ow much is democracy worth to you?
If you're like most people, it's priceless. But for
the hedge funds and insurance companies on Wall Street, it does have a
price tag. And now, thanks to a new report by Global Exchange, we know
the number on it: approximately $4.2 billion. That's how much the
Finance, Insurance, and Real Estate (F.I.R.E.) sector has invested in
political influence through campaign contributions and lobbying since
2006. That comes to $1,331 a minute spent on political power.
The new report is called "Meet the F.I.R.E. Sector:
How Wall Street Is Burning Democracy." It was developed by Elect
Democracy, a nonpartisan effort by Global Exchange to expose and
challenge the impact of corporate money in U.S. politics. The report
contains extensive research tracking Wall Street's investment in
political power, and analyzes exactly how Wall Street has secured what
Global Exchange calls "industry-loyal voting practices" in Congress: by
shoveling stacks of campaign cash in the direction of Congressional
hopefuls from both major political parties.
That money lets these industries get what they want in
Washington. The F.I.R.E. sector contributed $879 million to members of
Congress since 2006, and took positions on 383 bills during the 112th
Congress. For instance, they supported Free Trade Agreements with Korea,
Panama, and Colombia in 2007, and backed the bailout in 2008. Bills
they opposed include the Dodd-Frank Wall Street Reform and Consumer
Protection Act of 2009, the Limited Homeowner and Investor Loss in
Foreclosure Act of 2010, and the Stop Student Loan Interest Rate Hike
Act of 2011.
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