Wall Avenue spent $2.9 billion to affect Washington throughout 2020 election
Wall Street executives, their employees and professional associations invested at least $ 2.9 billion in political initiatives during the 2020 election cycle, according to a new research report.
The study, first shared with CNBC and authored by Americans for Financial Reform, shows the historic efforts of banks and various other financial services companies to contribute to campaigning and lobbying guidelines in Washington, DC
According to the report, this was the largest number of financial services spending in an electoral cycle since the 2016 presidential contest. At the time, financiers were spending $ 2 billion on similar efforts. According to the new report, the $ 2.9 billion spend is nearly $ 4 million a day throughout the cycle.
The study combined lobbying and campaigning contributions from 2019 to 2020. Part of the group’s methodology focused on contributions and lobbying spending by those in the FIRE sector, which focuses on the finance, insurance and real estate industries.
“Year after year, this flow of money gives Wall Street an oversized role in governance as it drives and protects measures that help the super-rich in this industry amass even greater fortunes at the expense of the rest of us,” said Lisa Donner, executive director of Americans for Financial Reform, CNBC said in a statement.
There’s also a section showing Republican lawmakers who got the most from the financial sector during the election and who later objected to the confirmation of the Electoral College’s results after the deadly January 6 riot on Capitol Hill.
According to the report, individuals and campaign companies associated with the financial sector contributed just over $ 1.9 billion in support of candidates running for federal office, including over $ 74 million in support of the Presidential candidacy were used by President Joe Biden.
Of the $ 1.9 billion, 47% went to Republicans and 53% to Democrats. In fact, this report notes that more than $ 250 million by FIRE sector employees went to support Biden, the largest of all candidates for president. These contributions were a mix of donations to his campaign and outside groups that supported him.
Former President Donald Trump, on the other hand, saw just over $ 103 million from the same industries.
Another key to the study is the amount of lobbying carried out by people from the financial sector during the electoral cycle. Financial companies and their affiliated groups spent more than $ 932 million during this period.
The top 20 financial firms and trade associations to have lobbied and contributed employees or their PACs to candidates include Blackstone, Charles Schwab, Susquehanna International, the American Bankers Association, Bain Capital, and Renaissance Technologies.
Senators who have collectively raised over $ 300 million from financial sectors include the campaigns of Sens. Jon Ossoff, D-Ga., Mark Kelly, D-Ariz., Lindsey Graham, RS.C., Mitch McConnell, R-Ky. and Raphael Warnock, D-Ga.
The leading banking associations combined only invested more than $ 53 million in lobbying contributions and expenses.
As for the House GOP lawmakers who questioned the January Electoral College results, the report shows that Kevin McCarthy, R-Calif., Rep. Steve Scalise, R-La., Blaine Luetkemeyer, R-Mo ., Lee Zeldin, RN.Y. and Elise Stefanik, RN.Y.
Senate Republicans who questioned the election results and saw their election campaigns filled with similar money included Sens. Tommy Tuberville, R-Ala., Roger Marshall, R-Kan., Rick Scott, R-Fla. , Ted Cruz, R-Texas, and John Kennedy, R-La.