[[link removed]] August 16, 2024
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Outside spending in 2024 federal election tops $1 billion
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Outside spending on 2024 federal elections has surpassed $1 billion, outpacing prior election cycles.
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Texas oil regulator sets new $9.2M fundraising record with energy industry support
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The Texas Railroad Commission chair’s reelection campaign set a multimillion-dollar fundraising record with a quarter of that from the energy and natural resources sector, which the commission oversees.
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Oil and gas lobbying reaches $72 million in first half of 2024
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The American Fuel and Petrochemical Manufacturers leads industry spending at $8.1 million after doubling its expenditures from 2022.
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Chart of the Week
Dive deeper into the data behind the headlines
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What to Know
Outside spending by groups like super PACs has exceeded $1 billion during the 2024 election cycle, doubling the pace of previous cycles, according to a new analysis by OpenSecrets.
By the Numbers
Key drivers of the bump in outside spending include super PACs backing 2024 presidential candidates like former President Donald Trump. His super PAC, Make America Great Again, Inc., leads with $125.1 million in spending since the start of the cycle. Future Forward and American Bridge 21st Century, the largest Democratic hybrid PACs, have spent a combined $74.7 million on the presidential race. Both super PACs pivoted to supporting Vice President Kamala Harris after Biden suspended his campaign last month.
Dig Deeper
Congressional races are also seeing significant investment from outside groups.
Americans for Prosperity Action, a super PAC linked to billionaire Charles Koch, spent $31.2 million supporting Nikki Haley in the Republican presidential primary before shifting focus to Congress. The super PAC has spent about $27.7 million to help Republicans maintain control of the House and regain the Senate.
Fairshake, a super PAC supporting crypto-friendly candidates, has spent another $45.7 million focusing on Senate and House races.
United Democracy Project, a super PAC affiliated with the American Israel Public Affairs Committee, has also poured millions into influencing 2024 elections. The AIPAC-aligned super PAC spent over $35.6 million on congressional races, aiming to unseat Democratic incumbents critical of Israel's military actions.
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OpenSecrets in the News
See our media citations from outlets around the nation this week:
Citadel’s Ken Griffin Has Remade the Hedge-Fund Industry, With Himself on Top ( The Wall Street Journal ) [[link removed]]
Ken Griffin wants visitors to the offices of his $63 billion hedge-fund firm, Citadel, to have no doubt about its standing atop Wall Street. With a fortune Bloomberg estimates at about $42 billion, he’s brought a similar intensity to his life outside the office. He has donated about $75 million to conservative causes and Republican candidates for this year’s elections, recently putting him second on the list of individuals who have disclosed spending this election cycle, behind banking heir Tim Mellon, according to OpenSecrets data.
JD Vance and Tim Walz claim to be 2nd Amendment stalwarts. But where do the VP picks really stand on guns? ( ABC News ) [[link removed]]
The National Rifle Association -- which according to OpenSecrets, a nonprofit research and government transparency group that tracks money in politics and its effect on elections and policy -- contributed nearly $500,000 to Vance's senate campaign. The NRA has also endorsed the Trump-Vance ticket.
This oil tycoon brings in millions for Trump, and may set his agenda ( The Washington Post ) [[link removed]]
The money has been flowing in. The oil and gas industry has contributed more than $20.3 million to the Trump campaign, pro-Trump super PACs and the Republican National Committee in the 2024 cycle, according to data from OpenSecrets.
A pro-Israel group is challenging 'The Squad.’ Why did it sit out Ilhan Omar’s primary election? ( NPR Morning Edition ) [[link removed]]
Campaign cash: Will corporate America decide US election? (DW) [[link removed]]
Crypto-backed super PACs make major fundraising splash in 2024 Senate elections ( Washington Examiner ) [[link removed]]
Koch network’s flagship super PAC pours big money into 2024 elections ( InDepthNH ) [[link removed]]
Bottom Line: Tax bill architect to lobby for private equity giant ( The Hill ) [[link removed]]
Hotel heist: Fraudsters stole thousands from hospitality giant's political committee (RawStory) [[link removed]]
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