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Democrats Backing Bankruptcy Bill Backed By Banking Interests

HeadlineMar 15, 2005

In news from Capitol Hill, last week the Senate approved overhauling the nation’s bankruptcy laws by a 74-25 vote. 19 Democrats joined with their Republican counterparts in approving the bill which is expected to benefit the banking and credit card industries. 25 Democrats voted against the bill. The Center For Responsive Politics analyzed the vote and found that the credit card and loan industries had given nearly three times as much in campaign donations to the Democrats who backed the legislation than those who voted against it. Democrats backing the overhaul of the nation’s bankruptcy bills pulled in an average of $31,000 in donations over the past two years. The Democrats opposing the legislation took in about $11,000 each.

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