The American Democracy Minute Radio Report & Podcast for March 23, 2023
Today’s Links
Articles & Resources:
Open Secrets – 2021-22 Banking Sector Campaign Contributions
Opens Secrets – 2021-22 Banking Sector Lobbying Expenses
Open Secrets – Industry Profile: Commercial Banks
Open Secrets – Top Recipients of Banking Sector Campaign Contributions
Charlotte News & Observer – Signature Bank threw fundraiser for Rep. McHenry of NC. He’s now probing how it failed
House Financial Services Committee – McHenry, Waters Announce First Hearing on Silicon Valley Bank and Signature Bank Failures
CNBC News – Chuck Schumer gives campaign donations from Silicon Valley Bank’s ex-CEO, PAC to charity
Groups Taking Action:
End Citizens United, Common Cause, Issue One, Public Citizen, Free Speech for People, People for the American Way
Today’s Script: (Variations occur with audio due to editing for time)
You’re listening to the American Democracy Minute, keeping YOUR government by and for the people.
The finance sector is by far the largest campaign contributor to federal candidates. But before you jump to any conclusions about which party is responsible for shaky bank regulations, you’ll want to listen to today’s report.
With the help of money-in-politics tracker OpenSecrets.org, we’ll be looking at the money banks and their associations spent on candidates and lobbying in the U.S. House & Senate over the last two years.
Open Secrets reports that since 2021, the banking sector spent almost $59 Million dollars, with 59% of it going to Republicans, and 41% to Democrats. This includes Senate Majority leader Chuck Schumer and Rep. Maxine Waters, who took, and are now giving back, contributions from Silicon Valley Bank. In fact, Schumer is the number three-ranked recipient of campaign contributions from the banking sector.
Then there’s the lobbying expenses. Since 2021, commercial banks and their army of 455 lobbyists spent over $64.8 million dollars in lobbying. Of the 455 lobbyists, 309 of them are former legislators or federal employees – called the revolving door.
Just how bad is the influence? The Charlotte News & Observer reports that chair of the House Financial Services Committee, Patrick McHenry, attended a $1000 a ticket fundraiser in the NY boardroom of Signature Bank 10 days before its financial collapse, to benefit his congressional campaign. March 29th, he’s scheduled an oversight hearing to review the collapse.
We have articles and resources at AmericanDemocracyMinute.org. I’m Brian Beihl.
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