Republican Senator Bob Corker and other lawmakers rewriting financial regulations are among the top recipients of industry donations. Critics say that could affect how he votes.
Twelve of the Senate’s top recipients of donations from the finance and insurance industries sit on the Banking Committee. That’s the same committee charged with writing new financial regulations.
According to the Center for Responsive Politics, this year Corker has received almost $40,000 from finance companies – the 25th most of any senator. That’s nine rankings higher than last year. But Corker says he’s not afraid to oppose the industry.
“I have no idea how much I have received from various entities. And I know that people think that somehow or another has an affect, but it just doesn’t.”
Bill Allison of the Sunlight Foundation says secrecy is the biggest problem with campaign donations, because many lawmakers, like Corker, hold closed door fundraisers. Allison says that influences legislation.
“Members end up spending a lot of time with lobbyists and donors from these industries and hearing their concerns, but what they don’t hear are the concerns of the general public.”
Last year Senator Lamar Alexander, who was up re-election, received nearly $1 million from the financial sector. While Corker, who doesn’t have a race until 2012, banked nearly $500,000.
From reporter Matt Laslo
From The Center for Responsive Politics, banking industry donation to Tennessee’s U.S. Representatives.
Tanner, John (D-TN) $24,650
Davis, Lincoln (D-TN) $9,650
Cooper, Jim (D-TN) $9,050
Duncan, John J (Jimmy) Jr (R-TN) $7,000
Blackburn, Marsha (R-TN) $6,150
Gordon, Bart (D-TN) $2,500
Cohen, Stephen Ira (D-TN) $1,000
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