Common Cause called for Congress to hold hearings on whether financial institutions that received funds through the Troubled Asset Relief Program turned around and used those funds to lobby on the administration of the program.
"These companies already have too much influence in Washington because of their huge campaign contributions and lobbying presence," said Bob Edgar, president of Common Cause. "That they would take our tax money and then use it to influence Congress on oversight of the same money is unacceptable."
Eight of the top TARP recipients spent $6.3 million on lobbying in the fourth quarter of 2008.
Sens. Dianne Feinstein, D-Calif. and Olympia Snowe, R-Me. this month introduced legislation (S. 133) that would block firms receiving money from the TARP from using those funds to lobby.
-- Bara Vaida
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