The Street - The financial sector spent more than $2 billion in the 2015-2016 election cycle, according to a new report from Americans for Financial Reform, a progressive nonprofit advocating for financial reform. The findings, first reported by Politico's Ben White, indicate Wall Street spent more than $2.7 million a day in reported expenditures on campaign contributions and lobbying. It works out to $3.7 million per member of Congress.
"The entire apparatus of government operates in an environment flooded with millions of dollars in Wall Street cash on a daily basis," said Lisa Donner, executive director of Americans for Financial Reform, in a release announcing the 62-page report that details the spending of 460 financial sector companies and trade associations.
The financial sector is the largest contributor to federal candidates and parties and the third-largest spender on lobbying.