A bill backed by President Obama and largely drafted by some of his Silicon Valley donors is causing an embarrassing rift in his party's ranks and creating an awkward situation as Democratic leaders in the Senate try to make last-minute changes today before sending it to the White House.
Proponents of the bill say it will drive capital to startups by reducing the barriers to going public. Opponents say it invites potential fraud and reduces transparency for most business seeking an IPO—not just small ones.
On Wednesday, one day after the Democrats failed to pass their own version ...
Continue readingFight to oust Hatch fuels a $1 million outside money blitz
With Sen. Orrin Hatch appearing to pass a first crucial political test on Thursday night when his supporters swelled attendance at GOP caucus meetings in his state to record numbers, the inundation of outside money in the Utah Senate race may only pick up steam. Super PACs have played a bigger role in the multi-stage contest that will decide the 36-year Senate veteran's fate than any other 2012 congressional contest so far. And that's not even counting the money spent by a nonprofit group spending hundreds of thousands of dollars supporting Senator Hatch.
At least six outside interest ...
Continue readingCrusading lawyer takes aim at contribution limits
The attorney who has been pushing the FEC to ease a host of campaign finance rules is at it again.
Dan Backer's latest target: the ceiling on how much money a person can give candidates for federal office in one election cycle, which currently stands at $46,200. In an advisory opinion request to the Federal Election Commission posted today, Backer, of DB Capitol Strategies, and two other attorneys argue the limit "has the effect of punishing the wealthy contributor" and is unconstitutional for many reasons, not the least of which is the Supreme Court's game-changing Citzens United ...
Continue readingProgressive groups threaten corporations on political giving
Today government reform groups put corporations on notice: Try to funnel political donations through entities that can hide them, and expect major public relations consequences.
Occupy Wall Street's Aaron Black speaks, with Tom Edgar (far left) and Bill de Blasio (second to right)
At a press conference in Washington, 15 organizations launched a national campaign to target corporations who try to influence the 2012 election by contributing to 501c4 and 501c6 nonprofits, thereby keeping their donations secret. Non-profits running the gamut from long-standing entitities such as the Chamber of Commerce to newer ones such Priorities USA, organized to help ...
Continue readingDemocratic joint super PAC is a first
Just when you thought you had the shadowy world of super PACs figured out, here comes a new twist: Three big Democratic super PACs -- formed to support President Barack Obama, and House and Senate Democrats -- are banding together to form the first ever joint fundraising super PAC.
The three, which registered their joint committee with the Federal Election Commission last week, are among the largest super PACs, in terms of contributions to their committees. They've raised a combined $10 million for the 2012 election so far. But that figure looks less impressive when compared with the haul of some ...
Continue readingSuper PAC Profile: After split decision in Ohio, ‘anti-incumbent’ group takes aim at Alabama
After spending more than $450,000 this week to win one House race and lose another in Ohio, a Texas-based super PAC that claims to be taking nonpartisan aim at congressional incumbents is now dropping a money bomb on embattled Alabama Rep. Spencer Bachus.
In the last 48 hours, the Campaign for Primary Accountability (CPA) has filed reports for $153,267 in independent expenditures, almost all in Alabama. The group is spending to defeat two veteran members of Congress: five-term Rep. Jo Bonner and ten-term Rep. Spencer Bachus in the Tuesday primary. Most of CPA's spending takes aim at ...
Continue readingFEC deadlocks on supersizing corporate and union PACs
A lawyer who has already successfully fought to loosen campaign finance regulations says he'll probably go back to court to continue his crusade after the Federal Election Commission today deadlocked over allowing corporations, unions and other organizations with political action committees to create super PACs within them.
The six commissioners divided along party lines over attorney Dan Backer's proposal to allow corporations, unions and other associations to create segregated "independent expenditure" accounts within their traditional political action committees, using the same name and brand they currently employ. Backer, of DB Capitol Strategies, was the winning attorney in Carey ...
Continue readingAbramoff’s ‘bribes’ exaggerated?
In addition to painting himself as a reformer of Washington, convicted felon and former lobbyist Jack Abramoff last week took up the mantle of unsolicited, sage dispenser of advice on how to be an effective lobbyist. In a blog post for United Republic, a money-in-politics watchdog nonprofit where he is a senior fellow, Abramoff criticized a lobbyist for telegraphing his plans.
To show us how it’s really done, the former Capitol Hill influence peddler told us how he and his team stopped Congress from imposing a retroactive tax on companies that shifted headquarters overseas to avoid paying U.S ...
Continue readingEmbattled financial services chairman hits up friendly industry for campaign dollars
Rep. Spencer Bachus, R-Ala., under investigation for possible violations of insider trading laws and facing a primary challenge over his close ties to the banking industry, will be seeking campaign help from that industry on Monday.
The Alabama Bankers Association is hosting a breakfast fundraiser at its offices, according to an invitation obtained by Party Time that highlights Bachus' position as the chairman of the Financial Services Committee. This election cycle, Bachus has raised more from the Finance, Insurance and Real Estate sectors than any other House member outside of leadership.
The ten-term congressman rose to become chairman of Financial ...
Continue readingMoney to burn? Flush GOP-linked groups host swanky D.C. forum
Not all dark money flows in the same direction. That was one lesson that could be drawn this week as two deep-pocketed sister nonprofits, Crossroads GPS and American Action Network, provided a forum for Sen. Orrin Hatch, R-Utah, to highlight his conservative credentials.
Hatch is facing a primary challenge on his right in a June primary that also seems to pit the two center-right outside money behemoths, American Action Network and Crossroads, against FreedomWorks, a Tea Party-affiliated super PAC that's backing the six-term incumbent's GOP opponent, state Sen. Dan Liljenquist.
The event where Hatch appeared Tuesday demonstrated the ...
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