TARP Recipients' PACs and Lobbyists Donated $6 Million and Hosted 70 Fundraisers for Members

A new report by Public Citizen says that representatives of the banks that received the most money from the federal bailout have spent millions of dollars in campaign donations to Members of Congress. The study was based on the 10 banks that received the most funds under the Troubled Assets Relief Program (TARP) and of five trade associations. Public Citizen analyzed fundraiser invitations collected by the Sunlight Foundation and campaign contribution disclosures.

According to the report, Bank-Rolling Congress, "Lobbyists, political action committees and trade associations connected to the industry have scheduled 70 fundraisers for Members since Election Day 2008 and have made $6 million in contributions."

The press release quotes David Arkush, director of Public Citizen's Congress Watch: "One Wall Street investment strategy hasn't changed despite the economic downturn, and that's spending money on lobbying and campaign contributions. In the current system, members of Congress have little choice but to raise mountains of campaign cash, which gives Wall Street and others the opportunity to buy access and influence."

Lobbyists representing the American Bankers Association and that association's PAC contributed nearly $2 million in the period studied. Lobbyists and a PAC tied to Citigroup, which is one-third owned by taxpayers, gave more than $1 million. Lobbyists and PACs associated with Goldman Sachs, Mortgage Bankers Association of America, J.P. Morgan Chase and the U.S. Chamber of Commerce each gave more than $500,000.
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