Banking Groups Jump in to Support Members of Congress in Competitive Races

For the first time, the American Bankers Association is getting involved with the campaign world to support incumbent legislators who have been friendly to their industry, according to a recent story in Politico. Buoyed by the passage of the bank deregulation bill that was signed by President Trump in May, banks are seeing an opportunity to double down and support lawmakers from both parties who are engaged in competitive races.

“We want to send a signal to policymakers that working together to help the economy grow is positive and is important and we should build upon that,” American Bankers Association President and CEO Rob Nichols told Politico. “That’s why we’re engaging with such rigor now.”

The proactive support for both parties also reflects a political reality, said Mike Winder, Executive Director of the super PAC Friends of Traditional Banking.

“Many believe that the Republicans aren’t going to lose the Senate, but they’re also not going to win 60 seats,” said Winder, a Republican state representative in Utah. “If we’re going to have any additional regulatory reform, it will have to be bipartisan. Even though many of our members come from red states, we realize that we have to support some key democrats who are going to support us.”

That’s why Winder’s organization has called on its 22,000 members to contribute to Sen. Jon Tester’s campaign. Tester is a Democrat from Montana who voted for the bank deregulation legislation. Their support for Tester is the first time they’ve backed a Democrat.

“Our leadership felt that his race was one where we could make the largest difference, and that reg reform would not have happened without him,” Winder said.