Big Banks Are Buying Up the Midterms
Through front groups like “Friends of Traditional Banking,” banks are playing a key role in the midterms, funding candidates who will slash regulations and preserve predatory banking practices.
Big banks are using multiple political groups to run misleading ads and donate millions on behalf of key Republican and Democratic candidates they believe will help them implement deregulation. (Getty Images)
While the financial industry once kept a low profile in elections, it’s no secret which races it’s banking on winning this election cycle.
That’s because big banks aren’t shy about the fact that they’re using multiple political groups to run misleading ads and donate millions on behalf of key Republican and Democratic candidates they believe will help them slash regulations and preserve predatory practices. The fact that buttoned-up bankers are intervening so shamelessly on behalf of election deniers and other right-wing demagogues might seem surprising — but the in-your-face approach is exactly the point.
In the wake of the 2008 financial crisis, the industry was chafing under the yoke of modest regulations passed to try to avert another global catastrophe. It decided to regroup and embrace a new tack.
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