President Donald Trump: Sell-off due to Wall Street’s fear of Democrats
Wall Street in recent years has increased the amount of financial aid allocated to Democrats.
This is partly due to the industry’s desire to restore the bipartisan support it enjoyed prior to the 2009 financial crisis..
Democratic presidential candidate Joe Biden significantly ahead of the Republican President Donald Trump on the total fundraising in the last months of the pre-election race.
Biden’s campaign raised about $ 3 million from commercial banks. By comparison, Trump raised about $ 1.4 million, CRP data show.
In 2012, in the first presidential election since the 2009 financial crisis, Republican nominee Mitt Romney raised nearly $ 5.5 million from commercial banks, while a Democrat Barack Obama received about $ 2 million.
Wall Street banks and their investors were the biggest partners in Romney’s campaign. It is noteworthy that there was not a single financial market participant in the list of Barack Obama’s funding sources..
In the pre-election cycle of 2020, the contributions of commercial banks are distributed almost equally.
Four years ago, Republicans withdrew $ 18.9 million from the industry, nearly double the Democrats. In 2012, Democrats received only 29% of the total number of bank donations at all..
Of the top 20 bank tranche recipients in this election cycle, including presidential candidates, incumbent legislators, and aspiring legislators, ten are Democrats or Independent Representatives. 8 years ago, just six Democrats received support from Wall Street.
Trump and Biden aside, former presidential candidate is next on the list of sponsorship attention. Bernie Sanders. He has $ 831,096 donations on his account.
Despite losing out to Biden in the presidential race, Sanders receives financial backing from many industries thanks to his followers among millions of Americans, including those who work in banks..
By focusing only on funds provided by banking policy committees, the picture is changing.
The list is headed by a member of the House of Representatives from Missouri Blaine Lutkemeyer, one of the high-ranking Republicans on the House of Representatives Financial Services Committee, which is key to the banking industry. Next comes Patrick McHenry from North Carolina, the top Republican in this group, with $ 185,500 in cash from banking political committees.
This suggests that many finance officials prefer more progressive legislators..
Top 20 recipients of political banking funds include 14 Republicans and six Democrats. Representative of New York Gregory Meeks, senior member of the House Banking Commission, received the most votes among Democrats.
In addition to campaign donations, the banking industry is playing a more direct role in this year’s presidential election cycle, when the industry’s largest trade group, the American Bankers Association, launches advertisements supporting 14 congressional candidates..