Dem Committees Losing Big Wall Street Donors

Tuesday, 06 Jul 2010 11:19 AM

 

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Contributions from Wall Street to Democrats' congressional campaign committees are down 65 percent from two years ago, according to a report by the Washington Post.

What's more, almost half of the decline in overall large-dollar fundraising can be attributed to New York, according to a Washington Post analysis of records filed with the Federal Election Commission.

Donors from NY have coughed up just $8.7 million this year compared with $23.9 million at this point in 2008 -- with most of those contributions coming from big contributors in the financial sector.

The Post reports that the phenomenon is the product of bankers, hedge fund executives and financial services chief executives, who are still fuming about the financial regulatory reform bill that House Democrats passed last week.

That landmark bill was passed with almost no Republican support.

With diminished treasure chests to defend their House and Senate majorities in November's midterm elections,  party leaders are concerned about the loss of big-dollar donors.

The two congressional committees have raised $49.5 million this election cycle from people giving $1,000 or more at a time -- compared with $81.3 million at this point in the last election.

To read the full Washington Post story Go Here Now.

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