Financial services lobby

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The Financial services lobby, the "FIRE lobby", includes finance, insurance (excluding health insurance), and real estate.

Financial services lobbying groups

Lobbying

Overview: The financial services industry is ranked #1 in lobbying expenditures, spending $3,718,792,264 on lobbying between 1998 and 2009, according to OpenSecrets.org.[3]

Lobbying expenditures

In the first three quarters of 2009 the sector's lobbying expenditures broke down as follows:[4]
Total for Finance, Insurance & Real Estate: $246,451,462
Total Number of Lobbyists Reported: 2,441

Insurance $90,164,227
Securities & Investment $47,354,408
Real Estate $36,831,069
Commercial Banks $27,347,713
Finance/Credit Companies $18,532,559
Misc Finance $13,525,932
Accountants $7,158,218
Credit Unions $4,937,336
Savings & Loans $600,000

The U.S. Chamber of Commerce announced on Sept. 8, 2009, an advertising campaign of at least $2 million aimed at defeating the creation of the Consumer Financial Protection Agency (CFPA). The Agency was proposed by the Obama administration to regulate more closely mortgages and credit cards. Certain practices would be banned and would require financial firms to offer loans with less complex language.[5]

Political contributions

Since 1990, the financial industry has made $2.2 billion in political contributions to lawmakers, more than any other industry tracked by the Center for Responsive Politics. Since 1998, the earliest available data, Wall Street has also been the top spender on lobbying activities, at $3.6 billion.[6]

Articles and resources

Related SourceWatch articles

References

  1. Jerry Seper, Rental Industry Hopes to Buy Influence on Hill, Washington Times, October 26, 2009.
  2. Family Trusts Lobby to Avoid New Rules, Wall Street Journal, October 21, 2009, retrieved October 22, 2009.
  3. Ranked Sectors, OpenSecrets.org, retrieved October 22, 2009.
  4. Finance, Insurance & Real Estate Sector Profile, 2009, OpenSecrets.org, retrieved October 22, 2009.
  5. Brody Mullins, Ad Campaign Targets Consumer Agency, Wall Street Journal, September 8, 2009.
  6. Elizabeth Williamson, T.W. Farnam and Brody Mullins, Finance Lobby Cut Spending as Feds Targeted Wall Street, Wall Street Journal, July 1, 2009, retrieved October 22, 2009.

External resources

External articles