US Midterms: Banks Cut Overall Donations, Boost Democrats' Share

Photo: Reuters

The Facts

  • According to a Reuters analysis of data compiled by the Center for Responsive Politics, commercial banks have greatly reduced financial donations to federal candidates for this election cycle, but have increased their proportion to Democrats. With less than a month until the midterms, commercial banks' political action committees (PACs) have given about $7.4M to federal candidates, 43% down from 2020 and 39% down from the average in the previous decade.

  • Though there has been a drop in total funding by banks, the proportion of donations given to Democrats has risen to 40%, the highest since the 2010 election cycle.

The Spin

Republican narrative

While rich, elitist politicians and "woke" bankers prioritize the Jan. 6 committee hearings and new diversity, equity, and inclusion agendas, they've blatantly neglected the issues that working-class Americans - of all backgrounds - actually care about, like inflation and a deteriorating public education system. Democrats are no longer the party of the working class and they'll face that reality in November.

Democratic narrative

The corporate world is rapidly shifting from its old form of white, conservative men toward a progressive model of social, financial, and environmental equity. Democrats are on the right side of history, so it's no surprise that banks are now choosing to support the forward-thinking party.

Cynical narrative

There's too much money flushed into American politics, especially during these midterms. It's dangerous when political consultants and PACs spend millions of dollars to boost their cynical Machiavellian interests - whether it's banks looking out for their industry or Democrats boosting "beatable" far-right candidates. This poisons the well Americans must drink from as a democracy.

Nerd narrative

There is a 41% chance that Republicans will win both the House and Senate in the 2022 midterm elections, according to the Metaculus prediction community.

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