Corporate Interests Betting Big on the GOP

Two separate reports have revealed the flood of corporate dollars buttressing the Republican Party’s push to retake the House and Senate this November. Big business, whether rewarding Republican endeavors to block progressive legislation such as Wall Street reform or simply expecting a GOP wave, has ramped up efforts to support Republican politicians and expenditure committees.

According to the Center for Responsive Politics, “in both the first and second quarters of this year, the broad finance, insurance and real estate sector has favored Republican candidates and committees in its political giving.” Their study indicates “an increased frustration with congressional Democrats by Wall Street interests, many of which are still smarting from passage of federal financial reforms they consider onerous.” Of the 25 leading recipients of money from the three industries, 17 were Republican candidates, and the top 5 includes: “Ohio’s Rob Portman ($820,000); Pennsylvania’s Pat Toomey ($728,000); California’s Carly Fiorina ($650,000); Illinois’ Mark Kirk ($618,000) and Florida’s Marco Rubio ($613,000).”

Stewart Powell and Yang Wang in the Houston Chronicle describe the intense efforts of the National Republican Senatorial Committee to recruit donors from the corporate world. Senator John Cornyn of Texas, the head of the NRSC, “has aggressively courted business executives who are disappointed in Obama’s performance and unhappy with the Democratic Congress' legislative agenda.” The NRSC has raked in over $4.4 million from interests related to the security and investment industries, and Goldman Sachs alone “boosted donations to the NRSC by almost 200 percent.”  And with the increasing number of "Super PACs" after Citizens United, corporations have more opportunities than ever to back their preferred candidates.

Republicans in Congress are reaping the benefits of their unfailing defense of corporate interests, as seen when GOP leaders even went out of their way to protect British Petroleum after the Gulf oil spill. With Wall Street’s unfettered access to John Boehner and Mitch McConnell, the prospect of Republican majorities is motivating more and more giving to the Republican cause.