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Rep. Mel Watt’s Million-Dollar Working Relationship With Those in Housing and Finance
Posted at 7:13 a.m. on May 2, 2013
Rep. Melvin Watt, D-N.C., whom President Barack Obama has announced to be his nominee to head the Federal Housing Finance Agency, has received $1.2 million during his 11 Congressional campaigns from PACs in the housing industry and financial marketplace.
Watt is a longtime member of the House Financial Services Committee whose jurisdiction includes housing and mortgage matters.
Since 1991, Watt has raised $5.4 million for his campaigns, including $3.7 million from PACs. He has received the most PAC funds, more than $1 million, from the finance/insurance sector. He has also received $998,321 from labor union PACs. Although he is in a safe seat and does not need large amounts of campaign funds, his PAC receipts do show he has regular contact with those special interest groups doing business as usual in Washington, D.C.
Watt has always been a strong supporter of providing programs to people so they may afford to buy a home and move into the middle class. As his nomination moves forward, the question will be whether he will provide strong regulation and oversight of those in the housing and finance sector he has worked with in the past, and whether he will provide equal access to and understanding of those who may feel the government programs and bailouts cost the taxpayers too much.
Watt has received $1,069,768 from PACs in the finance/insurance industry from 1991 to 2012. A sampling includes: $75,000 from the American Bankers Association BankPAC; $53,500 from Bank of America Corp. Federal PAC; $10,500 from the Mortgage Bankers Association of America PAC; $10,000 from Washington Mutual PAC; $7,500 from the Federal National Mortgage Association PAC; $5,000 from Countrywide Financial Corporation PAC; and $3,000 from the Federal Home Loan Mortgage Corporation PAC; among many others.
Watt has received $128,450 from PACs in the housing/real estate industry, including $57,500 from the National Association of Realtors PAC, and $19,000 from the Build PAC of the National Association of Home Builders.
The above numbers do not include contributions from individuals, such as lobbyists.
Watt’s leadership PAC, Motivating Energetic Leadership PAC, has also received funds not included above. The PAC received $55,500 from the finance and housing industry PACs. Examples include: $5,000 from Bank of America Corporation State and Federal PAC; $5,000 from the National Multi Housing Council PAC; $5,000 from the American Bakers Association PAC; $2,500 from the National Association of Realtors PAC; and $1,500 from the Federal National Mortgage Association PAC; among others.
View the career record of PACs giving $3.7 million since 1991 to Watt at Political MoneyLine’s financial profile, under the “Career” tab.
To search detailed money-in-politics databases, visit Political MoneyLine.