Wall Street Less Interested in POTUS & Biden

The Economist September 5th 2020 pp64 |Campaign finance| “Wall Street’s money”. “Who are America’s financial elite backing in 2020?”




Using Federal Election Commission data and getting confirmations from some donors, The Economist has summarized the political donations from top financiers. Of 68 identified CEOs and other Wall Street-executives, 52 have contributed 1.4% of all donations or $130m in the 2016 cycle but only 0.5% so far in the 2020 cycle. Together this group of 52 are “worth $310bn and manage firms with assets of over $32trn.” In 2016 most hedged their position by giving to both Republicans and Democrat with only eight giving exclusively to Republicans and nine exclusively to Democrats. Since 2016 donations have decreased and the Republicans are less partisan with only three dedicated large Wall Street donors chipping in so far. It seems that most Wall Street Donors aren't too enthusiastic about either the POTUS or Biden. By contrast, the level of funding for congress still remains relatively low but has tripled compared to 2016 coming in so far at “$8m to Senate races and $19m to House races.”

See the article for a chart describing in detail the top donors and their leanings.

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