Money Not the Key to Good Political Relations

WASHINGTON-No matter how many times it is said, the public is reluctant to believe that money is not the most influential force in American politics. Kent Cooper, co-founder of TRKC, Inc.-an Internet technology consulting firm specializing assisting entities with campaign finance and disclosure projects-reminded attendees of NAFCU’s Congressional Caucus last week that numbers far outweigh dollars in politicians’ eyes. Credit unions have local connections and their officials include civic leaders with ties to the community and they hould use that to their advantage. Almost $1 billion a year is reportedly spent on lobbying, Cooper, a former Federal Election Commission official, said. Of that $224 million was spent by the financial services industry. Banks alone spent $30 million. Citigroup reported $5.2 million in its lobbying efforts. By contrast, the entire credit union community spent just $2.6 million. Already preparing for next year’s elections, Cooper stated that House Financial Services Committee Chairman Mike Oxley (R-Ohio) has raised $376,000, House Financial Institutions and Consumer Credit Subcommittee Chairman Spencer Bachus (R-Ala.) is racing toward the $300,000 mark. Senate Banking Committee Chairman Richard Shelby is close to $1 million in contributions toward his reelection campaign for the 2004 race. Even with all these funds in the pot, credit unions fare well because of their grassroots abilities and the work they do everyday, he said. Cooper noted that Wright-Patman Federal Credit Union gave him his first loan and that is something that sticks with you. “You’ve got a friend and that’s what Washington is all about: making friends before you need them,” he explained. [email protected]