Meet the people who write the biggest checks in federal elections
April 20, 2021. Summarized by summa-bot.
Compression ratio: 24.6%. 1 min read.
Led by former New York Mayor Michael Bloomberg, just 12 individuals and couples plowed $3.4 billion into presidential and congressional elections in the last six election cycles, a new study finds.
Led by former New York Mayor Michael Bloomberg, America's political megadonors have plowed $3. 4 billion into federal contests between January 2009 and December 2020, according to the report by Issue One.
Their money went directly to candidates, political parties and outside organizations such as super PACs, which can spend unlimited amounts to influence elections but are barred from coordinating their spending decisions with the candidates they support.
Steyer, a California Democrat who became a billionaire running his own hedge fund, already was a big political donor before plowing millions into his own short-lived bid for the presidency in last year's election.
He and his wife have supported Democratic super PACs. Timothy and Patricia Mellon, $70 million.
This hedge fund billionaire has helped fund an array of super PACs working to elect Republicans over the years; he also spent heavily to encourage Republicans to back gay marriage.