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Washington D.C. – Government watchdog Accountable.US compared 2020 and 2022 cycle political donations to election objectors from Fortune 500 companies and trade groups representing five major industries and found contributions fell modestly across industries after the January 6th insurrection. Click to see findings: 1) Aerospace and Defense; 2) Telecommunications; 3) Oil, Gas, and Electric Utility; 4) Pharmaceutical; 5) Financial.

The industry-specific examinations follow Accountable.US’ full review of Fortune 500 companies and over 700 trade associations, which found these corporate interests decreased their overall contributions to election objectors in Congress by just 9.9% — or $3,730,989 — in the 2022 election cycle compared to 2020. Despite the overall decrease in donations, at least 258 companies and trade associations actually increased the amount they contributed to those lawmakers from 2020 to 2022. 

 

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From big banks to big oil, money kept flowing to super spreaders of the Big Lie in Congress even after their votes to finish what the insurrectionists started. At most, election objectors felt a slap on the wrist from corporate interests for their anti-democratic behavior – or even encouragement by receiving bigger PAC checks than before. These big businesses made a choice to maintain political influence with MAGA extremists in Congress rather than help preserve our democracy. If they first checked with their customers and shareholders, they’d realize a healthy democracy will always be what’s best for business.”

Jeremy Funk, spokesperson for Accountable.US.

NEW FINDINGS: 

  • PHARMACEUTICAL INDUSTRY: Among the 13 major pharmaceutical companies in the Fortune 500 and related trade associations, donations decreased just 2.5% to election objectors from the 2020 cycle to the 2022 cycle, far less than the 9.9% decrease across all major companies and trade groups. Additionally, five of the 13 pharmaceutical companies and trade groups increased donation totals to election objectors from the 2020 election cycle to the 2022 cycle. Cumulatively, those in the pharmaceutical industry who increased their giving, donated $256,000 during the 2022 election cycle, an increase of $87,500 or 51.9% over 2020.
  • DEFENSE INDUSTRY: Among the 10 major aerospace and defense companies in the Fortune 500 and related trade associations, donations decreased just 10.3% to election objectors from the 2020 cycle to the 2022 cycle. Additionally, five of the 10 defense contractors actually increased donation totals to election objectors. Cumulatively those who increased their donations, donated $154,500 more in 2022 than 2020, a 19.6% increase. Two defense contractors, Lockheed Martin and Boeing, were among the top five largest corporate donors to the election objectors during the 2022 cycle across all sectors, contributing $428,000 and $377,500 respectively. 
  • FINANCIAL INDUSTRY: Among the 65 financial industry companies in the Fortune 500 and related trade associations, donations decreased just 13% to election objectors from the 2020 cycle to the 2022 cycle. Additionally, 24 of the 65 finance trade associations and companies actually increased donation totals cycle to cycle. This includes the American Investment Council, which boosted their donations to the election objectors from $20,500 in the 2020 election cycle to $63,000 in the 2022 election cycle, an increase of $42,500 or 207.3%. During the 2022 election cycle, the top five donors among the finance industry to the election objectors cumulatively contributed $2,098,500.
  • TELECOMMUNICATIONS INDUSTRY: Among the seven major telecommunications companies in the Fortune 500 and related trade associations, donations decreased by just 14.1% to election objectors from the 2020 cycle to the 2022 cycle. Additionally, two of the seven telecommunications companies and trade associations — DISH Network and United States Telecom Association – actually increased donation totals to election objectors from 2020 to 2022. Cumulatively, the top five donors among the telecommunications industry contributed $1,110,000 to election objectors during the 2022 election cycle. Major telecommunications company AT&T was the largest corporate donor to the election objectors during the 2022 cycle across all sectors, contributing $604,900 to election objectors during the 2022 election cycle.
  • OIL & GAS: Among the 54 oil, gas, and electric utility companies in the Fortune 500 and related trade associations, donations decreased by just 14.4% to election objectors from the 2020 cycle to the 2022 cycle. Additionally, 22 of the 54 energy companies and trade groups actually increased donation totals to election objectors — donating $330,275 more in 2022 than 2020, a 29.1% increase. During the 2022 election cycle, the top five donors to election objectors within the energy industry cumulatively contributed $1,542,750. 
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