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Wall Street spent $2.9B on campaigns, lobbying in 2020 election: study

Wall Street spent $2.9B on campaigns, lobbying in 2020 election: study
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A new study from the progressive group Americans for Financial Reform (AFR) found that Wall Street executives, employees and trade associations invested nearly $3 billion in the 2020 election cycle.

The study, first published by CNBC on Thursday, found it was the most money Wall Street had invested into an election cycle since 2016, when it spent around $2 billion.

“Year in and year out, this torrent of money gives Wall Street an outsized role in how we are governed, while driving and protecting policies that help this industry’s super wealthy amass even greater fortunes at the expense of the rest of us,” AFR’s executive director, Lisa Donner, told CNBC.

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The top financial companies to contribute to the 2020 election cycle included: Bloomberg, the National Association of Realtors, Citadel LLC, the Blackstone Group and Charles Schwab & Co.

Out of the $1.9 billion that went to backing candidates for federal office, 53 percent went to Democrats and 47 percent went to Republicans, according to the study.

Workers in the finance, insurance and real estate sectors donated the most to President BidenJoe BidenDefense lawyers for alleged Capitol rioters to get tours of U.S. Capitol Sasse to introduce legislation giving new hires signing bonuses after negative jobs report Three questions about Biden's conservation goals MORE's campaign, with more than $250 million invested in the Democratic candidate. Former President TrumpDonald TrumpThe Memo: The Obamas unbound, on race Iran says onus is on US to rejoin nuclear deal on third anniversary of withdrawal Assaults on Roe v Wade increasing MORE received more than $100 million from the same sector.

The report found House Republicans who objected to certifying the Electoral College results following the Jan. 6 riot were among some of the top recipients of donations from the financial sector, including House Minority Leader Kevin McCarthyKevin McCarthySunday shows preview: Coronavirus dominates as White House continues to push vaccination effort Trump spokesman says defeating Cheney a top priority Gaetz, Greene tout push to oust Cheney: 'Maybe we're the leaders' MORE (Calif.), House Minority Whip Steve ScaliseStephen (Steve) Joseph ScaliseTrump spokesman says defeating Cheney a top priority Gaetz, Greene tout push to oust Cheney: 'Maybe we're the leaders' Cheney GOP conference deputy has complained about 'coronation' of Stefanik: report MORE (La.) and Rep. Blaine LuetkemeyerWilliam (Blaine) Blaine LuetkemeyerWall Street spent .9B on campaigns, lobbying in 2020 election: study Bipartisan House members reach deal to extend loan program for small businesses Financial regulators home in on climate risks MORE (Mo.).

Senate campaigns that received more than $300 million from the financial sector include those of Senate Minority Leader Mitch McConnellAddison (Mitch) Mitchell McConnellAssaults on Roe v Wade increasing Trump spokesman says defeating Cheney a top priority Biden to meet with GOP senators amid infrastructure push MORE (R-Ky.) and Sens. Jon OssoffJon OssoffThe Hill's Morning Report - Biden launches blitz for jobs plan with 'thank you, Georgia' Biden marks 100th day plugging jobs plan in Georgia Georgia Republican secretary of state hits Loeffler as 'weak,' 'fake Trumper' MORE (D-Ga.), Mark KellyMark KellyEx-McSally aide pleads guilty to stealing over 0K in campaign funds Bowser on Manchin's DC statehood stance: He's 'not right' Manchin says he doesn't support DC statehood, election reform bills MORE (D-Ariz.), Lindsey GrahamLindsey Olin GrahamLindsey Graham: GOP can't 'move forward without President Trump' House to advance appropriations bills in June, July The unflappable Liz Cheney: Why Trump Republicans have struggled to crush her  MORE (R-S.C.) and Raphael WarnockRaphael WarnockDemocrats cool on Crist's latest bid for Florida governor Alabama museum unveils restored Greyhound bus for Freedom Rides' 60th anniversary The Hill's Morning Report - Biden launches blitz for jobs plan with 'thank you, Georgia' MORE (D-Ga.).