November 29, 2018
A bank owned by the SEIU labor union earned over $2 million during the midterm election cycle through bank fees and interest payments from Democratic campaigns and committees, Federal Election Commission filings show.
Amalgamated Bank continued to grow its political operation during the cycle, with clients ranging from new candidates such as Alexandria Ocasio-Cortez in New York and Jon Ossoff in Georgia to political veterans such as Claire McCaskill in Missouri and Elizabeth Warren in Massachusetts. Amalgamated was the bank used by both the Democratic National Committee and the Democratic Senatorial Campaign Committee, which spent $146.8 million and $117.2 million, respectively, this cycle. It was also the bank for super PACs such as the League of Conservation Voters Victory Fund and American Bridge 21st Century, which both spent about $20 million working to elect Democrats.
All together, Amalgamated Bank was paid $2,188,765.63 by Democratic campaigns and election groups. Most of the money earned comes from simple bank fees, which are frequent due to the highly transactional nature of campaign finance, but a sizable portion also comes from interest payments. Both the DNC and the DSCC took out large loans, which remain largely unpaid.
The DNC has $2.5 million worth of outstanding loans with Amalgamated, a smaller sum than the DSCC, which took out a $20 million loan from Amalgamated in August and is still paying off a nearly $5 million loan it took out in 2015.
This article was posted: Thursday, November 29, 2018 at 7:14 am