(Bloomberg) A banking trade group is preparing to set up a political fund that would allow members to funnel money anonymously to pro-industry candidates in the final months of the U.S. elections.
The American Bankers Association board is set to vote tomorrow on a plan to create a nonprofit that would donate to super-political action committees, or super-PACs, that can spend unlimited amounts on TV ads and other campaign activities.
ABA Chief Operating Officer Michael Hunter said, “It’s not like we’re going to be opening the cash spigots and influencing races across the country.”
ABA Chief Operating Officer Michael Hunter said, “It’s not like we’re going to be opening the cash spigots and influencing races across the country.” Photographer: Andrew Harrer/Bloomberg
ABA officials, during a conference call yesterday to brief member firms, said they intend to raise several million dollars in the next few weeks and concentrate their contributions on six to 12 fiercely contested U.S. Senate races. Attempts in the Republican-controlled House to roll back regulation of the financial industry, particularly the 2010 Dodd-Frank Act, have so far run aground in the Democratic-controlled Senate.
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In other words, the bankers are going to throw as much money as necessary at this election, to prevent any new legislation which would curtail their fiscal free-for-all from continuing…
WE HAVE BEEN WARNED
LT
~Those who abuse Liberty, do so at their own peril!
