Skip to comments.Fannie Mae and Freddie Mac Invest in Democrats
Posted on 09/24/2008 10:31:52 AM PDT by COUNTrecount
Fannie Mae and Freddie Mac Invest in Democrats Published by Lindsay Renick Mayer on July 16, 2008 5:27 PM The federal government recently announced that it will come to the rescue of Freddie Mac and Fannie Mae, two embattled mortgage buyers that for years have pursued a lobbying strategy to get lawmakers on their side. Both companies have poured money into lobbying and campaign contributions to federal candidates, parties and committees as a general tactic, but they've also directed those contributions strategically. In the 2006 election cycle, Fannie Mae was giving 53 percent of its total $1.3 million in contributions to Republicans, who controlled Congress at that time. This cycle, with Democrats in control, they've reversed course, giving the party 56 percent of their total $1.1 million in contributions. Similarly, Freddie Mac has given 53 percent of its $555,700 in contributions to Democrats this cycle, compared to the 44 percent it gave during 2006.
Fannie Mae and Freddie Mac have also strategically given more contributions to lawmakers currently sitting on committees that primarily regulate their industry. Fifteen of the 25 lawmakers who have received the most from the two companies combined since the 1990 election sit on either the House Financial Services Committee; the Senate Banking, Housing & Urban Affairs Committee; or the Senate Finance Committee. The others have seats on the powerful Appropriations or Ways & Means committees, are members of the congressional leadership or have run for president. Sen.Chris Dodd (D-Conn.) chairman of the Senate banking committee, has received the most from Fannie and Freddie's PACs and employees ($133,900 since 1989). Rep. Paul Kanjorski (D-Pa.) has received $65,500. Kanjorski chairs the House Financial Services Subcommittee on Capital Markets, Insurance and Government-Sponsored Enterprises, and Freddie Mac and Fannie Mae are government-sponsored enterprises, or GSEs.
Top Recipients of Fannie Mae and Freddie Mac Campaign Contributions, 1989-2008
Name Office Party/State Total 1. Dodd, Christopher J S D-CT $133,900
2. Kerry, John S D-MA $111,000
3. Obama, Barack S D-IL $105,849
4. Clinton, Hillary S D-NY $75,550
5. Kanjorski, Paul E H D-PA $65,500
6. Bennett, Robert F S R-UT $61,499
7. Johnson, Tim S D-SD $61,000
8. Conrad, Kent S D-ND $58,991
9. Davis, Tom H R-VA $55,499
10. Bond, Christopher S 'Kit' S R-MO $55,400
11. Bachus, Spencer H R-AL $55,300
12. Shelby, Richard C S R-AL $55,000
13. Emanuel, Rahm H D-IL $51,750
14. Reed, Jack S D-RI $50,750
15. Carper, Tom S D-DE $44,389
16. Frank, Barney H D-MA $40,100
17. Maloney, Carolyn B H D-NY $38,750
18. Bean, Melissa H D-IL $37,249
19. Blunt, Roy H R-MO $36,500
20. Pryce, Deborah H R-OH $34,750
21. Miller, Gary H R-CA $33,000
22. Pelosi, Nancy H D-CA $32,750
23. Reynolds, Tom H R-NY $32,700
24. Hoyer, Steny H H D-MD $30,500
25. Hooley, Darlene H D-OR $28,750
Includes contributions from PACs and individuals. 2008 cycle totals based on data downloaded from the Federal Election Commission on June 30, 2008.
I wonder what that list would look like if it didn’t go back to 1989.
Let’s just go back a few years and see how Obama looks then.
How much did McCain average per year vs. how much Obama averaged per year in their time in the senate.
I WOULD LIKE THE BLACK CAUCUS lined up to answer questions from an “independent” council.
Congressman Dennis Moore (D KS) almost made the list. He received $19,500 from Fannie and $6,000 from Freddie. But he’s only been in congress since 1998. And, he is on the House Committee on Banking and Finance and on the subcommittee that have oversight of GSEs.
Sallie Mae tried to make him feel better by giving another $19,500.
How do you get info back to 1989? I only get stuff back to 1998.
Thanks Jimmah and Bill
Freepers can play the same game Wall Street's playing - we give Dood $133,000 and a million for the rest of the creeps, and they give us $700 billion in return. I can see why Wall Street is in such a hurry.
Our congressmen sell out cheap. It's like a beautiful woman turning tricks for $2. Sickening.
Acorn, Obama and Soros: Traces of nuts: