Eleanor Finch
BlackRock, an asset-management firm, has been under scrutiny for its political donations, particularly in the 2024 election cycle. While organizations themselves cannot contribute to candidates, money flows through PACs, individual members, employees, owners, and their families. BlackRock's political action committee has contributed record amounts to US political campaigns, with donations to both Democratic and Republican candidates and committees. The company's CEO, Larry Fink, has also made substantial contributions to lawmakers and PACs, sparking debates around the firm's advocacy of sustainable investing and its impact on fossil-fuel interests.
| Characteristics | Values |
|---|---|
| Donated to House Minority Leader Kevin McCarthy of California | No |
| Donated to Minority Whip Steve Scalise of Louisiana | No |
| Donated to Florida Representative Vern Buchanan | Yes |
| Donated to Representative Patrick McHenry of North Carolina | Yes |
| Donated to House Minority Leader Hakeem Jeffries, D-N.Y. | Yes |
| Donated to Rep. Bryan Steil, R-Wisc. | Yes |
| Donated to Sen. Tim Kaine, D-Va. | Yes |
| Donated to Sen. Mark Warner, D-Va. | Yes |
| Donated to Sen. John Tester, D-Mont. | Yes |
| Donated to Senate Banking Committee Chair Sherrod Brown, D-Ohio | Yes |
| Donated to Democrats in the 2020 election cycle | Yes |
| Donated to Republicans in the 2020 election cycle | Yes |
| Donated to Democrats in the 2024 election cycle | Yes |
| Donated to Republicans in the 2024 election cycle | Yes |
| Donated to Democrats more than Republicans in the 2024 election cycle | Yes |
| Donated directly to political candidates | No |
Explore related products
What You'll Learn
BlackRock's political action committee (PAC)
BlackRock's PAC has been strategic in its donations, targeting influential figures such as House members who are potential committee chairs. For instance, Representatives Vern Buchanan of Florida and Patrick McHenry of North Carolina each received $10,000 from the PAC. The PAC has also contributed to lawmakers and their associated PACs, including Rep. Bryan Steil, R-Wisc., and Sen. Tim Kaine, D-Va. The largest donation from the PAC during this period was $11,600, which went to a joint fundraising committee between House Minority Leader Hakeem Jeffries, D-N.Y., and congressional Democrats.
It is important to note that BlackRock's PAC donations are not the only source of political funding associated with the company. BlackRock's affiliates, employees, owners, and other connections have also contributed significantly to various political candidates and organisations. This network of donors provides additional financial support that complements the efforts of the PAC.
The company's political donations have not gone without scrutiny. BlackRock has faced criticism from both Republican politicians and environmental advocates. Some states, including Missouri and Louisiana, have withdrawn over $1 billion in public funds from BlackRock due to concerns about its advocacy of sustainable investing and its perceived impact on fossil fuel interests. Additionally, the company has been accused of "abdicating responsibility" in not sufficiently pushing corporations to address global warming.
In response to the mounting criticism, BlackRock has defended its business practices and emphasised its commitment to retirees' financial interests. The company has also increased its lobbying efforts, hiring additional lobbyists in Texas and Washington to influence policy decisions. Despite contributing less money than some of Wall Street's biggest banks, BlackRock's PAC is expected to face increased scrutiny from Washington in the future.
Kamala's Schedule: Timing and Routine Explored
You may want to see also
BlackRock's 2024 election campaign contributions
BlackRock's political action committee has contributed a record amount to U.S. political campaigns in the 2024 election cycle, nearly doubling its 2020-cycle payments. The BlackRock PAC has given about $937,000 to congressional candidates, their leadership PACs, and political parties between January 2023 and mid-October. The PAC's largest contributions went to Democrat and Republican Party leadership groups, with two $15,000 contributions each going to the National Republican Senate Committee, the National Republican Congressional Committee, the Democratic Senatorial Campaign Committee, and the Democratic Congressional Campaign Committee. According to nonprofit OpenSecrets, which tracks PAC contributions, the BlackRock PAC this election cycle has donated roughly 51% to Republican candidates and 49% to Democrats.
BlackRock executives, including Larry Fink, Samara Cohen, Sudhir Nair, Mark Florian, and Manish Mehta, have contributed to the PAC, according to FEC filings. These executives can also contribute to campaigns independently. Since January 2023, Fink has contributed $5,000 to the BlackRock PAC and has made several other contributions to lawmakers and PACs associated with their campaigns, with the largest donation of $11,600 going to a joint fundraising committee for House Minority Leader Hakeem Jeffries and congressional Democrats.
BlackRock's total contributions in the 2024 cycle amount to $2,599,879, with lobbying efforts totaling $2,840,000. It is important to note that the organization itself did not donate; instead, the money came from the organization's PACs, individual members, employees, owners, and their immediate family members. Organizations themselves cannot contribute directly to candidates and party committees.
Should You Quit Your Job via Text Message?
You may want to see also
BlackRock's CEO Larry Fink's donations
BlackRock's CEO Larry Fink co-founded the company in 1988 under the corporate umbrella of The Blackstone Group. Fink has been a lifelong supporter of the Democratic Party and has donated to both Democratic and Republican politicians.
In 2022, BlackRock donated a record amount to U.S. political campaigns, with its political action committee contributing $647,000 to congressional candidates, leadership PACs, and political parties between January 2021 and October 2022. This was about 38% more than the committee gave in the 2020 election cycle, and slightly more than half ($331,000) went to Democrats.
Fink has also made donations through his position at BlackRock and his other affiliations. For example, in 2020, the Fed turned to BlackRock to help it purchase distressed securities, and Fink is on the board of trustees of New York University, where he holds various chairmanships. He is also a trustee of the Boys and Girls Club of New York and the Robin Hood Foundation. In addition, Fink has served on the Advisory Board of the Tsinghua University School of Economics and Management in Beijing and on the Executive Committee of the Partnership for New York City.
Fink has used his platform to advocate for various causes, such as environmental sustainability and social and political issues. In his 2018 annual open letter, he called for corporations to play an active role in improving the environment, working to better their communities, and increasing the diversity of their workforces. However, BlackRock has faced criticism for being the largest investor in weapon manufacturers and for its advocacy of sustainable investing, with some states pulling public money from BlackRock's funds due to concerns about its commitment to combating climate change.
Harris' Win: Still Possible?
You may want to see also
Explore related products
BlackRock's ESG fight
BlackRock, the world's largest asset manager, has been facing increasing scrutiny over its size and advocacy of sustainable investing or environmental, social, and governance (ESG) goals. The company has been pouring record amounts of money into US political campaigns, with its political action committee (PAC) contributing around $647,000 to congressional candidates, leadership PACs, and political parties between January 2021 and October 2022. This amount is about 38% more than what was given in the 2020 election cycle.
The ESG fight has been portrayed as "Big Oil vs. BlackRock", with BlackRock's leadership in the ESG movement being criticized for harming the oil and gas economy. Aaron Kinsey, the oil aviation CEO and chairman of the Texas State Board of Education, wrote that BlackRock's actions "immeasurably damage our state's oil & gas economy and the very companies that generate revenues for our PSF". As a result, the Texas Permanent School Fund announced it would divest $8.5 billion from BlackRock.
In addition, Republican politicians have attacked ESG for prioritizing societal causes over financial returns and harming fossil fuel interests. States such as Missouri and Louisiana have pulled over $1 billion in public money from BlackRock's funds. New York City Comptroller Brad Lander also criticized the firm for not doing enough to push corporations to address global warming.
In response to the criticism, BlackRock has defended its business of managing money for retirees and has hired additional lobbyists to influence policy. The company's CEO, Larry Fink, is at the center of the escalating political battle over investing with ESG goals. BlackRock's PAC has donated to key House members, including potential committee chairs, such as Florida Representative Vern Buchanan and Representative Patrick McHenry of North Carolina.
While BlackRock faces significant opposition, some financial institutions have shown a willingness to step back and analyze their commitments to ESG. JPMorgan Asset Management and State Street Global Advisors recently left Climate Action 100+, an investor group focused on reducing carbon emissions. BlackRock, on the other hand, has reaffirmed its commitment to the coalition, albeit through a smaller international arm.
Kamala Harris: Will She Visit Oregon?
You may want to see also
BlackRock's affiliates and donations
BlackRock's political action committee (PAC) has been making headlines for its record-breaking donations to U.S. political campaigns. The company's PAC contributed approximately $647,000 to congressional candidates, leadership PACs, and political parties between January 2021 and October 2022, according to public records. This amount is about 38% more than what was donated in the 2020 election cycle.
It is important to note that BlackRock, as an organization, did not directly donate to these campaigns. Instead, the contributions came from its PACs, individual members, employees, owners, and their immediate family members, as well as subsidiaries and affiliates. BlackRock's CEO, Larry Fink, has also been an active contributor, with records showing that he donated $5,000 to the BlackRock PAC and made additional contributions to lawmakers and their PACs, with the largest donation of $11,600 going to a joint fundraising committee for House Minority Leader Hakeem Jeffries and congressional Democrats.
BlackRock's donations have been a subject of controversy, with some criticizing the company for not doing enough to combat climate change and for its advocacy of sustainable investing. This has led to several states, including Missouri and Louisiana, pulling over $1 billion in public money from BlackRock's funds. The company has responded to these critiques with advertising campaigns and by hiring additional lobbyists to influence policy.
BlackRock's PAC donations have been strategically directed towards key political figures, such as House members who are potential committee chairs. For example, Representatives Vern Buchanan of Florida and Patrick McHenry of North Carolina each received $10,000. The company's PAC has also contributed to both Democratic and Republican organizations, with slightly more than half of the donated sum going to Democrats in the 2024 election cycle.
Kamala's Absence: Where Was She Tonight?
You may want to see also
Frequently asked questions
Yes, BlackRock donates to political campaigns, but not directly. The company's political action committee (PAC) contributed a record-breaking amount of money to U.S. political campaigns in the 2024 election cycle.
BlackRock's PAC contributed around $647,000 to congressional candidates, leadership PACs, and political parties between January 2021 and October 2022. This was about 38% more than the committee gave in the 2020 election cycle.
BlackRock's PAC gave $10,000 each to Florida Representative Vern Buchanan and Representative Patrick McHenry of North Carolina. The company's CEO, Larry Fink, also contributed $11,600 to a joint fundraising committee for House Minority Leader Hakeem Jeffries and congressional Democrats. Smaller contributions were made to lawmakers and their PACs, including Sen. Tim Kaine and Sen. Mark Warner.
BlackRock is an asset management company with connections to many industries. The company has faced scrutiny for its size and advocacy of sustainable investing, and it has been criticised for not doing enough to combat climate change. BlackRock's donations may be an attempt to influence policy and protect its business interests.
In the United States, organizations themselves cannot contribute directly to candidates or party committees. Political donations are made through PACs, individual members, employees, owners, or their immediate family members. There are also rules around the disclosure of soft money contributions, which were not publicly disclosed until the 1991-1992 election cycle and were banned after the 2002 cycle.
