The candidates getting banks' cash: Top 5 in the Senate

August 15, 2018 1:35 PM

WASHINGTON — While bankers typically donate more to the political re-election campaigns of Republicans, who are more likely to support pro-business platforms, their giving has shifted more to Democratic incumbents in the Senate for the upcoming midterms.

Yet that may have less to do with which party financial institutions and their employees prefer, and more to do with this fall's electoral map. Bankers typically will donate to incumbents running for re-election, and there are significantly more Democratic senators seeking another term in 2018 than Republican senators.

Overall, banks have given significantly more to the Republican Party than to the Democratic Party, including donations for House candidates and to the parties' congressional campaign committees.

But in terms of individual Senate incumbents, four of the top five recipients of commercial bank donations highlighted below are Democrats, all vying for re-election in states President Trump won in 2016. And all five of the Senate incumbents who have received the largest contributions from the industry supported the recent regulatory relief bill signed by Trump in May.

Individual Democrats in the Senate have received on average $43,910 versus $31,468 for Republicans (including lawmakers not running for re-election). This data is from donations given to all sitting senators from individuals working at commercial banks (who gave $200 or more) and from the banks' political action committees.

The data is from the Center for Responsive Politics as of July 23.

Jon Tester, D-Mont.

Senator Jon Tester, a Democrat from Montana, listens during a Senate Banking, Housing and Urban Development Committee hearing with Steven Mnuchin, U.S. Treasury secretary, not pictured, in Washington, D.C., U.S., on Tuesday, Jan. 30, 2018. Mnuchin said he can extend the debt limit suspension period into February before the government exhausts its borrowing capacity. Photographer: Andrew Harrer/Bloomberg

Andrew Harrer/Bloomberg

Tester, who has received $242,407 from commercial banks this cycle, has enjoyed wide support in the industry as one of the lead authors of the regulatory relief bill that President Trump signed in May. He was the first senator the American Bankers Association endorsed via television advertisements for his re-election campaign, and the first Democrat ever to be endorsed by the Friends of Traditional Banking super PAC.

Heidi Heitkamp, D-N.D.

Senator Heidi Heitkamp, a Democrat from North Dakota, center, questions Jerome Powell, chairman of the U.S. Federal Reserve, not pictured, during a Senate Banking Committee hearing in Washington, D.C., U.S., on Tuesday, July 17, 2018. Powell said the central bank will continue to gradually raise interest rates "for now" to keep inflation near target amid a strong U.S. labor market. Photographer: Andrew Harrer/Bloomberg

Andrew Harrer/Bloomberg

Heitkamp has received $205,476 from commercial banks for her midterm re-election campaign. She was among the key moderate Democrats who spent years negotiating regulatory relief for community banks with Senate Banking Committee Chairman Crapo, R-Idaho, and was notably the only Democrat to attend the ceremony when Trump signed the Crapo bill into law. Her race in North Dakota is expected to be close, but Trump has been hesitant to criticize the moderate Democrat.

Dean Heller, R-Nev.

Senator Dean Heller, a Republican from Nevada, speaks during the Nevada Republican Party Convention at the Suncoast Hotel and Casino in Las Vegas, Nevada, U.S., on Saturday, June 23, 2018. Trump will hold a fundraiser in the Las Vegas area on Saturday for Senator Dean Heller, and will also speak to the Nevada Republican Party and attend a tax-focused event, six months after the passage of major tax-cutting legislation. Photographer: Jacob Kepler/Bloomberg

Jacob Kepler/Bloomberg

While Heller isn’t one of the most active members of the Senate Banking Committee, he faces a tough race in a state won by Hillary Clinton in 2016. Commercial banks have donated $164,750 to his campaign. His challenger, Rep. Jacky Rosen, D-Nev., would be a voice of opposition against further regulatory relief for the banking sector, as she did not support the bipartisan bill that Trump signed into law in May.

Joe Donnelly, D-Ind.

Senator Joe Donnelly, a Democrat from Indiana, listens during a Senate Banking Committee hearing with Jerome Powell, chairman of the U.S. Federal Reserve, not pictured, in Washington, D.C., U.S., on Tuesday, July 17, 2018. Powell said the central bank will continue to gradually raise interest rates "for now" to keep inflation near target amid a strong U.S. labor market. Photographer: Andrew Harrer/Bloomberg

Andrew Harrer/Bloomberg

Donnelly is one of the more moderate Democrats sitting on the Banking Committee up for re-election in November, and was also a supporter of the reg relief bill. His campaign has received $164,372 from commercial banks. After the Equifax data breach that compromised the personal data of nearly 148 million Americans, Donnelly helped push to include a provision added to the reg relief bill to enable consumers to freeze and unfreeze their credit in a timely manner.

Claire McCaskill, D-Mo.

Senator Claire McCaskill, a Democrat from Missouri and ranking member of the Senate Homeland Security Committee, makes an opening statement during a hearing in Washington, D.C., U.S., on Wednesday, Sept. 27, 2017. Acting Homeland Security Secretary Elaine Duke, FBI Director Christopher Wray, and Nicholas Rasmussen, director of the National Counterterrorism Center, testified on threats to the U.S. Photographer: Andrew Harrer/Bloomberg

Andrew Harrer/Bloomberg

McCaskill, who has received $146,834 from banks, is considered one of the more vulnerable Democrats hoping to hold onto her Senate seat. While she doesn’t currently sit on the Senate Banking Committee, she was an early supporter of the reg relief package negotiated between Crapo and other moderate Democrats.