Frequent Sponsors for Trips Included ABA, Big Board, Citi
WASHINGTON — Financial services trade groups, large banking companies, and government-sponsored enterprises actively funded congressional trips over the past six years, according to travel records filed by lawmakers.
The American Bankers Association paid for nearly 80 trips at a cost of about $120,000 from January 2000 through June 2005, making it a leading sponsor in the banking industry, according to an analysis of official travel documents compiled by Medill News Service, the Center for Public Integrity, and American Public Media Group.
Citigroup Inc. sponsored more than two dozen trips costing about $30,000 during the period.
Several securities-related groups sponsored more trips than the ABA — the New York Stock Exchange sponsored 140 at a cost of about $120,000, and the Securities Industry Association sponsored more than 100 at about the same cost.
The ABA spent more than $15,000 on 10 trips taken by Rep. Michael Oxley, R-Ohio, or his staff.
The group also funded five trips costing about $13,000 for the office of Sen. Chuck Hagel, the chairman of the Senate Banking Committee’s securities and investment subcommittee.
The Nebraska Republican traveled to Colorado Springs to speak at an ABA-sponsored meeting in July 2003. Two staff members joined him. That year Sen. Hagel sponsored two banking-related bills: one to reform the GSEs and the other to require the Federal Reserve Board to pay interest on bank reserves.
The ABA also sponsored four trips for House Majority Whip Roy Blunt, R-Mo., and Rep. Barney Frank, D-Mass., the top Democrat on the Financial Services Committee.
The staff of Senate Banking Committee Chairman Richard Shelby, R-Ala., also took two trips financed by the trade group.
The Federal Home Loan Bank of Pittsburgh sponsored six trips, including ones for Rep. Oxley’s staff and for members of Congress from Pennsylvania and Delaware. Neil Cotiaux, a spokesman for the bank, said the trips featured affordable-housing program tours and were approved in advance by the House Ethics Committee.
“We think it’s important for the Congress to understand what we do and how we do it,” Mr. Cotiaux said.
Citi paid for a $1,000, three-day trip that Rep. John Boehner, R-Ohio, took to West Palm Beach, Fla., to make a keynote speech at the Salomon Smith Barney Chairman’s Council, according to his trip report form.
In April 2004, Citi joined a group of sponsors to send Reps. William Clay, D-Mo., and Sheila Jackson Lee, D-Tex., and her aide on a seven-day trip to Sao Paulo to meet with government and business officials about expanding opportunities for African-American businesses in Brazil.
JPMorgan Chase & Co. financed at least eight trips for Capitol Hill staff members. A spokesman for the company said the trips were all related to financial education.
Bank of America Corp. funded six trips, including ones taken by aides for Rep. Oxley and Sen. Shelby.
Wachovia Corp. funded about 20 trips, including ones for Sen. Shelby’s office and House Speaker Dennis Hastert, R-Ill. Its student lending arm, Wachovia Education Finance, hosted a trip by House Education Committee staff members visiting its headquarters in California.
