The Financial Crisis Inquiry Commission (FCIC) must look at whether campaign contributions from the financial industry to members of Congress assisted in weakening the financial regulatory system that led to the economic collapse, according to a letter sent to the commission today by Public Campaign and Common Cause.

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“The four CEOs who will appear before your committee this week lead companies whose staff and political action committees have donated more than $63 million to members of Congress since the 2000 election cycle. During this same period, these companies spent $109 million to lobby Congress in a concerted and largely successful effort to limit or weaken the regulatory oversight of their industry. Many economists and other observers agree that this weakly regulated regime helped lead to the economic morass in which we now find ourselves.

“We strongly urge the financial sector representatives to answer the question, ‘what role did campaign contributions play in your attempts to influence Congressional action on financial issues?'”

In December, the House passed a financial overhaul bill and the Senate is expected to take up its version later this month. The financial industry used its clout to weaken the House bill and has called an all out war to kill the Senate bill.

The full letter is available at http://www.fairelectionsnow.org/fcic-letter.

퍼블릭 캠페인은 비영리, 비당파 조직으로, 미국 정치에서 거대 특수 이익 세력의 역할을 획기적으로 줄이는 것을 목표로 하는 광범위한 선거 개혁을 목표로 합니다.