House Members Voting 'Yes' on Bailout Received 54% More Money from Banks and Securities Firms than Members Voting 'No'
(Sept. 29, 2008) The $700 billion bailout for Wall Street (H.R. 3997) was
defeated 228 to 205, with one not voting, in the House of Representatives today.
A report released this evening says that House members who voted in favor of the
bailout received 54% more money from banks and securities firms than did members
who voted no.
Over the past five years, banks and securities firms gave an average of $231,877 in campaign contributions to each U.S. Representative voting in favor of the bailout, compared with an average of $150,982 to each Representative voting against the bailout, according to MapLight.com, a non-profit, non-partisan organization that "illuminates the connection between campaign donations and legislative votes."
Southern Maryland's U.S. Representative, Steny Hoyer (D) voted in favor of the bailout proposal today.
According to Maplight's database, Hoyer received $429,899 in contributions from financial organizations between Jan. 2005 and Aug. 2008. This was one of the largest amounts received by any House member for the same period.
The breakdown for contributions received by Hoyer is:
Security brokers & investment companies, $191,849;
Commercial banks & bank holding companies, $170,050;
Credit agencies & finance companies, $64,000; and
Chambers of commerce, $4,000
House Democrats split their votes on this bill, 140 voting Yes and 95 voting No. Democrats voting Yes received an average of $212,700 each, about twice as much as those voting No, $107,993.
House Republicans also split their votes on this bill, 65 voting Yes and 133 voting No (and 1 not voting). Republicans voting Yes received an average of $273,181 each, 50% more than those voting No, $181,688.
MapLight.org says their analysis is based upon contribution data provided by the Center for Responsive Politics (OpenSecrets.org).
MapLight.org Report on H.R.3997 - Emergency Economic Stabilization Act of 2008