For 11 House Freshmen, Financial Services Membership Means Big Bucks

Eleven new House members sit on the Financial Services Committee. All 11 voted last month for a bill that would “blow a hole” in the derivatives reforms adopted after the 2008 crisis, as CFTC Chairman Gary Gensler put it.

Here’s another interesting fact about those 11 freshmen: according to Politico’s latest analysis of Federal Election Commission data, they raised an average of $322,012 in campaign contributions during the second quarter of 2013 — “$100,000 more than the $221,633 average hauled in by all House freshmen.”

“The strong cash hauls by the freshman committee members highlight the fundraising benefits of sitting on a panel that oversees Wall Street and other parts of the deep-pocketed financial services sector,” Politico’s M.J. Lee observes.

Claiming first and second place on the roster of House freshmen were Representatives Tom Cotton (R-Ark.), at $611,341; and Patrick Murphy (D-Fla.), at $530,963. Cotton, as Lee points out, is believed to be weighing a Senate run next year, while Murphy faces a tough reelection race. — Jim Lardner

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