New Jersey lawmakers among largest beneficiaries of Wall Street cash

Three New Jersey lawmakers were among the nation’s highest recipients of campaign donations from members of the financial services industry, according to federal campaign figures compiled in the wake of the passage of the STOCK Act prohibiting members of Congress from insider trading.

Democratic Sen. Bob Menendez, a co-sponsor of the act, which passed in the Senate last week and in the House earlier today, was 18th among all senators, receiving a total of $702,258 between 2005 and last year.  Sen. Frank Lautenberg, another co-sponsor of the bill, was 25th among all senators with a total haul of $538,533 from members of the securities and investment industry.

On the House side, House Financial Services Committee member Scott Garrett, a Republican, had the 7th highest total among all 438 House Members, bringing in $294,710 between 2009 and 2011.

The data was compiled by MapLight, which bills itself as a non-partisan research organization following the influence of money in politics.

In a release, MapLight took the House to task for failing to include an amendment in its version of the STOCK Act that omitted disclosure requirements for members of so-called “political intelligence” firms that gather information on potential legislation to sell to hedge funds and others who might benefit from the early knowledge.

With New Jersey home to the second largest number of financial services employees, it’s no surprise lawmakers from the state do well.  

Scott Garrett                 Republican    $294,710
Rush Holt                      Democrat      $109,627
Leonard Lance              Republican    $58,450
Rodney Frelinghuysen  Republican    $52,400
Frank Pallone                Democrat      $29,750
William Pascrell             Democrat      $27,700
Steven Rothman           Democrat      $26,165
Robert Andrews            Democrat      $22,966
Jon Runyan                   Republican    $21,250
Frank LoBiondo             Republican    $6,800
Albio Sires                     Democrat      $5,500
Donald Payne                Democrat      $3,750

 

 

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