In Advance of Financial Reform Debate, Goldman Gears Up PAC and Lobbying Spending

According to official documents filed with the Federal Election Committee and Congress late Tuesday, Goldman Sachs has substantially ramped up its influence-making machine in Washington.

Goldman Sachs & Co.'s PAC contributed $290,500 to candidates and other PACs in March, more than 8 times the amount its PAC contributed the previous two months ($32,500). The largest chunks of cash went to committees dedicated to the reelection of Republicans, with $15,000 going to both the National Republican Senatorial Committee and the National Republican Congressional Committee.

The filings also indicate Goldman has substantially increased spending on lobbying in the first quarter of this year, which runs from January 1-March 31. The bank spent nearly 1.2 million dollars on lobbying this quarter, as compared with $670,000 it spent on lobbying during the same quarter in 2009.

Goldman spokesman Michael DuVally told CBS News Goldman Sachs had no comment on any of the filings.

Tuesday's filings show a sharp increase in spending, but Goldman Sachs has long held powerful influence in Washington, as Chief Investigative Correspondent Armen Keteyian reported earlier this month.