Democrats Outpace Republicans In Race For Lobbyist Cash
by Personal Liberty News
The national political parties took more money from lobbyists in the first half of 2011 than in any other six-month period in recorded history, with the Democrats outpacing their GOP rivals, The Washington Times reported.
According to the newspaper, this outpacing has occurred despite President Barack Obama’s vilification of special-interest giving. Congressional records show that the Republicans’ fundraising groups have received $1 million from lobbyists compared with the $1.3 million taken by the Democrats.
“It’s hypocritical,” Howard Marlowe, president of the American League of Lobbyists, told the Times. “He’s found someone who’s got a couple percentage points lower [approval] than Congress and he’s going to pound away. … Meanwhile, all these folks absolutely love money from whatever source, as long as it’s legal.”
Lobbyists from all areas of business have continued to donate to Federal organizations. According to The Associated Press, the Financial Industry Regulatory Authority (FINRA), the securities industry’s self-policing organization, spent $280,000 in the third quarter to lobby on regulations in the industry.
The news outlet reported that FINRA directed this money to lobby Congress and the Securities and Exchange Commission, who have been writing rules to put into effect the 2010 revamp of financial laws.
