GOP Rep. to Banks: We're Watching Donations
Politico reports:
When Republican Rep. Spencer Bachus of Alabama stepped in front of 100 financial services lobbyists at the Capitol Hill Club last month, he asked for an equal chunk of their campaign cash — and made clear he was watching closely.
It is hard to believe, he told the crowd, that some in their industry were still giving more to Democrats than Republicans after, he said, Democrats hammered them with over-reaching Wall Street reform legislation, people familiar with the presentation said.
Bachus told the group, for instance, that the Independent Community Bankers of America had given 68 percent of its contributions to Democrats, according to a lobbyist who was present.
Indeed, as of Aug. 31, the Independent Community Bankers of America, had given 68 percent of its $636,000 to Democrats, according to the nonpartisan Center for Responsive Politics, which tracks campaign money.
Bachus, who is in line to become the next chairman of the Financial Services Committee should Republicans take control of the House, made an example out of the community bankers that September morning — and it appears to have worked.
ICBA Executive Vice President Steve Verdier said in an interview that his group has started giving more heavily to Republicans and will end up giving 55 percent of its money to Democrats, down from the nearly 70 percent mark.
The change comes late in the election season. Much of Wall Street shifted its allegiances over the past few months — moving money away from Democrats toward Republicans — as significant Republican electoral gains became more likely.
In fact, commercial banks, credit and other financial companies are giving more than half their cash to Republicans, while credit unions are split 58 percent to 41 percent in favor of Democrats, according to CRP. A 60-40 split is more typical of the advantage traditionally enjoyed by the majority party.
