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PAC Contributions from Sectors of the Financial Services Industry, 1998–2002


  • Randall Bennett


  • Christine Loucks



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

Suggested Citation

  • Randall Bennett & Christine Loucks, 2008. "PAC Contributions from Sectors of the Financial Services Industry, 1998–2002," Atlantic Economic Journal, Springer;International Atlantic Economic Society, vol. 36(4), pages 407-419, December.
  • Handle: RePEc:kap:atlecj:v:36:y:2008:i:4:p:407-419
    DOI: 10.1007/s11293-008-9147-5

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    References listed on IDEAS

    1. Kroszner, Randall S & Stratmann, Thomas, 1998. "Interest-Group Competition and the Organization of Congress: Theory and Evidence from Financial Services' Political Action Committees," American Economic Review, American Economic Association, vol. 88(5), pages 1163-1187, December.
    2. 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.
    3. 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.
    4. 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.
    5. 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.
    6. 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.
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    Cited by:

    1. Randall Bennett & Christine Loucks, 2011. "Financial Services Industry PAC Contributions and Senate Committee Membership," Atlantic Economic Journal, Springer;International Atlantic Economic Society, vol. 39(3), pages 203-216, September.

    More about this item


    Political action committee contributions; Financial services industry; D70; G20;

    JEL classification:

    • D70 - Microeconomics - - Analysis of Collective Decision-Making - - - General
    • G20 - Financial Economics - - Financial Institutions and Services - - - General


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