Senator Crapo Pens Love Letter to Big Banks as Support Dwindles Back Home

Crapo Raked In $25K From Banking Industry Last Quarter Alone, But Not One Nickel from People in Idaho

Washington D.C. – Senator Mike Crapo (R-Wall Street?) knows where his bread is buttered. After taking at least $25,000 from banking interests last quarter (see below), Crapo wrote a letter this week to federal regulators decrying the ‘decline’ of banks and pressuring the Trump administration to accelerate efforts to undo market and consumer protections put in place after the financial crisis. It’s an awkward demand to make considering the banking industry just announced over $30 billion in profits last quarter and the administration continues to push literally hundreds of proposals for weakening or scrapping financial regulations.Consumer watchdog group Allied Progress offered free advice to Senator Crapo that he might fare better than the zero dollars he raised last quarter from people in Idaho if he started focusing his attention on the economic problems on Main Street rather than on those on Wall Street who need help the least.

“The banking industry has had no better friend in Congress than Mike Crapo, who sponsored the 2018 deregulation bill that began the biggest rollback of consumer financial protections since the economic collapse ten years ago,”said Jeremy Funk, spokesman for Allied Progress. “And now the Senator is trying to earn bonus points with the industry that has been so generous to his campaign committees. With enforcement against bad banking behavior already at historic lowsunder this administration and with banks posting massive profits after getting a giant tax break, Senator Crapo’s claims that banks are suffocating under too much regulation simply do not square with reality.

Added Funk: “In reality, the big banks have been emboldened by Trump to go back to the same kind of risky behavior that derailed the economy and cost millions their jobs. The Trump-Crapo tax cuts for big corporations and the super-rich have made no difference to the Idaho families still living one emergency away from bankruptcy, and the deregulation of Wall Street has not lifted a single person’s wages on Main Street. The Idaho families who are barely scraping by in this economy would be the least equipped to deal with the fallout from another financial crisis. So why is Senator Crapo inviting the next one?”

WHAT YOU NEED TO KNOW:

In The Second Quarter Of 2019, Senator Mike Crapo Received At Least $25,000 In Campaign Contributions From Banks – But Reported No Contributions From His Home State Of Idaho

In April 2019, Mike Crapo Received $2,500 In Political Contributions From Banks.

On April 15, 2019, Morgan Stanley Political Action Committee Donated $2,500 To “Mike Crapo For US Senate.” [Contributions to Mike Crapo, Federal Election Committee, accessed 07/30/19]

In May 2019, Mike Crapo Received $8,500 In Political Contributions From Banks.

On May 7, 2019, The Citizens Financial Group, Inc Political Action Committee Donated $2,500 To “Mike Crapo For US Senate.” [Contributions to Mike Crapo, Federal Election Committee, accessed 07/30/19]

On May 7, 2019, The TD Bank N.A. Political Action Committee Donated $2,500 To “Mike Crapo For US Senate.” [Contributions to Mike Crapo, Federal Election Committee, accessed 07/30/19]

On May 14, 2019, The Branch Bank & Trust Political Action Committee Donated $2,500 To The “Crapo Victory Committee.” [Contributions to Mike Crapo, Federal Election Committee, accessed 07/30/19]

On May 14, 2019, The Santander Holdings USA, Inc. Political Action Committee Donated $1,000 To “Crapo Victory Committee.” [Contributions to Mike Crapo, Federal Election Committee, accessed 07/30/19]

In June 2019, Mike Crapo Received $14,000 In Political Contributions From Banks.

On June 3, 2019, Morgan Stanley Political Action Committee Donated $2,500 To “Mike Crapo For US Senate.” [Contributions to Mike Crapo, Federal Election Committee, accessed 07/30/19]

On June 13, 2019, The Bank of Montreal Corp. Good Governance Fund Donated $1,000 To The “Crapo Victory Committee.” [Contributions to Mike Crapo, Federal Election Committee, accessed 07/30/19]

On June 28, 2019, The Ally Financial Inc. Advocacy Political Action Committee Donated $2,500 To The “Crapo Victory Committee.” [Contributions to Mike Crapo, Federal Election Committee, accessed 07/30/19]

On June 30, 2019, The Fifth Third Bancorp Political Action Committee Donated $1,000 To “Mike Crapo For US Senate.” [Contributions to Mike Crapo, Federal Election Committee, accessed 07/30/19]

On June 30, 2019, The U.S. Bancorp Political Participation Program Donated $2,000 To “Mike Crapo For US Senate.” [Contributions to Mike Crapo, Federal Election Committee, accessed 07/30/19]

On June 30, 2019, The Wells Fargo Employee Political Action Committee Donated $5,000 To The “Crapo Victory Committee.” [Contributions to Mike Crapo, Federal Election Committee, accessed 07/30/19]

In The Second Quarter Of 2019, Mike Crapo Did Not Report A Single Contribution From Any Entity Or Individual Listing Their Home State As Idaho. 

An FEC Search Of Campaign Contributions To Senator Mike Crapo’s 4 Political Action Committees, Mike Crapo For US Senate, Crapo Victory Fund, Freedom Fund, And The Idaho Conservative Growth Fund, Found That Mike Crapo Did Not Receive Any Contributions From Banks Or Individuals Listing Their Home State As Idaho During The Second Quarter Of 2019.

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