My opponent, John Delaney, has been in Congress since 2012. He sits on the House Committee on Financial Services, which his website defines as having “jurisdiction over legislation relating to banking, deposit insurance, monetary policy, money and credit, housing, and other aspects of financial services law.” He is assigned to the Subcommittee on Financial Institutions and Consumer Credit and the Subcommittee on Oversight and Investigations.
According to the Center for Responsive Politics, since 2011, John Delaney has raised over $7.4 million in support of his campaigns for Congress since 2011. In this election cycle alone, he has raised over $745,000.
Of the $745,000 Mr. Delaney has raised in this election, $1834 has come from small contributors, meaning people who have donated $200 or less. Mr. Delaney himself has self-financed $67,500. The rest of the money has come from large individual donations and PAC contributions.
To put some perspective on the numbers, 0% comes from small contributors (defined at donations of $200 or less), 49% comes from large individual contributions, and 42% comes from PACs. That means that 87% of Mr. Delaney’s campaign contributions have come from PACs and large individual contributions. But that’s not all.
Look where the money comes from. The top 10 industries, PACs and individuals working for those industries, donating to Mr. Delaney are as follow (you can see the whole list here: Open Secrets Political Donation Summary
- Commercial Banks
- Securities and Investment
- Real Estate
- Law Firms/Lawyers
- Finance/Credit companies
- Business Services
- Misc Finance
- Non-Profit Institutions
How can Mr. Delaney objectively review regulatory information, perform objective oversight, and objectively conduct investigations when those he is regulating, overseeing, and investigating finance 87% of his election campaigns? The answer is that he can’t. What is happening here is what is wrong with American politics. If you serve on a committee, you shouldn’t be able to accept donations from the industries you regulate.