fargo ($9.1 million).”
- “But the sector that’s spent the most on lobbying this cycle is the insurance industry. Insurers (excluding health insurance companies) spent $114.8 million last year, and $30 million in the first quarter of 2013, according to the report. Top spenders include Prudential and Metlife — both of whom focused on new capital rules being drawn up by the Fed — along with the Property Casualty Insurers of America and USAA.”