Reid rejects Wall St money during reform battle

* Democrat already has $1.5 million from financial sector

* Reform portrayed as fight against Wall St lobbyists

WASHINGTON, May 7 (BestGrowthStock) – Senate Majority Leader Harry
Reid has decided to stop accepting campaign money from Wall
Street firms while the financial reform battle continues in the
Senate, his office said on Friday.

“We … thought it would be appropriate to not accept
contributions from Wall Street firms during the time Senator
Reid is fighting big banking special interests,” said a
statement issued by Reid’s office.

“In fact, some Wall Street PACs have tried to donate
and we have sent their checks back to them,” it added.

The move is unlikely to mean much for the Nevada Democrat’s
2010 campaign war chest. Reid, facing a tough re-election
contest in November, already raised $1.5 million from the
financial, insurance and real estate sector before the floor
debate began on April 29, according to the nonpartisan Center
for Responsive Politics.

Reid and other Democrats including President Barack Obama
have tried to portray their efforts to secure the biggest U.S.
financial overhaul since the Great Depression as a fight
against Wall Street lobbyists.

The lawmaker suspended contributions from Wall Street
political action committees when it became clear that Senate
Republicans would allow a floor debate on Democratic reform
proposals, a Reid aide said.

The debate could last for much of May. But neither Reid’s
aide nor the statement said when the Democratic leader expected
to resume collecting Wall Street PAC money.

Corporate PAC money consists mainly of donations from
employees. But PAC spending is often directed by executives
keenly aware of their companies’ political interests.

Reid has received more than $660,000 from securities and
investment firms and associated individuals since the 2010
election cycle began on Jan. 1, 2009. That makes him the
industry’s second biggest beneficiary after Democrat Charles
Schumer of New York, who has received $1.6 million, according
to the Center for Responsive Politics.

The Senate majority leader has also raised money from other
industries with stakes in the reform debate’s outcome,
including $131,400 from insurance interests, $35,700 from the
commercial bank industry and $330,426 from real estate
companies and related individuals.
Stock Today

(Reporting by David Morgan; Editing by Peter Cooney)

Reid rejects Wall St money during reform battle