WASHINGTON  The financial services industry, which has spent billions on lobbying and campaign contributions over the last decade, is scrambling to make its case for a proposed $700 billion bailout plan amid deep public skepticism.

Wall Street firms, commercial banks and insurers are lobbying on an array of issues — from beating back proposals to make it easier to reduce mortgage debts in bankruptcy courts to fighting, unsuccessfully so far, to retain control over executive pay.

"You have a feeding frenzy going on," said Ellen Miller, executive director of the Sunlight Foundation, a non-partisan watchdog group.

Camden Fine, head of the Independent Community Bankers of America, said he worked through the weekend to successfully extend the bailout plan to commercial banks. He hasn't stopped working the phones since. "If cellphones cause cancer, I'm in trouble," he said.

The financial services industry has left its mark in other ways.

An early draft of the proposal had restricted the bailout to firms headquartered in the United States. Scott Talbott, the top lobbyist for the Financial Services Roundtable, said his group was among those that helped to expand that definition to firms with "a significant presence" here. The trade group's members include London-based Barclays.

The association was working to defeat a proposal to allow bankruptcy judges to reduce mortgage debts. Talbott said that would increase banks' risks and drive up mortgage costs. "It could price some people out of the (housing) market," he said.

Consumer groups say the bankruptcy measure would help reduce the number of foreclosures and ease the financial crisis. "Why is anyone listening to the people who brought us this problem?" asked Kathleen Day, a spokeswoman for the Center for Responsible Lending, which supports the bankruptcy change.

Government watchdogs and consumer groups say the political muscle of the industry helped it persuade Congress to change banking and bankruptcy laws in ways that contributed to the crisis.

Political action committees and individual employees of the financial services industry — which includes finance, insurance and real estate companies — have contributed $2 billion to federal campaigns since 1989, according to the non-partisan Center for Responsive Politics (CRP).

The industry, for example, has contributed nearly a third of all the campaign money that has flowed to the chairmen of the House and Senate committees overseeing the bailout, according to the Sunlight Foundation, which analyzed CRP's campaign finance data.

"What is most troubling about this historic episode is that the problems were identified years ago," Common Cause, a watchdog group, said in a report on the influence of the industry's campaign contributions and lobbying. "Yet, thanks in part to the political power of the financial institutions … the government refused to step in."

The report cited a 2005 amendment defeated in the Senate, 40-58, that would have curbed predatory lending. No Republicans supported it, Senate records show, and four Democrats voted against it, including Joe Biden, the Democratic vice presidential nominee. His running mate, Barack Obama, voted for it. Republican nominee John McCain voted against it.

In an interview, Sen. Dick Durbin, D-Ill., who sponsored the amendment, noted that opponents warned that the measure would have driven Fannie Mae and Freddie Mac out of the business of subprime lending, which "could have averted this crisis."

Durbin said the bill didn't pass because "there was a lot of money being made — and the people who were making money in this subprime mortgage mess, many of them were major contributors. That, unfortunately, is a major factor in the decision-making process in Washington."

But the financial meltdown has dented the industry's credibility in Congress, says John O'Neill, a lobbyist for the law firm Venable and former staffer for the Senate Finance Committee. That may explain its failure Wednesday to stop Congress from imposing limits on the salaries of executives whose firms seek assistance from the government.

"They're going to be viewed, parts of the financial industry, as a little bit radioactive by some folks up there," O'Neill says.

The Price of Power is an ongoing series tracking the role of money in politics

DONATIONS TO SENATE COMMITTEE MEMBERS

Member Party State Chair, subcommittee chair or ranking member Total contributions Financial services contributions Percent finance contributions of total Dodd, Chris, chairman D Conn. Yes $43,344,186 $13,163,356 30% Shelby, Richard C., ranking member R Ala. Yes $20,741,533 $4,240,502 20% Johnson, Tim D S.C. Yes $16,364,546 $2,782,143 17% Hagel, Chuck R Neb. Yes $8,408,360 $1,610,616 19% Schumer, Charles D NY Yes $46,362,049 $12,793,446 28% Crapo, Mike R Idaho Yes $7,058,045 $1,278,842 18% Bayh, Evan D Ind. Yes $23,910,036 $3,971,396 17% Martinez, Mel R Fla. Yes $16,088,801 $2,896,435 18% Reed, Jack D R.I. Yes $13,147,550 $2,686,232 20% Allard, Wayne R Colo. Yes $9,103,388 $1,447,500 16% Carper, Tom D Del. Yes $8,306,428 $2,097,718 25% Bunning, Jim R Ky. Yes $17,402,562 $2,417,585 14% Menendez, Robert D N.J. No $26,087,972 $3,820,822 15% Akaka, Daniel D Hawaii No $6,428,013 $549,095 9% Brown, Sherrod D Ohio No $17,364,119 $1,432,581 8% Bennett, Robert F. R Utah No $10,546,194 $1,864,292 18% Enzi, Mike R Wyo. No $4,303,148 $943,894 22% Dole, Elizabeth R N.C. No $30,528,042 $3,285,529 11% Corker, Bob R Tenn. No $21,122,955 $2,422,829 11%

Note: The original version of the Senate table did not include Sens. Bob Casey of Pennsylvania and Jon Tester of Montana. Their information is appended here.

Bob Casey D Pa. No $18,314,993 $1,187,986 6.5% Jon Tester D Mont. No $5,838,208 $439,361 7.5%

DONATIONS TO HOUSE COMMITTEE MEMBERS

Member Party State Chair, subcommittee chair or ranking member Total contributions Financial services contributions Percent finance contributions of total Frank, Barney, chairman D Mass. Yes $7,800,282 $2,430,361 31% Bachus, Spencer, ranking member R Ala. Yes $8,478,461 $3,579,199 42% Kanjorksi, Paul D Pa. Yes $6,526,370 $2,718,472 42% Pryce, Deborah R Ohio Yes $9,644,584 $2,805,109 29% Maloney, Carolyn D N.Y. Yes $8,206,424 $2,390,461 29% Biggert, Judy R Ill. Yes $4,812,163 $1,300,677 27% Waters, Maxine D Calif. Yes $3,687,508 $359,445 10% Capito, Shelley Moore R W.Va. Yes $9,471,708 $1,442,572 15% Gutierrez, Luis V. D Ill. Yes $3,629,409 $661,907 18% Paul, Ron R Texas Yes $50,054,595 $1,659,559 3% Watt, Melvin D N.C. Yes $3,784,876 $780,278 21% Miller, Gary G. R Calif. Yes $3,364,982 $690,788 21% Velazquez, Nydia M. D N.Y. No $5,400,152 $1,165,525 22% Ackerman, Gary L. D N.Y. No $9,395,930 $1,504,140 16% Sherman, Brad D Calif. No $7,839,873 $1,462,636 19% Meeks, Gregory W. D N.Y. No $3,657,984 $1,015,432 28% Moore, Dennis D Kan. No $10,545,735 $1,934,779 18% Capuano, Michael E. D Mass. No $4,402,712 $813,176 18% Hinojosa, Ruben D Texas No $4,100,872 $735,536 18% Clay, William Lacy D Mo. No $2,393,701 $290,100 12% McCarthy, Carolyn D N.Y. No $10,052,787 $908,045 9% Baca, Joe D Calif. No $4,124,421 $460,832 11% Lynch, Stephen F. D Mass. No $5,707,556 $765,494 13% Miller, Brad D N.C. No $4,652,256 $770,481 17% Scott, David D Ga. No $4,287,122 $911,504 21% Green, Al D Texas No $1,500,075 $183,265 12% Cleaver, Emanuel D Mo. No $2,589,538 $313,549 12% Bean, Melissa L. D Ill. No $8,913,613 $1,573,756 18% Moore, Gwen D Wis. No $2,086,326 $254,879 12% Davis, Lincoln D Tenn. No $4,366,497 $482,275 11% Hodes, Paul W. D N.H. No $1,618,766 $259,522 16% Ellison, Keith D Minn. No $1,138,378 $90,365 8% Klein, Ron D Fla. No $3,320,808 $789,238 24% Mahoney, Tim D Fla. No $2,553,626 $495,415 19% Wilson, Charles D Ohio No $609,691 $146,819 24% Perlmutter, Ed D Colo. No $1,419,818 $341,185 24% Murphy, Christopher S. D Conn. No $2,307,762 $493,332 21% Donnelly, Joe D Ind. No $1,580,631 $219,956 14% Foster, Bill D Ill. No $3,911,647 $161,936 4% Carson, Andre D Ind. No $1,306,787 $137,400 11% Speier, Jackie D Calif. No $1,290,807 $183,099 14% Cazayoux, Don D La. No $2,039,860 $112,300 6% Childers, Travis D Miss. No $1,315,736 $68,050 5% Castle, Mike R Del. No $7,591,986 $2,328,012 31% King, Peter R N.Y. No $6,709,578 $1,271,665 19% Royce, Edward R. R Calif. No $8,114,893 $2,353,853 29% Lucas, Frank D. R Okla. No $4,267,888 $859,878 20% LaTourette, Steven C. R Ohio No $8,637,211 $1,196,373 14% Manzullo, Donald A. R Ill. No $7,495,724 $1,304,319 17% Jones, Walter B. R N.C. No $6,452,439 $961,533 15% Shays, Christopher R Conn. No $12,760,606 $2,876,206 23% Feeney, Tom R Fla. No $5,705,257 $1,260,480 22% Hensarling, Jeb R Texas No $6,284,449 $1,950,421 31% Garrett, Scott R N.J. No $5,224,439 $996,899 19% Brown-Waite, Ginny R Fla. No $3,197,019 $649,129 20% Barrett, J. Gresham R S.C. No $3,553,083 $691,667 19% Gerlach, Jim R Pa. No $9,203,665 $1,453,549 16% Pearce, Steve R N.M. No $7,996,707 $685,047 9% Neugebauer, Randy R Texas No $5,515,655 $1,151,274 21% Price, Tom R Ga. No $5,628,466 $796,743 14% Davis, Geoff R Ky. No $9,372,768 $1,547,657 17% McHenry, Patrick T. R N.C. No $3,581,370 $786,000 22% Campbell, John R Calif. No $2,993,097 $745,635 25% Putnam, Adam R Fla. No $4,985,933 $730,298 15% Bachmann, Michele R Minn. No $2,176,100 $363,705 17% Roskam, Peter J. R Ill. No $1,806,944 $431,766 24% Marchant, Kenny R Texas No $1,921,414 $449,813 23% McCotter, Thaddeus R Minn. No $3,778,990 $576,404 15% McCarthy, Kevin R Calif. No $736,447 $173,112 24% Heller, Dean R Nev. No $1,242,583 $190,252 15%