Kleptocracy Nation: Lawmakers seek cash during key votes/ WaPo

From Carol D. Leonnig and T.W. Farnam at the Washington Post:

Numerous times this year, members of Congress have held fundraisers and collected big checks while they are taking critical steps to write new laws, despite warnings that such actions could create ethics problems. The campaign donations often came from contributors with major stakes riding on the lawmakers’ actions.

For three weeks in June, for instance, the members of a joint House and Senate committee worked to draft final rules for regulating the financial industry in the wake of its 2008 meltdown. During that time, the 35 members of the drafting committee collected $440,000 in donations from that same industry, which was then lobbying heavily for looser rules.

… ethics watchdogs complain that, in a race for money to help them win reelection, lawmakers routinely ignore congressional ethics rules that urge them to avoid fundraising around the same time that they are making key lawmaking decisions…

In September, the Senate voted on what it considered one of the year’s most important pieces of legislation, the Small Business Job Creation Act. The bill, which later became law, created a $30 billion loan fund for community banks and gave them incentives to lend the money to small businesses. Hundreds of lobbyists were registered to lobby on this legislation, in part because it meant more business for banks.

Senators collected $469,000 from the financial industry the day before, the day of and the day after that key Sept. 16 vote, a Post review of donations shows. The biggest recipient was Senate Majority Leader Harry M. Reid (D-Nev.), who shepherded the legislation and faced a tight reelection race…

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