Banks, hedge funds, insurers and other finance companies have contributed nearly $800 million to federal candidates in the 2016 cycle, according to a new report, already more than they did in 2012.
Individuals and companies associated with finance have given $798.1 million to candidates through Sept. 20, the reform advocate group Americans for Financial Reform said in a report released Tuesday, up from about $750 million in 2012 and less than $600 million in 2008. The report used data from the Center for Responsive Politics.
Campaign giving has risen overall despite the financial sector’s lack of support for Republican presidential candidate Donald Trump. The majority of campaign support, 61 percent, has gone to Republicans even though the financial services industry prefers Hillary Clinton.
Finance, insurance and real estate groups have given just under $90 million to Clinton and PACs that support her, according to the Center for Responsive Politics.
Two Floridians also raised large amounts from banks and other financial firms: Jeb Bush received nearly $64 million for his presidential run and Marco Rubio totaled $37 million.
Rubio is also among the sitting senators who has raised the most from the financial sector. Texas’ Ted Cruz and New York’s Charles Schumer, set to be the Democratic leader in the Senate next year, rounded out the top three.
House Speaker Paul Ryan raised the most of any member of the lower chamber: $3.8 million.
The biggest campaign contributors were not banks but hedge fund managers known to have strong ideological views.
Renaissance Technologies, a New York hedge fund, has donated $38 million to candidates. It has been widely reported that the firm’s founder, billionaire mathematician Jim Simons, has given to Democrats, while his partner Robert Mercer backed Cruz’s presidential run and then Trump after Cruz dropped out.
Elliott Management, the hedge fund run by GOP super donor Paul Singer, has given more than $20 million. The hedge fund Paloma Partners, whose founder Donald Sussman has backed Clinton, has contributed $19 million.
Soros Fund Management, the fund of the Hungarian-American liberal donor George Soros, has given $15 million. Starr Cos., the firm run by former AIG head Hank Greenberg, also gave $15 million, mostly to support Bush’s presidential bid.
Among trade groups, the National Association of Realtors has been by far the most active, giving more than $7 million.
Of Wall Street banks, Goldman Sachs and its employees have been the most active in backing candidates, shelling out nearly $4.5 million.
The figures collated by the Center for Responsive Politics do not include contributions to political nonprofits, or so-called “dark money” groups. Such contributions are thought to be roughly equivalent to direct giving to campaigns and to PACs.
