Rep. Eric I. Cantor, R-7th, the No. 2 Republican in the House of Representatives, is receiving campaign contributions from political action committees controlled by companies receiving federal bailout money.
NBC News and Newsweek have reported that in January and February, Cantor campaign committees accepted $2,500 from Citigroup, $5,000 from Bank of America, $1,500 from Chrysler and $2,500 from American Express.
Citigroup received $25 billion in bailout money under the Troubled Assets Relief Program. Bank of America received $15 billion, American Express $3.4 billion and Chrysler $5.5 billion.
Cantor supported the $700 billion Troubled Asset Relief Program last September, which funneled money to the banks and the car manufacturer. But he opposed the federal stimulus package this year, saying: "Americans are weary of the Washington bailout approach."
Ray Allen Jr., a consultant to Cantor, said Democrats, including Rep. Steny H. Hoyer of Maryland, the House majority leader, and Rep. James E. Clyburn of South Carolina, the Democratic whip, also received PAC donations this year from recipients of TARP funds.
Running for the U.S. Senate last year, former Virginia Gov. Mark R. Warner, a Democrat, received contributions from PACs affiliated with Goldman Sachs, AIG, Bank of America, Citigroup and American Express, Allen said.
For instance, Warner received $5,000 from a PAC affiliated with AIG, according to The Center for Responsible Politics.
Allen said the corporate money -- hence the bailout money -- does not go into the PACs, which rely on contributions from employees.
Allen said it is "silly" to suggest that Cantor could be influenced by the money. He raised over $5 million in the last election cycle, Allen noted.
Cantor has two campaign committees, Eric Cantor for Congress, and ERIC (Every Republican Is Crucial), a leadership PAC, which he uses to distribute money to Republican candidates. Cantor has gained a reputation as a prolific fundraiser.
While members of Congress do not have to file a fundraising report until April 15, reflecting funds received in the first quarter, the corporate PACs file monthly reports with the Federal Election Commission. PAC contributions are limited to $5,000 per entity.
Contact Tyler Whitley at (804) 649-6780 or twhitley@timesdispatch.com.
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