Wall Street Donations To Democratic Campaigns Continue To Plummet

0 Shares

Wall Street donations to Democratic campaigns continue to plummet The White House-sponsored financial regulatory reform bill that was passed by the House last week may make it more difficult for Democratic candidates to win a seat in Congress this coming November.

Politico.com reports that many Wall Street executives who made significant financial contributions to Democratic congressional campaigns two years ago are no longer taking calls from solicitors due to their condemnation of the proposed legislation, which many financial experts believe will handicap the already weakened economy.

In fact, contributions from New York’s financial sector to Democratic campaign committees are down 65 percent from two years ago, with the majority of the decrease coming from those who give gifts of $1,000 or more, according to The Washington Post.

"I think at least in the short term there is going to be a great deal of frustration with people who were beating the hell out of us—then turning around and asking for money," a senior financial executive told Politco.com.

Representatives Carolyn Maloney (D-N.Y.) and Paul Kanjorski (D-Pa.) were both specifically mentioned as lawmakers who voted for financial regulatory reform and who are actively soliciting donations from Wall Street executives.

The proposed restrictions, which were passed by the House last week, are now being debated in the Senate. Some political pundits believe the bill may make it to President Obama’s desk for his signature by the end of July.
ADNFCR-1961-ID-19876974-ADNFCR

Personal Liberty

Special To Personal Liberty

You Sound Off! is written by our readers and appears the last Wednesday of each month. If you would like to submit an article or letter to the editor for consideration for You Sound Off!, send it to yousoundoff@personalliberty.com by the Friday before the last Wednesday of the month. To be considered, a submission should be 750 words or less and must include the writer's name, address and a telephone number. Only the writer's name will be published. Anonymous submissions will not be considered.

Join the Discussion

Comment Policy: We encourage an open discussion with a wide range of viewpoints, even extreme ones, but we will not tolerate racism, profanity or slanderous comments toward the author(s) or comment participants. Make your case passionately, but civilly. Please don't stoop to name calling. We use filters for spam protection. If your comment does not appear, it is likely because it violates the above policy or contains links or language typical of spam. We reserve the right to remove comments at our discretion.