Bank of America Corp (NYSE: BAC) is switching directions with its political contributions and has given far more cash to Republican congressional candidates than to Democrats for the 2010 mid-term elections, according to data from the for Center for Responsive Politics.
During the 2008 elections, Bank of America donated more to Democratic candidates, but with the Democratic party putting target on the financial sector for new industry regulations, the bank is putting is dollars with candidates that are less likely to enact costly new financial regulations.
“Bank of America is a major player. They donate a lot of money to both sides of the aisle,” says Dave Levinthal, spokesman for the Center for Responsive Politics, a nonpartisan nonprofit that tracks political donations. “When you look over the past 20 years, Bank of America has fluctuated with its political giving. Often it aligns with the party in power or the party on the upswing.”
The Charlotte Business Journal did an analysis of Bank of America Corp (NYSE: BAC)’s giving and found that the company’s political action committee gave nearly have of its federal donations to members of the two committees which are shaping new banking regulations.
Bank of America’s PAC has about $846,000 to spend and has already given about $337,000 to candidates this election cycle. 57% of its funds have gone to Republican campaigns. During the 2008 elections, Bank of America’s PAC gave $928,000 to federal candidates, of which 53% went to Democrats.
