MSBC statement on Wall Street influence of tax votes

  • Posted on: 8 February 2018
  • By: Will

Last week, Fox Business reported that six Wall Street banks - Goldman Sachs, Bank of America, Citigroup, JPMorgan, Morgan Stanley, and Wells Fargo - spent a combined $4 million on lobbying during the run-up to passage of President Trump's tax break bill. Maine Republican Representative Bruce Poliquin and Senator Susan Collins voted for the law. Independent Senator Angus King and Democratic Representative Chellie Pingree voted against it.

According to data available from the Center for Responsive Politics, Poliquin, who sits on the Financial Services Committee which regulates financial institutions, took $77,900 in campaign contributions from PACs or employees of these six banks from 2015-2017.

In light of this new information about Wall Street influence, Maine Small Business Coalition Director Will Ikard offered this statement :

"Given the massive amount that these Wall Street behemoths spent to influence Members of Congress, it is no surprise that the end result is so beneficial to big, multinational businesses while making it harder for local, community businesses to succeed. It is also no surprise that Representative Bruce Poliquin, who took nearly $80,000 in campaign contributions from these six banks over the last three years, voted for a tax bill that props up his New York donors instead of supporting his Maine constituents.

Small businesses, like those that make up the bulk of employment in Maine, can’t afford to spend millions on lobbying to get their way in Washington. We want investments in our communities that will strengthen Maine’s consumer base, starting with access to affordable health care for all. That is how to grow Maine’s economy, not by making it cheaper for big businesses to ship jobs overseas.

Until we have real campaign finance reform, or until we in Maine elect representatives who cannot be bought off by Wall Street, small business owners should expect more of the same."