How do you convince the guy you dissed yesterday not to return the favor?
The surprising reelection win by Rep. Paul Kanjorski, D-Penn., the No. 2 Democrat on the House Financial Services Committee, has given the American Bankers Association reason to blush. The ABA was the only major banking trade group that didn´t contribute to Rep. Kanjorski´s campaign, which received conspicuous support from Promontory Financial Group, the Mortgage Bankers Association and large banks such as Wells Fargo and JPMorgan Chase, all of whom clocked in among the top 50 donors.
And money was certainly a consistent advantage for the candidate, who managed to raise around $1.2 million more than his opponent, Louis Barletta, even as he fell behind in the polls.
Rep. Kanjorski chairs the House Financial Services capital markets subcommittee. He favors a federal insurance regulator and restraints on the transformative power of the Sarbanes-Oxley Act. This seems like banker-friendly stuff-so what was the ABA´s beef?
No surprise, then, that the Credit Union National Association and the National Association of Federal Credit Unions were also among Rep. Kanjorski´s top contributors.
So if this was a proxy battle between credit unions and the banking lobby, Rep. Kanjorski´s long-shot win is a point for the credit unions. And now the ABA probably has to figure out a way to make up for its campaign snub.