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.
New members of Congress demonstrated substantially less reliance on money from the financial services industry than incumbents who won re-election in 2018. First-term Democratic members of the House raised, on average, 17 percent of the money for their campaign committees from small donors, compared with 9.4 percent by Democratic incumbents who won re-election.
AFR Statement: Wall Street Money Hits $719 Million in 2017, Headed Past $2 Billion in this Election Cycle
Wall Street pumped $719 million into the political process in 2017, a rate that puts it on pace to outstrip the record $2 billion it spent during the 2015-2016 campaign cycle, according to a new report by Americans for Financial Reform.
In the first twelve months of the 2017-18 election cycle, Wall Street banks and financial interests have reported spending $719 million to influence decision-making through campaign contributions and lobbying. That total works out to about $2.0 million a day. The financial sector is by far the largest source of campaign contributions in federal elections, and the third largest spender on lobbying