Rep. Melvin Watt (D., N.C), President Barack Obama’s pick to head the Federal Housing Finance Agency, has received $1.2 million from Super PACs in the housing industry and financial marketplace over the course of his political career.
These donations make up more than 20 percent of the money raised by Watt.
Roll Call reports:
Since 1991, Watt has raised $5.4 million for his campaigns, including $3.7 million from PACs. He has received the most PAC funds, over $1 million, from the finance/insurance sector. He has also received $998,321 from labor union PACs. Although he is in a safe seat and does not need large amounts of campaign funds, his PAC receipts do show he has regular contact with those special interest groups doing business as usual in Washington, D.C.
Watt has received $1,069,768 from PACs in the finance/insurance industry from 1991-2012. A sampling includes: $75,000 from the American Bankers Association BankPAC; $53,500 from Bank of America Corp. Federal PAC; $10,500 from the Mortgage Bankers Association of America PAC; $10,000 from Washington Mutual PAC; $7,500 from the Federal National Mortgage Association PAC; $5,000 from Countrywide Financial Corporation PAC; and $3,000 from the Federal Home Loan Mortgage Corporation PAC; among many others.
Watt has received $128,450 from PACs in the housing/real estate industry, including $57,500 from the National Association of Realtors PAC, and $19,000 from the Build PAC of the National Association of Home Builders.
Watt was also caught up in an Office of Congressional Ethics investigation for attending a fundraiser held in his honor by some of these same donors.