Ryan Ranks as Top House Fundraiser With Backing by Banks

Source: Business Week

Ryan Ranks as Top House Fundraiser With Backing by Banks
By Julie Bykowicz and Jonathan D. Salant on August 11, 2012

Paul Ryan, who was picked today by Republican presidential candidate Mitt Romney as his running mate, brings more assets to the ticket than just his expertise on economic policy. He is also one of top political fundraisers in Congress.

Ryan, a U.S. House member from southeastern Wisconsin, has more than $5.4 million in his campaign account, about $2 million more than the next highest House member, according to Federal Election Commission data.

Among his top donors are banking and investment interests, which would directly benefit from some of his policy proposals on Medicare and banking regulations. Like Romney, Ryan opposes the 2010 financial regulation law that imposed new rules on an industry blamed for contributing to the worst economic downturn since the Great Depression.

In January 2011, lobbyists whose clients include the American Banking Association and the Financial Services Roundtable scheduled a fundraiser for Ryan’s leadership political action committee, which he uses to help elect other Republicans to office, according to the Sunlight Foundation, a Washington-based research group.

Read more: http://www.businessweek.com/news/2012-08-11/ryan-ranks-as-top-house-fundraiser-with-backing-by-banks