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April 24th, 2020
This week in money-in-politics
 
Majority of lawmakers in 116th Congress are millionaires
 
 

Congress is an exclusive club. It’s also a wealthy one.

More than half of those in Congress are millionaires, data from lawmakers’ most recent personal financial disclosures shows. The median net worth of members of Congress who filed disclosures last year is just over $1 million.

Much of the wealth in Congress is concentrated at the top. The top 10 percent of wealthiest lawmakers have three times more wealth than the bottom 90 percent. While some lawmakers are still paying off student loans, others are paying off their third or fourth mortgage. The group of wealthiest members includes career politicians who boosted their portfolios over decades in Congress and recently elected lawmakers.

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Party-tied super PACs amassing unprecedented sums for congressional elections


Super PACs directly tied to congressional party leaders are amassing huge war chests in anticipation of a competitive and expensive November election. The “big four” super PACs focused on congressional elections have a combined $181 million cash on hand. They had less than $34 million banked at this point in the 2016 election, indicating that wealthy donors are heavily invested in this year’s congressional contests.
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Undisclosed stock sales undermine freshman Democrat’s reelection bid


Rep. Donna Shalala’s (D-Fla.) reelection campaign could be jeopardized as liberal and conservative groups call for her resignation from a coronavirus oversight commission for failing to disclose stock sales. The National Republican Congressional Committee, which marked Shalala as one of its Democratic targets in 2020, called on her to resign from a commission overseeing stimulus funds for businesses hit hard by COVID-19.
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Airlines secure billions in government aid after spending millions on lobbying


The Treasury Department has finalized terms to send billions in grants to major airlines hammered by the coronavirus pandemic. Following an extensive lobbying campaign, airlines were one of the few industries to receive carved-out funding in the bipartisan $2.2 trillion stimulus bill. Airlines for America, the top trade group for U.S. airlines, spent $1.9 million lobbying Congress and the federal government during the first three months of 2020, its highest ever first-quarter mark.
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Shell companies hide Trump campaign’s financial dealings as super PAC coordination rules kick in
 
 

President Donald Trump’s official super PAC, America First Action, recently unveiled its first independent expenditures in the 2020 presidential election attacking presumptive Democratic nominee Joe Biden on his response to the coronavirus pandemic.

But critical information about financial dealings of Trump’s re-election campaign remains hidden by shell companies, obscuring details critical to determine if Trump’s campaign is coordinating with his official super PAC.

Super PACs can raise and spend unlimited sums supporting a candidate so long as they do not coordinate with the candidate’s campaign on spending. The Federal Election Commission considers shared vendors when determining if communications constitute illegal coordination between a campaign and an outside group supporting it. The Trump campaign’s disclosure of payments through shell companies keeps the identities of sub-vendors it might share with its super PAC hidden.

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OpenSecrets in the News

See where we've been cited by media outlets around the nation this week:  

The Wall Street Journal
The New York Times
NBC News
Forbes
Univision
Politico
Washington Business Journal
Marijuana Business Daily
Crain's Chicago Business
Sludge
The American Prospect
The Sand Paper

 

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