Finance Chair and Leading Fundraiser Max Baucus to Retire ...

With the news that Sen. Max Baucus (D-Mont.) will not run for reelection in 2014, the Senate is losing one of its most unapologetic fundraisers.

Baucus openly relied on lobbyists -- not viewed kindly by the public or the Obama White House -- as key sources of campaign cash. According to CRP data, Baucus took in more than $1 million in campaign contributions from lobbyists since 1990, and $565,000 from individual lobbyists in the 2012 cycle alone.

As chairman of the Senate Finance Committee, Baucus ranked as one of the most powerful Democrats in Congress and had a hand in much of the signature legislation of Obama's presidency -- most notably the health care overhaul known as the Affordable Care Act. He also teamed up with Republicans in the Bush administration to rewrite Medicare prescription drug rules -- a move that pharmaceutical companies apparently viewed happily, with that industry being his sixth largest source of cash ($950,000) since 1990.? Overall, lawyers and law firms, which give heavily to nearly all Democrats, were Baucus' biggest source of campaign funds since 1990, giving him at least $1.82 million. The securities and investment industry is close behind, having provided him $1.79 million.

Lobbyists, pharmaceutical and medical companies and the securities and investment industry were so dominant in Baucus' fundraising that 19 of the top 20 organizations that provided the most money to Baucus -- either through individuals affiliated with the groups or via PACs -- were all lobbying firms, Wall Street firms, pharmaceutical companies or medical device manufacturers.?

And Baucus had close ties to many on K Street -- dozens of his former staffers became registered lobbyists. In fact, according to CRP data, 37 former Baucus staffers became registered lobbyists, making his office the second biggest supplier of K Street revolving door lobbyists among current members of Congress (Kentucky GOP Sen. Mitch McConnell is the leader on that front). Baucus' close ties to lobbyists seem to have come into play on several occasions recently -- a slew of tax breaks worked into the "fiscal cliff" legislation passed in early January were written into the law by Baucus, and seemed directly to benefit the clients of a number of his former staffers-turned-lobbyists.

Source: http://www.opensecrets.org/news/2013/04/finance-chair-and-leading-fundraiser-max-baucus-to-retire.html

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