WASHINGTON (Map) -

WASHINGTON, July 7 /PRNewswire-USNewswire/ -- A massive campaign by major trade associations representing Wall Street, financial firms, and credit card companies to stop Congress from establishing a Consumer Financial Protection Agency was blasted by Public Campaign Action Fund today. The organization called the undertaking and political spending a campaign to "protect pure greed."

The Washington Post and other news outlets reported that six leading trade associations were gearing up for a "Harry and Louise" style ad campaign in an effort to stop legislation to establish a new consumer agency to oversee financial products. A lobbyist for the American Financial Services Association, a special interest front group for the credit industry, described the effort as "basic shoe-leather lobbying."

"If the history of the financial sector's $5.5 billion in lobbying expenses and campaign contributions over the past two decades is any guide, this so-called 'shoe-leather' campaign will be led by lobbyists wearing Gucci loafers," said David Donnelly, national campaigns director for Public Campaign Action Fund. "The six trade associations identified in the news articles are going to try to kill common sense regulations with barrels of campaign cash while leaving consumers and homeowners holding the bag. They're just trying to protect pure greed."

Research compiled by Public Campaign Action Fund shows that the six trade associations have spent nearly $150 million in campaign contributions and lobbying expenses in recent years. The chart below details the amounts spent by each trade association lobbying and their campaign contributions:

Lobbying, Lobbying, Total 2008 2009 American Financial Services Assn. $200,000 $50,000 $250,000 American Bankers Assn. $9,065,468 $2,150,000 $11,215,468 National Auto Dealers Assn. $2,885,000 $520,000 $3,405,000 U.S. Chamber of Commerce $91,615,000 $15,476,000 $107,091,000 Mortgage Bankers Assn. $4,213,000 $935,000 $5,148,000 Financial Services Roundtable $4,213,000 $7,760,000 $11,973,000 TOTAL $112,191,468 $26,891,000 $139,082,468 Donations, Donations, Total '08 cycle '10 cycle American Financial Services Assn. $193,603 $30,000 $223,603 American Bankers Assn. $3,153,611 $634,500 $3,788,111 National Auto Dealers Assn. $2,990,500 $237,300 $3,227,800 U.S. Chamber of Commerce $144,576 $24,000 $168,576 Mortgage Bankers Assn. $791,775 $157,000 $948,775 Financial Services Roundtable $341,323 $61,854 $403,177 TOTAL $7,615,388 $1,144,654 $8,760,042 COMBINED TOTAL $119,806,856 $28,035,654 $147,842,510

Data from the Center for Responsive Politics and the Senate Office of Public Records.

As the House Financial Services Committee prepares to hold hearings tomorrow on the proposed new agency, Public Campaign Action Fund points out that committee members have received $62.9 million in campaign contributions over their careers from the finance, insurance, and real estate sector, according to data from the Center for Responsive Politics. Committee members have already received $2.25 million in the first quarter of this year with additional campaign finance reports due soon.

The organization also launched an email campaign with its 100,000 online e- activists to contact members of Congress urging them to reject the big money campaign by the trade associations.

Public Campaign Action Fund is a national nonprofit organization dedicated to comprehensive campaign finance reform, and to holding elected officials accountable for the favors they give to special interest backers.