U.S. banks are giving far less to federal candidates this election cycle and increasing the proportion they are handing to Democrats as they rethink their political giving, according to a Reuters analysis of data compiled by the Center for Responsive Politics (CRP) and more than half a dozen industry officials and lobbyists.
With less than a month to go until the mid-term elections which will determine control of Congress, commercial banks' political action committees have given roughly $7.4 million to federal candidates, 43% down on the 2020 election cycle and 39% down on the average election spend in the previous decade, according to the Reuters analysis.
It also suggests the industry is trying to court more Democrats as Republicans grow angry with lenders for embracing what they say are liberal causes. To be sure, the party in power commonly enjoys a bounce in donations and banks are also spreading their bets ahead of a tightening contest, said Ballentine and the other sources.
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