The chart above shows, by industry sector, Peter Roskam’s individual and political action committee (PAC) receipts as reported to the Federal Election Commission (FEC) through December 6th, 2009 for the 2010 election cycle. The source of the data is OpenSecrets.org. On their site you can see more detailed information about who is donating what to Roskam’s campaign.
As the chart shows, Roskam has received a total of $143,000 in campaign contributions thus far this cycle from the finance sector. His receipts from this sector dwarf those from any other industry.
Roskam paid the industry back the other day by voting against against a major regulatory overhaul designed to protect consumers from unfair practices by financial institutions and to prevent another economic meltdown like the one from which we are now just beginning to recover. The commercial banks and credit card companies who donated heavily to Roskam and other Republicans in the House were strongly opposed to reform.
The bill Roskam voted against is H.R. 4173, Wall Street Reform and Consumer Protection Act of 2009. The provisions of the bill, according to the House Financial Services Committee include:
Increase Consumer Protections: Creates the Consumer Financial Protection Agency (CFPA), a new, independent federal agency solely devoted to protecting Americans from unfair and abusive financial products and services. Create a Financial Stability Council: Creates a council of regulators that will identify financial firms that are so large, interconnected, or risky that their collapse would put the entire financial system at risk. These systemically risky firms will be subject to increased oversight, standards, and regulation. End Taxpayer Bailouts and “Too Big to Fail”: Establishes an orderly process for shutting down large, failing financial institutions like AIG or Lehman Brothers in a way that ends bailouts, protects taxpayers, and prevents contagion to the rest of the financial system. Rein in Executive Compensation: Gives shareholders a “say on pay” – an advisory vote on pay practices including executive compensation and golden parachutes. It also enables regulators to ban inappropriate or imprudently risky compensation practices, and it requires financial firms to disclose incentive-based compensation structures. Safeguard Investors: Strengthens the SEC’s powers so that it can better protect investors and regulate the nation’s securities markets. It responds to the failures to detect the Madoff and Stanford Financial frauds by ordering a study of the entire securities industry that will identify needed reforms and force the SEC and other entities to further improve investor protection. Regulate Derivatives: Regulates, for the first time ever, the opaque $600 trillion over-the-counter (OTC) derivatives marketplace. Under the bill, all standardized swap transactions between dealers and “major swap participants” would have to be cleared and traded on an exchange or electronic platform. The bill defines a major swap participant as anyone that maintains a substantial net position in swaps, exclusive of hedging for commercial risk, or whose positions create such significant exposure to others that it requires monitoring. Outlaw Predatory Mortgage Lending Practices: Would incorporate the tough mortgage reform and anti-predatory lending bill the House passed earlier this year. The legislation outlaws many of the egregious industry practices that marked the subprime lending boom, and it would ensure that mortgage lenders make loans that benefit the consumer. It would establish a simple standard for all home loans: institutions must ensure that borrowers can repay the loans they are sold. Require the Registration of Hedge Funds: Closes a regulatory hole that allows hedge funds and their advisors to escape any and all regulation. This bill requires almost all advisers to private pools of capital to register with the SEC, and they will be subject to systemic risk regulation by the Financial Stability regulator.
The measure passed in the House by a vote of 223-202, with every single Republican in the House voting against it. It is now up to the Senate to pass their own version of this legislation. According to analysis by the Center for Reponsive Politics, “members of the House who voted against the measure collected 70 percent more from commercial banks since 1989, on average, than those supported it. And they raised an average of 50 percent more from credit and finance companies than the bill’s supporters”.
This is not the first time that Roskam has sided with the big banks and lenders. Just a few weeks back, Roskam voted against another major reform bill designed to protect consumers from the worst abuses of the credit card companies: H.R. 3639 – Expedited CARD Reform for Consumers Act of 2009. It is clear that if we want our Congress to do our bidding and not that of Wall Street, then we need to stop electing Congresssmen like Roskam who are in the bankers pockets.






