PAC Contributions from Sectors of the Financial Services Industry, 1998-2002 (Financial Services Modernization Act of 1999) (Political Action Committees) (Statistical Table) (Report‪)‬

Introduction The purpose of this paper is to examine the relationship between campaign contributions from political action committees (PACs) representing the financial services industry and membership on Congressional committees from 1998-2002. Congress considered and passed significant legislation affecting the financial services industry during this period. For instance the Gramm-Leach-Bliley Financial Services Modernization Act of 1999 relaxed many restrictions on commercial banks' securities and insurance activities. Securities firms and insurance companies were allowed to buy commercial banks and banks were allowed to underwrite securities and insurance. The Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (USA Patriot Act) affected the financial services industry because, in part, it contained strong measures to detect and prevent international money laundering. The Sarbanes-Oxley Act of 2002 was enacted to oversee accounting firms and ensure the independence of audits. In addition, the budget of the Securities and Exchange Commission was increased to provide for closer supervision of the securities market. It would seem that this legislative activity would attract the attention of PACs trying to gain access to the debates about these issues and/or attempting to influence the outcomes of the legislation.