GOP Senate candidate Ted Budd sided with the banks as they poured money into his campaigns

North Carolina Republican Rep. Ted Budd has received massive industry donations after votes to lift the cap on debit card transaction fees and prevent financial firms from having to provide credit ratings. credit to customers.

During his three terms in Congress, North Carolina Republican Senate candidate Ted Budd has reliably cast votes that align with favored positions in the banking and credit card industry. The industry in turn gave him hundreds of thousands of dollars in campaign contributions.

Budd, who represents North Carolina’s 13th congressional district, sits in House Financial Services Committee, who oversees the housing and banking sector and consumer protection laws. He frequently cast votes that would protect the interests of financial services companies rather than those of his constituents.

Budd voted against protecting your credit score Law of 2020, which would have required financial companies to provide credit reports and other information to consumers.

He opposed Consumers First Law of 2019, which would have protected consumers’ rights to bring class action lawsuits against credit card companies and other financial service providers.

Both bills passed the House, but were not voted on in the Senate.

In 2019, Budd voted no on a non-binding resolution urging financial firms to “work proactively with their customers impacted by the federal government shutdown who may be facing short-term financial hardship and long-term damage to their creditworthiness through no fault of their own go”. The resolution passed in the House.

During his first months in Congress, Budd supported a 2017 effort to repeal a consumer protection arrangement the Dodd-Frank reform of Wall Street and consumer protection Lawenacted in 2010, which capped the amount credit card companies could charge retailers in fees for debit card purchases.

Although Budd, who owns a gun store, stress his experience running a small business during his 2016 campaign for the House, one of his first acts after taking his seat in Congress was to support an effort to repeal the cap, contained in an added amendment by Democratic U.S. Senator from Illinois, Dick Durbin.

In a May 2017 Washington Examiner opinion pieceBudd wrote, “It’s price controls, and what was once a private marketplace that delivered world-changing innovation is now under federal government oversight. The effects are typical of this type of policy — they are the same ones we saw in the Soviet Union, and the same ones we saw during Nixon’s price controls in the 1970s. pay.

“Now, instead of businesses accepting debit cards, the person paying is the consumer. costs are increasing because regulation has reduced the flexibility of the system.”

In July, Bloomberg noted his efforts in a story titled “Take Wall Street’s Side, Young Congressman Infuriates Allies”. He cited ads sponsored by the National Retail Federation, a trade group for merchants, denouncing Budd as a “pawn” on Wall Street.

In the weeks before and after Budd’s May 4, 2017, vote in committee to advance the repeal of the “Financial CHOICE Act”, financial services political action committees rewarded him with donations.

These included $1,000 from Discover Financial Services; $5,000 from the Regions Financial Corporation; $1,000 of Banking Policy Institute; $1,000 of American Financial Services Association; $2,000 from Bank of America; $2,500 from the American Bankers Association; $2,000 from Citigroup Inc.; $2,000 from JPMorgan Chase & Co.; $2,500 from Capital One Financial Corp.; and $2,500 from Mastercard International.

A spokesperson for Budd did not immediately respond to an inquiry into the story.

budd job on his official House website, a May 17, 2017 Washington Examiner article highlighting how the banking industry was rewarding him for his efforts.

The story said the Electronic Payments Coalition, representing credit card providers and banks, ran radio ads in his House district praising him and saying he was “standing up to big retail lobbyists.” and “greedy big-box retailers.”

“At the end of the day, Durbin kicked a million consumers out of the banking system, and I’m going to fight him as hard as I can,” Budd told the newspaper. “I am grateful for any support at home on this issue.”

In total, Budd received more than $344,000 in contributions from commercial banks during his career, according to OpenSecrets, and at least $157,000 from financial services and credit companies. This ranks the two groups among its 10 biggest sources of money for industry campaigns.

Budd will face former North Carolina State Supreme Court Chief Justice Cheri Beasley in the November general election. The winner will replace incumbent Republican Senator Richard Burr.

In a statement, North Carolina Democratic Party spokeswoman Kate Frauenfelder told the American Independent Foundation, “This is yet another example of the stark contrast in this race: as Congressman Budd is beholden to her funders and part of the problem in Washington, Cheri Beasley will stand up for the people and remain focused on holding politicians and corporate interests accountable and putting North Carolina first.”

Budd’s loyalty to his banking donors matches his pattern throughout his voting career with industries funding him at the expense of the interests of his North Carolina constituents.

The American Independent Foundation previously reported that Budd voted for industries while receiving major campaign contributions from them, including payday lenders, oil and gas companies, pharmaceutical manufacturers and the lobby. firearms.

Published with permission of the American Independent Foundation.

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