Will campaign cash influence financial reform?

The connection between campaign contributions and public policy is more subtle than most cynics acknowledge. But as the Senate considers reform of the financial system, the opportunities -- and motives -- for abuse are mounting.

David Frum

As the Senate opens a debate on financial reform, let’s consider these fun facts:

· In 2008, Wachovia bank’s main political action committee gave 62 percent of its money to Republican candidates; CEO Robert Steel donated $100,000 to candidates over the 2004, 2006, and 2008 cycles, 95 percent of which went to Republicans.

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David Frum is editor of FrumForum.com and the author of six books, including most recently COMEBACK: Conservatism That Can Win Again. In 2001 and 2002, he served as speechwriter and special assistant to President George W. Bush. In 2007, he served as senior foreign policy adviser to the Rudy Giuliani presidential campaign.