REPRESENTATIVE SPENCER BACHUS (R-AL)Chairman, House Committee on Financial Services
Joined committee: 1997
Assumed leadership: 2007Elected to Congress: 1992Formed PAC: 2003Rep. Bachus served as ranking member of the committee from 2007 to 2010. DuringRep. Bachus’ first term in a leadership position, contributions from financial services industriesincreased, even as his total contributions decreased. During his terms as a committee leader,Rep. Bachus has voted favorably with the industries a majority of the time. Over the past sevenelection cycles, as his seniority on the committee rose, contributions from the financial servicesindustries to Rep. Bachus increased at a rate far outpacing his total contributions.Campaign Contributions from the Financial Services Sector
1998 Election Cycle 2010 Election Cycle % ChangeIndustry Contributions
$192,685 $1,387,900 620%
$648,464 $2,162,852 234%
During the 2008 election cycle – the first election cycle after Rep. Bachus assumed aleadership position on the committee – contributions from financial services industriesincreased by 7% over the previous cycle, from $1,453,148 to $1,556,025. Totalcontributions decreased by 11% during the same time period, from $2,652,093 to $2,349,786.
During the 2010 election cycle, financial services industries accounted for 64% of the$2,162,852 in total contributions received by Rep. Bachus’ campaign committee and PAC.
During the 1998 election cycle, financial services industries accounted for 30% of the$648,464 in total contributions received by Rep. Bachus’ campaign committee.Campaign Contribution highlights from industries regulated by the Committee
The ‘Securities & Investment’ industry donated more than 26 times more money to Rep.Bachus during the 2010 election cycle than during the 1998 election cycle, increasing itscontributions from $10,500 to $278,600.
CREW reviewed the online editions of the Congressional Directory from the U.S. Government Printing Officesavailable from the 105th Congress (1997-1998) through the 111th Congress (2009-2010). Therefore, the Congressmember has been a member of the committee since at least 1997 and possibly earlier.
This section highlights committee industries that significantly increased their donations to the committee leaderbetween the 1998 and 2010 election cycles.