Upon the retirement of Barney Frank, leader of the House Financial Services Committee, House democrats will compete for the throne he has occupied since 2003.
This article, featured on Open Secrets Blog, spotlights the contenders, as well as some information about Frank:
Since 1989, Frank has raised more than $13 million for his campaigns, according to research by the Center for Responsive Politics. About $1 of every $3 he has raised as come from interests within the finance, insurance and real estate sector, according to the Center’s research, or a total of $4.3 million since 1989. Frank is also known for vocally pushing the passage of new regulations and financial reforms, including the Wall Street Reform and Consumer Protection Act of 2009, which he sponsored with Chris Dodd (D-Conn.).
“Many of the other top Democrats on the House Financial Services Committee likewise exhibit intimate ties with the industries with interests before them,” the article reads.
So who would be in the running for the spot? Here are some stats, based on the article, on each of the five top ranking democrats, based on seniority:
Rep. Maxine Waters (D-Calif.) — raised about $4.8 million. Of that sum, about 10%, or $496,300, has come from finance sector interests. That’s enough to rank the sector as her No. 2 backer. Only labor interests have donated more to Waters — at about $819,850.
Rep. Carolyn Maloney (D-N.Y.) — raised about $12.3 million. According to the Center’s research, about 30 cents of every dollar Maloney has raised has come from the finance, insurance and real estate sector — a total of $3.7 million and counting. That’s enough to rank the sector as her No. 1 financial supporter. Labor interests rank as the sector that has given Maloney the second highest sum over her career. According to the Center’s research, labor unions have contributed $1.3 million to Maloney’s campaigns — or about 11% of her total war chest.
Rep. Luis Gutierrez (D-Ill.) — raised about $4.3 million over his career, according to the Center’s research. The finance, insurance and real estate sector ranks as his No. 2 backer, just a few percentage points behind labor unions. Financial sector interests account for about 20% of the money Gutierrez has raised over the years — or about $867,600, according to the Center’s research. Meanwhile, labor interests account for about 23% of the money Gutierrez has collected during the same period — about $966,000.
Rep. Nydia Velazquez (D-N.Y.) — raised about $6.6 million, with finance, insurance and real estate interests ranking as her No. 1 backer. These groups have contributed about $1.6 million to Velazquez, according to the Center’s research — about 24% of all the money she’s raised.
Rep. Mel Watt (D-N.C.) — raised about $4.8 million, with the finance, insurance and real estate sector ranking as his No. 1 donor. These interests have donated about $1.1 million to Watt, according to the Center’s research. That’s about 23% of all the money he’s raised.
