Money In Politics: $627 Million Of 2020 Political Spending By Private Equity, Hedge Funds

Private equity and hedge funds accounted for over $627 million in political spending in the 2019-20 campaign cycle, with $547 million going to campaign contributions for federal office and $80 million to lobbying efforts, according to a study released Monday from Americans for Financial Reform (AFR).

The spending by these segments of the financial industry reached an all-time high for a two-year cycle that amounted to $858,000 per day.

The private equity sector spent over $263 million, while hedge funds spent $285 million.

AFR noted that in the 2015-16 campaign cycle, private equity and hedge funds accounted for just over $500 million in spending.

Data show Joe Biden's campaign received $74 million, which was more than what Donald Trump's campaign received from Wall Street. The Wall Street community overall invested $2.9 billion into political causes in the last election.

Among the biggest spenders were Fahr LLC, which is privately owned by billionaire and former presidential candidate Tom Steyer. Others included Citadell LLC, The Blackstone Group, Susquehanna International Group and Paloma Partners.

According to AFR, private fund spending on politics rose sixfold since 2010.

“Over the past 10 years, this set of powerful Wall Street titans have muscled into American politics in dramatic fashion, using their money to get policies that serve them, rather than the public as a whole,” said Ricardo Valadez, private equity campaign manager at AFR. “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.”