At least, that’s what it looks like from new campaign finance statistics from the Center for Responsive Politics, the organization that tracks how different industries contribute money to political candidates.
In a report released late Tuesday, CRP found that people in the securities and investment industry have dramatically reversed their campaign contribution trends, shifting from overwhelming support of Democrats in 2009, to an equally overwhelming support of Republicans in 2010.
CRP found that in March of 2009, people and political action committees associated with the securities and investment industry sent 70 percent of their federal-level contributions to Democratic candidates, party committees and leadership PACs. But by June of 2010, that dynamic had flipped. CRP reported their research shows that Republicans received 68 percent of all federal-level contributions from Wall Street.
That’s an enormous shift and it came as Democrats on Capitol Hill were pushing financial reform legislation that many on Wall Street resented as intrusive and costly.