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January 14, 2021
This week in money-in-politics
Impact of corporate PAC promises may be limited
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Some of the nation’s most powerful corporations are cutting off their PAC donations to 147 Republicans who objected to the Electoral College results after supporters of President Donald Trump stormed the Capitol.
The movement represents a symbolic break between corporate America and GOP lawmakers only a few years after Republicans delivered massive tax cuts to the wealthiest corporations. But the actual impact of these companies’ pledges may be limited.
PAC donations don’t go as far as they did in previous years due to the unprecedented influx of individual donors in recent elections. Many companies are pausing all PAC giving during the post-election period when PACs generally don’t donate much money anyway. And companies aren’t committing to cutting off fundraisers or huge donations to political parties and super PACs that together spend billions to influence elections.
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** A look at the companies freezing PAC contributions after Capitol riot
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On Jan. 6, 147 Republican members of Congress voted against certifying President-elect Joe Biden‘s victory, supporting baseless claims of election fraud, a false narrative pushed by President Donald Trump that stoked an angry mob that invaded the Capitol, resulting in five deaths. In the wake of the attack, a growing list of America’s most powerful corporations are pledging to amend their policies on contributions made by their PACs. However, not all of the businesses’ promises are the same.
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** Backed by big oil, Manchin holds the keys to Dems’ climate agenda
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With two wins in Senate runoff elections in Georgia, Democrats will now hold a slim majority in the upper chamber, where 50 senators caucus with the party and Vice President-elect Kamala Harris will vote with Democrats in the event of a tie. The razor thin majority will grant centrist Democrats decisive power on a range of issues including climate change, which Democrats hope to tackle in the first months of President-elect Joe Biden’s administration.
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** Big tech employees rally behind Biden campaign
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Employees at big tech companies, including Google parent Alphabet and Facebook, funneled millions of dollars into Democrats’ campaigns during the 2020 election cycle — a move that could pay off for conglomerates hoping to stymie the implementation of internet regulation. President-elect Joe Biden has yet to propose any tech-related legislation. But Biden previously took a staunch stance on the issue, calling for reform measures including revoking Section 230 of the Communications Decency Act.
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Donor Profile: Sheldon Adelson
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Casino mogul Sheldon Adelson died on Jan. 11, 2021 at age 87. The billionaire businessman, philanthropist and strong supporter of Israel was best known for his prolific political contributions. Sheldon and his wife Miriam contributed nearly $525 million to Republican causes, with much of that sum going to super PACs aligned with Republicans.
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OpenSecrets in the News
See our media citations from outlets around the nation this week:
* ** Walmart joins companies suspending donations to lawmakers who voted against certifying the election. (The New York Times) ([link removed])
Democrats' financial advantage was particularly helpful in Georgia with outside groups focusing squarely on the state, since candidates can buy television ads at much lower rates than outside groups.
* ** Stripe’s Ban on Trump Campaign Isn’t Absolute (The Wall Street Journal) ([link removed])
Financial-Tech company Stripe Inc. has stopped processing payments for Trump’s fundraising apparatus... but it continues to process payments for intermediaries that route donations to him.
* ** Las Vegas casino magnate, U.S. Republican donor Sheldon Adelson dies (Reuters) ([link removed])
Casino magnate Sheldon Adelson and his wife Miriam contributed more money than anyone else in the 2020 U.S. elections, giving $218 million to Republican candidates and conservative causes.
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4 star rating for 8 consecutive years
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