New Common Cause analysis shows members of Congress who voted for the omnibus spending bill got four times as much political money from Citigroup and JPMorgan Chase as those who voted no.
The “CRomnibus” spending package passed last night by the U.S. House of Representatives and on the Senate floor today raises the maximum that a single donor can give to political parties in each election to $1.55 million. It also cuts funding to important regulatory agencies, stops President Obama from issuing an executive order to require federal contractors to disclose their political contributions, and leaves taxpayers holding the bag when Wall Street bankers make bad bets on the market.
Citigroup and JPMorgan Chase also put their money to work. A new Common Cause analysis shows a strong link between votes cast for the CRomnibus and the $4.8 million invested in political contributions during 2014 by the two firms. For perspective, the two banks’ campaign spending is roughly equal to the combined average annual salary of more than 300 minimum wage workers.
Members of Congress who voted for the spending bill received $1,093,300 from political action groups and employees of Citigroup and JPMorgan, while CRomnibus opponents collected $262,327. Overall, the two institutions spent about $5,000 per “yea” vote.
Source: Common Cause analysis of data from the Center for Responsive Politics, www.opensecrets.org
Now Wall Street can make riskier bets in the financial markets, knowing that if they fail the taxpayers will bail them out (again). Their bets in the political market meanwhile, continue to pay off quite handsomely.
Office: Common Cause National
Issues: Money in Politics