Paul Ryan, Mitt Romney’s choice of running mate, is best known for his budget, a plan to slash federal government programs borne of his time heading up the House Budget Committee. However, Ryan, a Republican representative from Wisconsin, is also one of the House’s top fundraisers, reports Bloomberg. Ryan has been backed by employees of the banking and insurance industries, both of which would benefit from his proposals on financial regulation and Medicare:
Ryan, who represents southeastern Wisconsin, has more than $5.4 million in his campaign account, about $2 million more than the next highest House member, according to Federal Election Commission data. The Romney campaign raised at least $2 million after he announced Ryan as his running mate, according to Andrea Saul, a spokeswoman.
He’s benefited from ties to the finance industry:
Ryan voted against the 2010 financial regulation law that imposed new rules on an industry blamed for contributing to the worst economic downturn since the Great Depression. Romney has called for repealing the law, opposed by the financial industry.
Lobbyists whose clients include the American Banking Association and the Financial Services Roundtable scheduled a January 2011 fundraiser for Ryan’s leadership political action committee, which he uses to help elect other Republicans to office, according to the Sunlight Foundation, a Washington-based research group. Ryan’s Prosperity PAC had $724,265 in the bank at the end of June, according to FEC reports.
And has also raised money from insurers:
Ryan’s budget proposal to end traditional Medicare for future generations would benefit private insurers, an industry that has been one of Ryan’s top campaign contributors over the years.
Insurance employees and their families have given $815,328 to Ryan’s election efforts over his career, more than any other industry, according to data from the Center for Responsive Politics, a Washington-based group that tracks donations.
Ryan’s already set to direct his fundraising prowess at the presidential level. Just four days after being selected as Romney’s running mate, he’ll meet Romney’s biggest super PAC sugar daddy, Sheldon Adelson. Ryan will attend a fundraiser at Adelson’s Sands’s Venetian casino in Las Vegas, according to the New York Times.