“Whether it is preserving favored tax loopholes or forestalling more comprehensive reform, private fund executives spend on politics for the purpose of getting richer at the expense of everyone else,” Ricardo Valadez, private equity campaign manager at AFR, said.
Wall Street private equity and hedge funds pumped at least $627 million into the political process – campaign contributions and lobbying – during the 2019-2020 election cycle. The sum, amounting to about $858,000 each day, reflects the meteoric rise in the size and scope of the private funds industry, which has come to control vast swaths of the American economy over the last decade.
Wall Street is pumping tremendous sums of money into the 2020 elections, and there are some notable trends regarding who is getting the money and who, within the financial services industry, is contributing this cycle. At the presidential level, Wall Street is splitting its contributions close to evenly, or maybe slightly favoring Biden over Trump. At the same time, it is fairly clear that Wall Street is investing in keeping the Senate in Republican hands.
Marcus Stanley, policy director of Americans for Financial Reform, analyzes the role of Wall Street reform in the 2016 presidential contest. He also discusses President Obama’s remarks about the regulatory reforms adopted since the 2008 financial crisis.