A group of state-based banking associations have launched a new Super PAC--known as "Friends of Traditional Banking"--to target lawmakers who they consider hostile or friendly to their concerns: namely, the Dodd-Frank financial overhaul law.
"Everyone knows that traditional banks didn't cause the economic crisis, but that didn't stop Congress from heaping massive new regulations on them and their customers," reads the group's website. "The Dodd-Frank regulatory reform act...was supposed to target Wall Street abuses. It didn't. Instead it aimed squarely at traditional banks and their customers. When it all shakes out, it will reduce ...
Continue readingPanel clashes on Citizens United, agrees on real-time disclosure
A discussion about whether to limit money in politics, and how to do so, led to little consensus Tuesday morning among a panel divided between politicians who favor limits on political contributions and election law practicioners who find ways to legally get around or challenge them. But the politicians and lawyers could more or less agree on one thing: more disclosure of campaign giving.
On one side of the argument was Sen. John McCain, R-Ariz., sponsor of the legislation that banned unlimited contributions to political parties, presidential candidate Buddy Roemer, an independent pursuing the White House through Americans Elect, and ...
Continue readingSuper PACs, other groups, fuel four-fold spending increase in 2012 presidential race
Outside groups, including super PACs and nonprofit organizations, have spent almost four times more on the 2012 presidential campaign than comparable organizations spent at the same point in the 2008 cycle, an analysis of Federal Election Commission filings show.
Four years ago in late March, when Republicans had already wrapped up a wide-open battle for their party's nomination and Democrats were still engaged in a battle that would go on for months, spending on the presidential campaign by independent groups stood just shy of $22 million. Today, outside spending on the race for the White House has already topped ...
Continue readingFEC: Perry can use some presidential funds to create super PAC
The Federal Election Commission green-lighted Texas Gov. Rick Perry’s request to turn the funds he collected for his presidential campaign to other political uses -- just not all the funds.
After Perry dropped out of the race for the GOP nomination in January, his presidential campaign asked the FEC whether it could use its leftover funds to create a traditional political action committee or a super PAC -- either of which would enable the Texas governor to support other politicians, a traditional way of building goodwill for candidates with national aspirations.
All the commissioners present at the open meeting agreed that ...
Continue readingNaming names: How super PAC ads might look if DISCLOSE were enacted
If this hasn't happened yet to you, it probably will in this year of record-breaking spending by outside interest groups: You are watching TV or perusing the Internet when you are confronted by one of those ads telling you that your prospective public servant is a disgusting human being and completely incompetent. Worst of all, the ads are brought to you by a committee or organization whose vague name gives no clue as to its true identity. Then you ask, "Who is doing this to me? "
Sunlight is trying to give those obnoxious ads a transparency makeover! The DISCLOSE ...
Continue readingAdelson gives Gingrich a lifeline
In February, casino magnate and pro-Israel advocate Sheldon Adelson, along with his wife, Miriam, bet $5 million more on Newt Gingrich's flagging presidential bid by contributing to his super PAC, Winning our Future. This makes the couple the source of five out of six dollars raised by the super PAC since it launched late last year. Their daughter, Shelley, contributed another $500,000.
Gingrich has not been nearly as lucky with fundraising the traditional way. Paperwork filed Tuesday with the Federal Election Commission suggests that Newt 2012 is under water. Gingrich's campaign reported had $1.5 million in ...
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 readingCelebrate Sunshine Week: Shine some light on secret money in our elections
Sunshine Week presents the perfect opportunity each year to recognize the importance of transparency and open government. This year, with... View Article
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 readingTracking the stealthy wealthy: How (and why) big donors give big
One of the questions we frequently hear in this brave new world of super PACs and the seven-figure donations made... View Article
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