Donations Made Before Key Financial Vote Prompt Ethics Investigation

June 17, 2010

The Office of Congressional Ethics recently launched an investigation calling into question the timing of campaign donations to eight key members of the House Financial Services and Ways and Means committees.

Of these eight, three held fundraisers just days before the December 11th House vote on the financial regulation reform bill:

• Rep. Mel Watts’ December 9th fundraiser generated checks largely from finance groups, including Goldman Sachs and the Investment Company Institute. The fundraiser invitation even mentioned Watts’ position on the Financial Services committee.
• Rep. Tom Price held a "Finance Services luncheon" at the Capitol Hill Club on December 10th.
• Rep. Earl Pomeroy's fundraising breakfast on December 10th was hosted by Davis & Harman, a lobby firm with financial clients.

During the 10-day period before the December 11th vote, Rep. Jeb Hensarling, raised at least $30,000 in cash from financial firms and their advocates for his leadership political action committee and campaign.

According to the Washington Post, the OCE “is focused on whether the timing of accepting the campaign checks created an unacceptable appearance of a conflict”.

Yet why are we concerned with the appearance, not the reality of the situation? The reality is that campaign contributions may have affected votes—this is a reality we cannot accept. Money does not expire—whether given 10 days or 10 months prior to a vote, its influence lingers. Let’s get rid of this economy of influence in Congress. Let’s pass the Fair Elections Now Act. Take action today! Whip up support in Congress!