Senators who voted against the sweeping financial regulatory reform bill Thursday have received about 16 percent more money from the finance, insurance and real estate sector over their careers than senators who supported the measure, according to a Center for Responsive Politics analysis.

Four Republican senators joined with nearly all of the Senate’s Democratic caucus to support the Restoring American Financial Stability Act, sponsored by Senate Banking Committee Chairman Chris Dodd (D-Conn.), which ultimately was approved on a 59-39 vote. These Republicans were Sens. Scott Brown (R-Mass.), Olympia Snowe (R-Maine), Susan Collins (R-Maine) and Chuck Grassley (R-Iowa).

Democratic Sens. Russ Feingold (D-Wis.) and Maria Cantwell (D-Wash.) both voted against the bill, arguing the bill wasn’t strong enough to prevent another financial meltdown, and Sens. Arlen Specter (D-Pa.) and Robert Byrd (D-W.Va.) were absent and did not vote.

By the Center’s count, Wall Street interests have contributed an average of about $3.6 million to the leadership PACs and campaign committees of senators who opposed the bill since 1989. These same interests have contributed about $3.1 million since 1989 to the leadership PACs and campaign committees of senators who voted in favor of the legislation.

Within the finance, insurance and real estate sector, people and political action committees affiliated with commercial banks, finance and credit interests and the insurance industry have routinely favored senators who opposed this bill over the years.

The PACs and employees of commercial banks gave an average of 65 percent more money to senators who opposed this bill over the years than to senators who favored this legislation — about $445,700 to $269,800.

The PACs and employees associated with the insurance industry donate an average of 26 percent more money to senators who voted against the legislation since 1989 than to supports who supported it — about $559,400 to $444,700.

The PACs and employees of finance and credit companies contributed an average of 23 percent more money to senators who opposed the measure since 1989 than to senators who backed the bill — about $105,000 to $85,700.

The PACs and employees of the securities and investment industry, meanwhile, have given an average of 16 percent more to senators who backed the legislation than to senators who opposed it since 1989 — about $1.02 million to $878,000.

FIRE Total Commercial

Banks Finance &

Credit Securities &

Investments Insurance All Senate Total $329,325,086 $33,968,796 $9,447,247 $96,521,556 $49,198,231 All Senate Average $3,293,251 $339,688 $94,472 $965,216 $491,982 No Vote Total $139,975,691 $17,381,000 $4,096,900 $34,242,421 $21,817,360 No Vote Average $3,589,120 $445,667 $105,049 $878,011 $559,419 Yes Vote Total $182,276,442 $15,917,772 $5,055,313 $60,275,151 $26,238,886 Yes Vote Average $3,089,431 $269,793 $85,683 $1,021,613 $444,727 % Difference +16% NO +65% NO +23% NO +16% YES +26% NO

During the first three months of 2010, many of these interests have been active givers.

Some of the top beneficiaries of their first-quarter cash have been both of New York’s Democratic senators, Chuck Schumer and Kirsten Gillibrand, as well as Sen. Richard Shelby (R-Ala.), the ranking Republican on the Banking Committee and Sen. Scott Brown (R-Mass.), who won an upset victory in a special election in January.

Senators in highly competitive reelection races have also benefited from these groups’ largess, including Sens. Harry Reid (D-Nev.), John McCain (R-Ariz.) Robert Bennett (R-Utah), Chuck Grassley (R-Iowa), Richard Burr (R-N.C.), Michael Bennet (D-Colo.), Arlen Specter (D-Pa.) and Blanche Lincoln (D-Ark.), who as the chair of the Senate Agriculture Committee will also participate in the conference committee to development the final version of this legislation.

Here is a list of the top Senate recipients of contributions during the first quarter from the finance, insurance and real estate sector, including contributions to their leadership PACs and campaign committees, as well as how they voted on the Restoring American Financial Stability Act.

Member Party Vote FIRE $ in Q1 ’10 Sen. Scott Brown (R-Mass.) R Y $895,913 Sen. Charles Schumer (D-N.Y.) D Y $810,778 Sen. Richard Shelby (R-Ala.) R N $440,700 Sen. Kirsten Gillibrand (D-N.Y.) D Y $341,706 Sen. Harry Reid (D-Nev.) D Y $285,450 Sen. Johnny Isakson (R-Ga.) R N $243,550 Sen. John McCain (R-Ariz.) R N $226,100 Sen. Robert Bennett (R-Utah) R N $218,450 Sen. Richard Burr (R-N.C.) R N $192,435 Sen. Blanche Lincoln (D-Ark.) D Y $190,150 Sen. Michael Bennet (D-Colo.) D Y $189,621 Sen. John Thune (R-S.D.) R N $130,960 Sen. Arlen Specter (D-Pa.) D A $114,616 Sen. Ron Wyden (D-Ore.) D Y $114,050 Sen. David Vitter (R-La.) R N $113,100 Sen. Barbara Boxer (D-Calif.) D Y $109,860

Here is a list of the top Senate recipients of contributions during the first quarter from commercial banks, including contributions to their leadership PACs and campaign committees, as well as how they voted on the Restoring American Financial Stability Act.

Member Party Vote Bank $ in Q1 ’10 Sen. Richard Shelby (R-Ala.) R N $104,900 Sen. Kirsten Gillibrand (D-N.Y.) D Y $84,056 Sen. Blanche Lincoln (D-Ark.) D Y $63,950 Sen. Scott Brown (R-Mass.) R Y $43,200 Sen. Johnny Isakson (R-Ga.) R N $35,350 Sen. Charles Schumer (D-N.Y.) D Y $32,728 Sen. Richard Burr (R-N.C.) R N $28,700 Sen. David Vitter (R-La.) R N $28,300 Sen. Robert Bennett (R-Utah) R N $24,700 Sen. Chuck Grassley (R-Iowa) R Y $17,250

Here is a list of the top Senate recipients of contributions during the first quarter from the securities and investment industry, including contributions to their leadership PACs and campaign committees, as well as how they voted on the Restoring American Financial Stability Act.

Member Party Vote Securities $ in Q1 ’10 Sen. Charles Schumer (D-N.Y.) D Y $475,600 Sen. Scott Brown (R-Mass.) R Y $350,131 Sen. Harry Reid (D-Nev.) D Y $140,800 Sen. Kirsten Gillibrand (D-N.Y.) D Y $104,000 Sen. Richard Shelby (R-Ala.) R N $91,600 Sen. John McCain (R-Ariz.) R N $64,425 Sen. Michael Bennet (D-Colo.) D Y $63,550 Sen. Blanche Lincoln (D-Ark.) D Y $63,000 Sen. Robert Bennett (R-Utah) R N $47,300 Sen. Arlen Specter (D-Pa.) D A $45,816 Sen. John Thune (R-S.D.) R N $45,000

Here is a list of the top Senate recipients of contributions during the first quarter from the insurance industry, including contributions to their leadership PACs and campaign committees, as well as how they voted on the Restoring American Financial Stability Act.

Member Party Vote Insurance $ in Q1 ’10 Sen. Richard Shelby (R-Ala.) R N $97,000 Sen. Scott Brown (R-Mass.) R Y $77,650 Sen. Charles Schumer (D-N.Y.) D Y $68,650 Sen. Johnny Isakson (R-Ga.) R N $51,550 Sen. Richard Burr (R-N.C.) R N $50,500 Sen. Max Baucus (D-Mont.) D Y $44,450 Sen. Robert Bennett (R-Utah) R N $36,500 Sen. John McCain (R-Ariz.) R N $33,900 Sen. Chuck Grassley (R-Iowa) R Y $32,150 Sen. Kirsten Gillibrand (D-N.Y.) D Y $30,350

Dodd’s bill is designed to add new regulations and oversight to Wall Street and investment practices. It would establish a new independent consumer protection agency within the Federal Reserve. It would also provide shareholders with a say on executive compensation, create new processes to dismantle large financial institutions to end the concept of “too big to fail” and add new oversight to the trading of derivatives, hedge funds and payday lending.

The House passed a similar version of legislation in December on a 223-202 vote. A conference committee will next convene to hash out the differences between the two bills, and both chambers would then need to vote on that legislation before President Barack Obama could sign it into law.

Center for Responsive Politics Senior Researcher Doug Weber contributed to this report.



For permission to reprint for commercial uses, such as textbooks, contact the Center: Feel free to distribute or cite this material, but please credit the Center for Responsive Politics.For permission to reprint for commercial uses, such as textbooks, contact the Center: [email protected]

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