Four Facts About JPMorgan's Political Influence
The New York Times reported this weekend that, “Soon after lawmakers finished work on the nation’s new financial regulatory law, a team of JPMorgan Chase lobbyists descended on Washington. Their goal was to obtain special breaks that would allow banks to make big bets in their portfolios, including some of the types of trading that led to the $2 billion loss now rocking the bank.”
Last week’s news that JPMorgan lost $2 billion on risky trading has set off a new round of debate over financial industry regulations like the ones the company lobbyed against, but they still have an army of lobbyists and millions in campaign contributions to back them up.
Here are four facts about JPMorgan Chase’s political influence in Washington, based on analysis of data from the Center for Responsive Politics.
1. JPMorgan Chase is the top bank giver in the 2012 cycle.
- At $1.4 million in contributions, JPMorgan donors are the top givers in the commercial banking industry so far this cycle.
- Since 2000, JPMorgan’s employees and PAC have donated $18.7 million to federal candidates and committees, with 53% going to Democrats and 47% going to Republicans.
- After the debate over Dodd-Frank in 2009, Republicans got 56% of JPMorgan money as they were swept into power in the House. So far in 2012, it’s 61% to Republicans, 38% to Democrats.
2. JPMorgan CEO Jamie Dimon is a Democrat, but he gives to both parties.
- Jamie Dimon, JPM’s CEO, has donated $130,000 to federal candidates and party committees since the 2008 election cycle.
- While the Democratic Senatorial Campaign Committee is the top recipient of Dimon’s money ($55,500 in 2008) he has also given to Republican Senators Rob Portman ($4,000) and Mitch McConnell ($2,500), and House Majority Leader Eric Cantor ($2,000).
- He has donated $25,000 to the JPMorgan PAC, which doles out money to both Republicans and Democrats.
3. Gov. Mitt Romney has received nearly five times as much money from JPMorgan donors so far this cycle than President Barack Obama.
- Gov. Romney has received $373,650 from JPMorgan donors so far this cycle, nearly five times the amount that President Obama has received ($76,675).
- In 2008, Obama received $807,799 from company donors. In his unsuccessful primary campaign, Romney received $123,800.
4. JPMorgan is the third largest commercial bank spender on Washington lobbying.
- JPMorgan chase is consistently one of the top three banks lobbying Congress every year.
- In the first quarter of 2012, the company spent $1.9 million on 48 lobbyists. Thirty-five of these lobbyists are considered “revolvers,” having previously worked for federal agencies or members of Congress.
- The bank has spent $23.1 million lobbying Congress and federal agencies since 2009, when Congress began looking at legislative responses to the economic collapse brought on by Wall Street.