Your weekly money in politics newsletter.

December 7, 2023

Top firms rake in millions lobbying for foreign nations on US defense budget

Three Washington D.C.-based firms brought in millions of dollars lobbying for foreign countries with interests in the outcome of the annual National Defense Authorization Act, which determines the budget for the Pentagon and military operations.

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Pro-Israel PACs poised to spend big to unseat progressive members of congress in 2024 election cycle

Reports suggest that AIPAC and affiliated super PACs plan to spend at least $100 million on Democratic primaries, opposing candidates that are critical of Israel’s handling of its war on Hamas.

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OpenSecrets' Chart of the Week

Dive deeper into the data behind the headlines

At the GOP presidential candidate debate on Dec. 6, former Gov. DeSantis (R-Fla.) and entrepreneur Vivek Ramaswamy attacked former UN Ambassador and South Carolina Gov. Nikki Haley’s support from Wall Street donors. Haley’s presidential campaign received over $1.1 million from Wall Street donors, the third highest recipient of contributions from PACs and individuals affiliated with commercial banks or the securities and investment industry.

The attacks follow CNBC reporting that some of Haley’s Wall Street donors were closely watching the debate on Wednesday night.

Deep-pocketed Wall Street donors made more than $9.1 million in contributions to 2024 presidential campaigns through the third quarter of this year, including candidates currently running and those who have dropped out.

Former President Donald Trump, whose 2024 campaign has attracted more than $2.4 million from Wall Street donors, making him the top recipient among GOP presidential candidates. Unlike the other candidates, however, Trump’s campaign contributions also include contributions made after Election Day in 2020 that were transferred from the joint-fundraising committee to the campaign in 2021.

Haley responded to the attacks by accusing DeSantis and Ramaswamy of being “jealous” that she has the donors’ support. DeSantis has attracted nearly $1.5 million from Wall Street donors, ranking him right after Trump.

Ramaswamy has received about $277,000.

Overall, President Joe Biden’s 2024 campaign is the top recipient of funds from Wall Street donors with over $28.3 million in contributions from commercial banks and the securities and investment industry.

OpenSecrets in the News

See our media citations from outlets around the nation this week:

Revealed: how top pop stars are used to ‘launder the reputation’ of Koch family (The Guardian)

Stand Together Music, part of rightwing billionaire Charles Koch’s advocacy network, collaborates with Pitbull, Machine Gun Kelly and others. One of Stand Together’s members continues to be Americans for Prosperity, which during the 2020 election spent nearly $48m to help Republican candidates, according to the watchdog group OpenSecrets; it spent an additional $69m during the 2022 election cycle.

US crypto industry lobby spending on track for new record in 2023 (Reuters)

The cryptocurrency industry was on track to hit a new record for federal lobbying spending, after a year in which firms scrambled to repair their reputations and advance friendly legislation, according to data provided to Reuters by nonprofit research group OpenSecrets.

Billionaire Democratic Donor Reid Hoffman Donates to Nikki Haley (Bloomberg)

Hoffman was the 25th biggest donor in the 2020 election cycle, giving $14.6 million, according to OpenSecrets, all in support of Democratic candidates. This cycle, he’s given $759,600 to the Biden Victory Fund, which raises money for the president’s campaign, the Democratic National Committee and state parties. He’s also given $4 million to the Republican Accountability PAC, which has aired ads in Iowa urging voters to turn away from Trump.

San Francisco Chronicle