Wall Street donors are giving more money to Democrats than Republicans for the first time in a decade. The news will be a significant cause of concern for the GOP and the President.
Major Wall Street banks, real estate firms, securities firms and employees have donated more money to Democratic candidates in this election cycle than Republicans, a new report shows.
While Wall Street has donated some $800 million to politicians to the end of June, more than half has gone to Democrats. This is a major shift in political donations over the last 10 years.
As NPR points out, major financial firms backed Barack Obama in 2008 but switched back to Republicans following his reforms of their industry. They’ve been reliably GOP-supporting ever since.
The situation now appears to be reversing itself as former Vice President Joe Biden shows a consistently strong lead in the polls.
“This cycle is the first cycle we’ve seen in a while where the Democrats in the House and Biden and even to some extent the Democrats in the Senate are out-raising Republicans,” said Sarah Bryner, research director at the Center for Responsive Politics.
Bryner’s group tracks political spending and has found what may be an emerging trend that could harm not only President Trump’s reelection chances, but Republicans in the House and Senate as well.
Trump’s critics on Wall Street see the President as erratic and find it difficult to plan ahead because of his unpredictable behavior. By contrast, they aren’t afraid of a Biden presidency.
Darragh Roche is a journalist covering U.S. politics and media