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CREW Releases Analysis of Credit Card Execs 2008 Electoral Cycle Political Giving

Washington, D.C. – In light of President Obama’s meeting with credit card executives last month – and the administration’s restrictive new rule on registered lobbyists seeking stimulus funds – Citizens for Responsibility and Ethics in Washington (CREW) analyzed those industry executives’ 2008 election cycle donations to illustrate the influence they wield in government.

Last month, CREW, the American Civil Liberties Union (ACLU) and the American League of Lobbyists (ALL) urged the White House to rewrite the new rule on registered lobbyists seeking Recovery Act funds, because the rule will not result in the transparency the administration seeks. The rule restricts the ability of only registered lobbyists to influence decisions related to stimulus funds, but the influence game is played by more than lobbyists – it is played by CEOs and other top executives.

On April 23, 14 credit card company executives met with President Obama “to discuss the impact of the current crisis on consumers.” CREW’s study found that the attendees – only one of whom is a registered lobbyist – personally donated roughly $50,000 to federal candidates, while employees of their companies contributed $14.5 million, and their companies’ political action committees contributed $8.6 million. In addition, during the first quarter of 2009 alone, these companies spent almost $15.5 million on lobbying fees in an effort to influence legislators.

CREW executive director Melanie Sloan stated, “In light of the amount of money these corporate titans and their companies have poured into campaign coffers, are we really to believe lobbyists hold more sway than they do? Shouldn’t the public be just as concerned that these heavy hitters can influence policy at least as much as their lobbyists can?”

Sloan continued, “While CREW applauds the president’s efforts to improve transparency, the ban on lobbyists is little more than window dressing.”

A stronger option, endorsed by CREW, the ACLU and ALL, would be to require disclosure of all communications – by non-lobbyists and lobbyists alike. This would more effectively target the backroom deals about which Americans are legitimately concerned. Only full transparency will allow the public to decide who is unduly influencing our country’s policy and root-out corruption.