Interim House speaker Patrick McHenry is a puppet of financial, real estate & debt collection industries, gladly taking 90% of campaign cash from them

[basquebromance]

Swamp Thing

Republicans’ temporary speaker, Patrick McHenry, received 90 percent of his campaign cash this year from lobbyists and industries he regulates — and only $856 from small donors.

www.levernews.com

One reason regular people don’t know McHenry is because he hardly represents them. He projects and personifies the cold, corporate Washington, DC, politics that systematically preference donors’ interests over those of the public.

According to the financial industry newsletter Capitol Account, Wall Street very much wants McHenry to be made speaker on a permanent basis. It likely won’t happen, but McHenry’s temporary elevation and his lengthy career in Congress represent a continuing triumph for the financial industry and other special interests.

Since taking over the Financial Services Committee in January, McHenry has received at least $140,000 from executives at private equity firms, hedge funds, and venture capital firms, as well as from their spouses.

While McHenry is ostensibly the financial industry’s chief regulator in Congress, he has instead acted as its top booster.

McHenry has spoken out against a new rule from the Securities and Exchange Commission (SEC) to block alternative investment firms, like private equity and hedge funds, from giving special rights and privileges to certain favored investors and not to others who have invested in the same funds.

McHenry has received donations this year from several PACs for entities that have lobbied on the SEC’s proposed climate disclosure rule — including Allstate Insurance, the American Bankers Association, the Investment Company Institute, the Securities Industry and Financial Markets Association, and the US Chamber of Commerce.

So far this year, McHenry has received at least $117,000 from cryptocurrency interests, as he’s pushed to shore up tarnished industry’s regulatory status.

What’s most remarkable about McHenry’s reliance on industry cash is how relatively normal it is.

Last election cycle, McHenry raised just $7,655, or 0.2 percent of his campaign money, from small donors, according to data from OpenSecrets. That amount was lower than all but a dozen members of Congress, but it was not an extreme outlier.

More than fifty lawmakers raised less than 1 percent of their campaign cash in small donations last cycle; 60 percent of lawmakers received less than 10 percent of their fundraising hauls from small donors.

McHenry’s top career source of cash has been the securities and investment industry, followed by the insurance, banking, real estate, and finance industries, according to OpenSecrets.

Since taking over the financial services committee this year, McHenry’s top individual source of cash has been the private equity firm Apollo Global Management.

Apollo executives donated $37,600 to McHenry’s campaign starting in early March, around the time the Beltway newsletter and Capitol Hill scoop factory Punchbowl News announced it would hold an event headlined by McHenry about “capital and American business“ — a conversation that was sponsored by Apollo

 

[sealybobo]

Swamp Thing

Republicans’ temporary speaker, Patrick McHenry, received 90 percent of his campaign cash this year from lobbyists and industries he regulates — and only $856 from small donors.

www.levernews.com

One reason regular people don’t know McHenry is because he hardly represents them. He projects and personifies the cold, corporate Washington, DC, politics that systematically preference donors’ interests over those of the public.

According to the financial industry newsletter Capitol Account, Wall Street very much wants McHenry to be made speaker on a permanent basis. It likely won’t happen, but McHenry’s temporary elevation and his lengthy career in Congress represent a continuing triumph for the financial industry and other special interests.

Since taking over the Financial Services Committee in January, McHenry has received at least $140,000 from executives at private equity firms, hedge funds, and venture capital firms, as well as from their spouses.

While McHenry is ostensibly the financial industry’s chief regulator in Congress, he has instead acted as its top booster.

McHenry has spoken out against a new rule from the Securities and Exchange Commission (SEC) to block alternative investment firms, like private equity and hedge funds, from giving special rights and privileges to certain favored investors and not to others who have invested in the same funds.

McHenry has received donations this year from several PACs for entities that have lobbied on the SEC’s proposed climate disclosure rule — including Allstate Insurance, the American Bankers Association, the Investment Company Institute, the Securities Industry and Financial Markets Association, and the US Chamber of Commerce.

So far this year, McHenry has received at least $117,000 from cryptocurrency interests, as he’s pushed to shore up tarnished industry’s regulatory status.

What’s most remarkable about McHenry’s reliance on industry cash is how relatively normal it is.

Last election cycle, McHenry raised just $7,655, or 0.2 percent of his campaign money, from small donors, according to data from OpenSecrets. That amount was lower than all but a dozen members of Congress, but it was not an extreme outlier.

More than fifty lawmakers raised less than 1 percent of their campaign cash in small donations last cycle; 60 percent of lawmakers received less than 10 percent of their fundraising hauls from small donors.

McHenry’s top career source of cash has been the securities and investment industry, followed by the insurance, banking, real estate, and finance industries, according to OpenSecrets.

Since taking over the financial services committee this year, McHenry’s top individual source of cash has been the private equity firm Apollo Global Management.

Apollo executives donated $37,600 to McHenry’s campaign starting in early March, around the time the Beltway newsletter and Capitol Hill scoop factory Punchbowl News announced it would hold an event headlined by McHenry about “capital and American business“ — a conversation that was sponsored by Apollo

If republicans don’t mind Clarence Thomas taking money from billionaires I doubt you guys mind where this guy gets his money. I hea both sides like him. Why not make this guy speaker? Who’s better?