From an email I received:
Ever want to buy your very own Congressman? A legislative tool to get the job done, especially dirty jobs that violate the trust of the American people? How much do you think it would cost?
It turns out surprisingly little.
Meet Rep. Mel Watt of North Carolina’s 12th District. Commercial banks have been his largest career donor, giving a total of $319,822 over the past ten years. That’s just a little over $30,000 per year.
What do banking lobbyists get in return?
Rep. Watt chairs the House Financial Services monetary policy subcommittee. Last Friday, Rep. Ron Paul reported that our Federal Reserve Transparency Act (HR 1207) was “gutted” in Rep. Watt’s subcommittee. Rep. Watt’s changes restricted inquiry around transactions with foreign central banks, monetary policy deliberations, transactions made under the direction of the Federal Open Market Committee and communications between the Board, the reserve banks and staff.
Not a bad return on investment for the Fed and its lobbyists.
In defense of Rep. Watt, however, it’s not totally his fault. His district is the most obviously gerrymandered in North Carolina, following I-85 like a snake from Charlotte to Winston Salem. It is overwhelmingly Democratic, and his re-election has never been seriously challenged. Why should he represent the people when he is electorally invincible?
An invincible incumbent is the most useful tool, and a bargain to boot.