Rhode Island Senator Reed Reaps Campaign Cash from Insurance Sector

Nearly a quarter of all contributions to Sen. Jack Reed’s re-election campaign have been coming from donors in the banking, securities, real estate and insurance sectors.

According to independent watchdog groups, the financial sector accounted for more than $1 million of the $4.45 million that the Democrat has raised as he campaigns for a third six-year term in the Senate.

The industries also have the largest direct stake in the $700 billion bailout bill, which Reed supported.

Reed defended the contributions, saying they have no effect on his decisions or votes.

He also acknowledged that he may not need all the money to fend off a challenge from Republican Robert Tingle who has never raised more than $5,000.

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Information from: The Providence Journal