On December 13th, the Senate passed the 2015 federal budget (H.R. 83) by a vote of 54-40, appropriating more than $1 trillion for federal agencies. The House passed the 1,600 page bill on December 11th.

One of most controversial measures included in the bill is a provision that rolls back part of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The provision, originally written by Citigroup lobbyists, allows entities insured by the Federal Deposit Insurance Corporation (FDIC) to trade complicated financial instruments known as custom swaps, a type of derivative. Under Dodd-Frank, banks were forced to "push-out" their custom swaps to subsidiaries not insured by the FDIC.  Just four banks, Bank of America, Citigroup, Goldman Sachs, and JPMorgan Chase, control more than 90 percent of the banking industry's swaps market.

Campaign Contributions to Congress: MapLight analysis of campaign contributions from the political action committees (PAC) of the top four banks, Bank of America, Citigroup, Goldman Sachs, and JP Morgan Chase to Senators and Representatives of the 113th Congress, from January 1, 2013 - November 24, 2014. Data source: FEC

  • PACs of Bank of America, Citigroup, Goldman Sachs, and JPMorgan Chase, banks representing more than 90 percent of the swaps market, gave, on average, 2.6 times more money to members of Congress who voted 'YES' ($9,576) than to those who voted 'NO' ($3,726).
  • PACs of Bank of America, Citigroup, Goldman Sachs, and JPMorgan Chase, banks representing more than 90 percent of the swaps market, gave, on average, 3.1 times more money to Democratic members of Congress who voted 'YES'
    ($10,674) than to those who voted 'NO' ($3,398).
  • PACs of Bank of America, Citigroup, Goldman Sachs, and JPMorgan Chase, banks representing more than 90 percent of the swaps market, gave, on average, 2.1 times more money to Republican members of Congress who voted 'YES' ($9,108) than to those who voted 'NO' ($4,388).

Top 10 Members of Congress Who Voted 'YES' and Received Campaign Contributions from the PACs of the Four Banks

maplight dodd frank

For more information about contributions to members of the House of Representatives voting for the measure, view our earlier post here.

Campaign Contributions to Members of the Senate: MapLight analysis of campaign contributions from the political action committees (PAC) of the top four banks, Bank of America, Citigroup, Goldman Sachs, and JP Morgan Chase to Senators of the 113th Congress, from January 1, 2013 - November 24, 2014. Data source: FEC.

  • PACs of Bank of America, Citigroup, Goldman Sachs, and JPMorgan Chase, banks representing more than 90 percent of the swaps market, gave, on average, 1.7 times more money to Senators who voted 'YES' ($6,301) than to those who voted 'NO' ($3,738).
  • PACs of Bank of America, Citigroup, Goldman Sachs, and JPMorgan Chase, banks representing more than 90 percent of the swaps market, gave, on average, 1.8 times more money to Democratic Senators who voted 'YES' ($5,302) than to those who voted 'NO' ($2,952).
  • PACs of Bank of America, Citigroup, Goldman Sachs, and JPMorgan Chase, banks representing more than 90 percent of the swaps market, gave, on average, 1.6 times more money to Republican Senators who voted 'YES' ($7,854) than to those who voted 'NO' ($4,861).

Lobbying: MapLight analysis of lobbying spending by the top four banks, Bank of America, Citigroup, Goldman Sachs, and JP Morgan Chase, during the 113th Congress.

  • Since January 1, 2013, the top four banks have spent a combined $30.7 million lobbying Congress and federal agencies.
     
  • In the first three quarters of 2014, the four banks spent $13.1 million on lobbying.
     
  • In 2013, the four banks spent $17.6 million on lobbying.

To view a company's full lobbying profile, click on the company link above or click here to access MapLight's lobbying database.

A link to this report can be found here.