Rahm Emanuel made a small fortune in investment banking and sat on the board of housing finance giant Freddie Mac, which the government seized in September along with Fannie Mae. (He recuses himself from any House votes pertaining to Freddie.) Workers in the securities and investment fields have donated more than $1.5 million to his four House campaigns, according to the Center for Responsive Politics.
When the crisis intensified late last month and administration officials urged Congress to act, Emanuel pushed for a massive response to calm markets and the public.
He took a lead role, along with Rep. Barney Frank (D-Mass.), in negotiations with the White House and Republican leaders, and he convened six caucus meetings in the span of a few days to explain the issue to fellow Democrats.
Emanuel worked past midnight Saturday trying to win votes from both sides of the aisle, earning praise from Speaker Nancy Pelosi (D-Calif.) on the House floor.
