Wall Street set to break spending records this election

Wall Street set to break spending records this election

 

WASHINGTON (CNNMoney) — Wall Street is on track to spend more on this election than it ever has during a campaign season.

With two months to go before Nov. 6, Wall Street firms have so far spent $164 million on campaigns and donations to political groups designed to influence the elections, according to the Center for Responsive Politics. That puts the industry on pace to surpass the spending record of $170 million that it set during the 2008 race.

The presidential and congressional elections are expected to be the most expensive on record. The Center expects the final tab to hit $2.5 billion, most of which will be spent on television advertising, campaign infrastructure and staff as well as logistical efforts to help voters get to the polls.

Securities and investment firms are one of the biggest powerhouses aiming to influence the elections, according the Center. Individuals from Wall Street firms such as Goldman Sachs (GS, Fortune 500), Bain Capital and Blackstone Group (BX) have contributed millions of dollars directly to campaigns and through political groups.

The biggest difference between this election and the race in 2008 is that Wall Street is now betting bigger on Republicans. During the last cycle, 57% of individuals from Wall Street gave to Democrats and President Obama. But this year, 60% of Wall Street’s contributions went to Republicans.

“We’re going to see a lot more [money] from the securities and investment firms going to both members of Congress and presidential candidates,” said Bill Allison, editorial director for the Sunlight Foundation, another watchdog group that tracks political influence.