With much of Wall Street up in arms over the Dodd-Frank financial reform law passed by Democrats in 2010, you might think that securities and investment firms would shovel all their campaign donations to Republicans in next month's Senate elections.
Well, think again. Sen. Cory Booker, a New Jersey Democrat, leads the pack for those donations with $1.88 million, according to SNL Financial and OpenSecrets.org, CNBC reports. That amounts to more than 10 percent of his total donations of $17.6 million.
Senate Minority Leader Mitch McConnell, R-Ky., places second with $1.27 million, followed by Sen. John Cornyn, R-Texas, with $1.02 million; Sen. Ed Markey, D-Mass., with $927,000; and Sen. Charles Schumer, D-N.Y., with $852,000.
Perhaps Wall Street firms feel it's useful to have allies on both sides of the aisle, especially if Democrats retain control of the Senate.
When it comes to insurance firms, McConnell leads with $521,000 in donations, followed by Cornyn with $307,000. Among financial/credit firms, McConnell leads with $87,000, followed by Sen. Mark Warner, D-Va. with $81,000
Meanwhile, Sen. Mike Crapo, R-Idaho, says Congress and regulators must ease up on small banks to ensure the banks' survival.
"Crushed under an ever-increasing regulatory burden, community banks are disappearing from America's financial landscape," he writes in American Banker.
"A frank discussion about what regulatory burdens mean for financial institutions and the communities they serve is long overdue." Crapo's not up for re-election until 2016.
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