Wall Street firms are threatening to cancel GOP fundraising over banking tax proposal
Wall Street firms are threatening to turn off the money hose that fuels Republican election campaigns, according to a recent article in Politico. One GOP lobbyist told Politico that “commitments for big-dollar fundraising have been “canceled for the foreseeable future.”
What happened? Rep. Dave Camp had proposed a tax bill that would cut into the profits of large private equity firms.
Lobbyists from the big banks, among them Bank of America, Goldman Sachs, and JPMorgan, are trying to stop the proposal in its tracks.
And they seem to be quite successful. House Majority Leader Eric Cantor (R-Va.) backpedaled and told lobbyists that Camp’s proposal was just a “draft.”
At the same time, Democrats are rubbing their hands over potential campaign funds coming their way. The head of the Consumer Bankers Association put it this way:
[T]here’s no doubt some champagne corks were unleashed in Democratic circles last night. They got an early election gift
Democracy in America, 2014.