PAC Contributions from Sectors of the Financial Services Industry, 1998–2002
This paper explores the relationship between House committee membership and campaign contributions from financial services industry political action committees (PACs) over the 1998–2002 election periods. Three significant pieces of banking legislation were passed during this time. Because members of the financial services industry were affected greatly by this legislation, it seems logical that PACs might attempt to influence the legislative process through the distribution of campaign contributions. We examine the relationship between PAC contributions to individual legislators for the 1998–2002 election cycle and membership on the House banking committee using a sample selection model. We find committee membership matters and the different financial services industry PACs give disproportionately more to representatives with the power to write legislation favorable to the industry. Copyright International Atlantic Economic Society 2008
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Volume (Year): 36 (2008)
Issue (Month): 4 (December)
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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Randall S. Kroszner & Thomas Stratmann, "undated".
"Interest Group Competition and the Organization of Congress: Theory and Evidence from Financial Services', Political Action Committees,"
CRSP working papers
465, Center for Research in Security Prices, Graduate School of Business, University of Chicago.
- Randall S. Kroszner & Thomas Stratmann, 1996. "Interest Group Competition and the Organization of Congress:Theory And Evidence from Financial Services Political Action Committees," University of Chicago - George G. Stigler Center for Study of Economy and State 126, Chicago - Center for Study of Economy and State.
- Randall S. Kroszner & Thomas Stratmann, 1998. "Interest Group Competition and the Organization of Congress: Theory and Evidence from Financial Services' Political Action Committees," CRSP working papers 349, Center for Research in Security Prices, Graduate School of Business, University of Chicago.
- Grier, Kevin B & Munger, Michael C, 1991. "Committee Assignments, Constituent Preferences, and Campaign Contributions," Economic Inquiry, Western Economic Association International, vol. 29(1), pages 24-43, January.
- Bennett, Randall W & Loucks, Christine, 1994. "Savings and Loan and Finance Industry PAC Contributions to Incumbent Members of the House Banking Committee," Public Choice, Springer, vol. 79(1-2), pages 83-104, April.
- Grier, Kevin B & Munger, Michael C & Torrent, Gary M, 1990. "Allocation Patterns of PAC Monies: The U.S. Senate," Public Choice, Springer, vol. 67(2), pages 111-128, November.
- Stratmann, Thomas, 2002. "Can Special Interests Buy Congressional Votes? Evidence from Financial Services Legislation," Journal of Law and Economics, University of Chicago Press, vol. 45(2), pages 345-373, October.
- Kroszner, Randall S & Stratmann, Thomas, 2005. "Corporate Campaign Contributions, Repeat Giving, and the Rewards to Legislator Reputation," Journal of Law and Economics, University of Chicago Press, vol. 48(1), pages 41-71, April. Full references (including those not matched with items on IDEAS)
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