Editorials: The Political-Monetary Complex | Thomas Edsall/New York Times
In its landmark 1976 decision Buckley v.Valeo, the Supreme Court affirmed the constitutionality of laws aimed at “the prevention of corruption and the appearance of corruption spawned by the real or imagined coercive influence of large financial contributions on candidates’ positions and on their actions if elected to office.” In that light, let’s take a look at the record of campaign contributions to Spencer Bachus, a Republican congressman from Alabama and a prime example of the interaction between special interest campaign contributions and the legislative process. For all intents and purposes, Bachus, who has announced that he plans to retire in January 2015, has spent his career as a wholly owned subsidiary of the finance industry. Bachus acknowledged as much in an interview with the Birmingham News on Dec. 9, 2010, shortly before he became chairman of the House Committee on Financial Services. “In Washington, the view is that the banks are to be regulated,” the Alabama congressman told the News. “My view is that Washington and the regulators are there to serve the banks.”