10. Wells Fargo ($10 million). A Wells Fargo branch in New York (Photo: Bloomberg)
9. New York Life Insurance ($11 million)
7. Investment Company Institute ($11.9 million)
6. Citigroup ($12 million) Citigroup headquarters in New York (Photo: AP)
5. Securities Industry & Financial Markets Association ($15 million). Its president and CEO is Ken Bentsen. (Photo: Bloomberg)

Advertisement

4. Prudential Financial ($15 million) (Photo: Douglas C. Pizac/AP)
3. Soros Fund Management ($18.4 million). Its founder is George Soros. (Photo: Bloomberg)
2. Blackstone Group ($18.5 million) The Blackstone Group logo in New York office. (Photo: Scott Eells/Bloomberg)
1. Paloma Partners ($25 million)

The financial industry spent $1.9 billion on lobbying and campaign contributions between 2017 and 2018, the largest-ever amount for a non-presidential election cycle, outstripping the $1.4 billion spent in the 2013-’14 cycle by 36%, according to a new report by Americans for Financial Reform, a group that supports tighter oversight of Wall Street.

The figure includes contributions to campaign committees and leadership PACs ($922 million) and lobbying expenditures ($957 million). A big push during the 2017-’18 cycle went toward securing votes for a bill intended to roll back key provisions of Dodd-Frank — S. 2155, The Economic Growth, Regulatory Relief and Consumer Protection Act, which was signed into law last May.

The 63-page report, “Wall Street Money in Washington,” draws on a special data set compiled by the Center for Responsive Politics for AFR. The set excludes spending by health insurers and does not include “dark money” that goes mostly unreported.

Top recipients of financial sector contributions in the House of Representatives were:

  • House Speaker Paul Ryan, R-Wis., $3.6 million;
  • House Majority Leader Kevin McCarthy, R-Calif., $3.5 million;
  • Rep. Beto O’Rourke, D-Texas, $3.4 million;
  • Rep. Kyrsten Sinema, D-Ariz., $2.8 million; and
  • Rep. Martha McSally, R-Ariz., $2.5 million.

Top recipients of financial sector contributions in the Senate were:

  • Sen. Jon Tester, D-Mont., $3.5 million;
  • Sen. Bob Casey, D-Pa., $2.9 million;
  • Sen. Ten Cruz, R-Texas, $2.8 million;
  • Sen. Kyrsten Sinema, D-Arizona, $2.7 million; and
  • Sen. Tim Kaine, D-Va., $2.5 million.

Check out the gallery above to see the 10 biggest spenders within the financial services industry.

— Related on ThinkAdvisor: