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Rep. Hensarling sides with Wall Street after receiving more than $1 million
in campaign cash from the industry.

source link By Adam Smith
Created Jan 15 2010 - 11:58am
Press release from Common Cause and Public Campaign

Washington, D.C.-Rep. Jeb Hensarling (R-Texas) sided with Wall Street yesterday in announcing his opposition to new fees for investment firms announced by the Obama administration. Rep. Hensarling's opposition is in lockstep with the $1 million he's received in campaign contributions from the financial industry during his career in Congress.

Rep. Hensarling has received $1,031,891 from commercial banks, securities and investment firms, and finance and credit companies during his six years in Congress, according to data from the nonpartisan Center for Responsive Politics. The new fees announced yesterday on big Wall Street banks would help to recoup part of the financial bailout money. Rep. Hensarling also voted against the financial reform package that passed the House late last year.

"Buoyed by a weakened regulatory regime, Wall Street executives ran roughshod over our financial system, wrecking our economy," said Nick Nyhart, president and CEO of Public Campaign. "That Rep. Hensarling would repeatedly stand up for these big banks while receiving hundreds of thousands in campaign cash from them is deeply troubling."

"Rep. Hensarling's opposition to financial reform, tied to a perception of influence from campaign contributors is the perfect example of why our current campaign financing system is broken," said Bob Edgar, president and CEO of Common Cause. "We need to dramatically change the way campaigns are financed by passing the Fair Elections Now Act."

The Fair Elections Now Act (S. 752, H.R. 1826) would end Congress' reliance on big money donors by creating a voluntary system that would give candidates limited public funds combined with a four to one match on small donations. Sponsored by Sen. Dick Durbin (D-Ill.) and Rep. John Larson (D-Conn.), the legislation would sever the ties between special interests and elected officials. The House bill has the broad bipartisan and cross caucus support of 125 members.
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Common Cause [1] is a nonpartisan, grassroots organization dedicated to restoring the core values of American democracy, reinventing an open, honest, and accountable government that works for the public interest, and empowering ordinary people to make their voices heard.

Public Campaign is a non-profit, non-partisan organization dedicated to sweeping campaign reform that aims to dramatically reduce the role of big special interest money in American politics. 

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