Tea Party freshmen in Congress are cozying up with the very same big banks they railed against to win their elections in 2010. Despite running on platforms against the bank bailout – ten freshman Republicans on the House Financial Services Committee are now happily accepting campaign donations from those very same bailed out banks.
Looking at campaign finance disclosure records, these lawmakers have taken nearly $170,000 from PACs connected to big banks like JP Morgan Chase, Bank of America, and Goldman Sachs. And those investments look to be worthwhile as Republicans on the Committee work to defund key Wall Street reforms and block the Volcker Rule, which will prevent banks from gambling with your money.
As the Republican Chairman of the House Financial Services Committee – Spencer Bachus – said, “the regulators are there to serve the banks.”