The co-sponsor of last year’s major financial regulation overhaul legislation held a fundraiser on Wall Street Thursday night, hosted by the very industry that is being hampered by his rules.
Rep. Barney Frank (D-Mass.), who co-authored the Dodd–Frank Wall Street Reform and Consumer Protection Act, with former Conn. Sen. Christopher Dodd (D), collected a substantial amount of money through contributions to his re-election bid during the fundraiser, which was hosted by Charles Myers, a banker at Evercore Partners, BusinessInsider.com reports.
The Dodd-Frank Act has placed strict regulations on the financial industry that, according to banks, will cost them a substantial percentage of their profitability.
A spokesperson for Frank’s office said that many bankers declined an invitation to the fundraiser, which was suggesting a $2,500 donation for guests.
The spokesperson said that raising money is a fundamental part of a Congressional campaign and it shouldn’t matter where the money is coming from, BusinessInsider.com reports.
Frank isn’t the only politician lambasting the financial industry while asking it for campaign contributions. Elizabeth Warren, who played a major role in the creation of the Consumer Financial Protection Bureau, also recently held a fundraiser hosted by financial guru George Soros for her U.S. Senate campaign.