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.