Despite the booming stock market under President Trump, the finance sector is giving more money to Democrats than Republicans. 'People are just exhausted,' says one chairman. 'You never know what his White House is going to do.'
Former Vice President Joe Biden speaks during a campaign kickoff rally on May 18, 2019, in Philadelphia. For the first time in a decade, Wall Street's deep-pocketed donors are giving more money to Democrats than Republicans.Former Vice President Joe Biden speaks during a campaign kickoff rally on May 18, 2019, in Philadelphia. For the first time in a decade, Wall Street's deep-pocketed donors are giving more money to Democrats than Republicans.
"This cycle is the first cycle we've seen in a while where the Democrats in the House and [former Vice President Joe] Biden and even to some extent the Democrats in the Senate are out-raising Republicans," says Sarah Bryner, research director at the Center for Responsive Politics. That hardly ever happens. While Wall Street went big for Barack Obama in 2008, it switched back to the GOP following the passage of the Dodd-Frank financial overhaul bill and has been reliably Republican ever since.That's important, because the finance sector is by far the biggest contributor to political campaigns in the country.
Meanwhile, wallets are opening faster for Democrats this election season than they did in 2016, says Charles Myers, chairman of Signum Global Advisers, who helped raise money for Hillary Clinton four years ago.
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