From the press release:
During the current election cycle, Wall Street banks and financial interests have, so far, spent more than $800 million to influence decision-making in Washington, according to a new report released today by Americans for Financial Reform.
big-money-300x271That total, combining campaign contributions and lobbying expenditures, works out to about $1.5 million a day. The study’s findings show that the financial industry is on track to exceed its rate of spending in the 2010 election cycle, when the industry was working to stop or weaken the Dodd-Frank Wall Street Reform and Consumer Protection Act as it was making its way through Congress. The industry’s continued high level of spending reflects the ongoing battle to reshape the financial system, and the industry’s persistent efforts to repeal or win exemptions from parts of the law, to weaken implementing regulations, and to forestall further proposals for change.
“Wall Street Money in Washington,” a 40-page examination of various forms of political spending, draws on data compiled by the Center for Responsive Politics (CRP), including data produced specifically for AFR in order to provide a more precise look at financial industry spending than has been possible in the past. The special data is based on the standard FIRE (Finance, Insurance and Real Estate) category but removes amounts otherwise included in this category spent by health insurers.