Personal financial wealth reports of U.S. Senators were made public this morning providing the public with a general view of the assets and income of their government officials. The reports list investments, outside income, and other assets of the family, including any spouse or dependent children. The dollar amounts are listed in broad ranges.
Three relatives of House Armed Services chairman Howard “Buck” McKeon (R-Santa Clarita, Calif.) have registered their firm to lobby on behalf of clients who have defense-related products. More than likely the McKeon name will help business.
A lawsuit against the Internal Revenue Service was filed today seeking to compel the agency to initiate a rulemaking procedure to resolve conflicts between IRS regulations and the Tax Code’s requirements for section 501(c)(4) groups. IRS regulations currently permit 501(c)(4) organizations to have tax-exempt status if they operate “primarily engaged” in promoting social welfare. Yet, the tax laws require these organizations to be “operated exclusively” for social welfare purposes.
The House Homeland Security Committee and the House Ways and Means Committee have not filed reports to disclose their travel records indicating what committee members traveled, where they went and at what cost. All other House standing committees have disclosed their travel to the public.
While both the Democratic and Republican senatorial campaign committees increased their cash on hand with very similar receipts during April, only the Democrats made a partial loan repayment to reduce their debt.
As Apple Inc. CEO Tim Cook testifies today before a congressional committee, he may be somewhat comforted knowing his company’s lobbying effort was given an extra boost in the first three months of 2013.
New reports show the big movers of PAC contributions in April were those in interest groups that have pending legislative issues before the 113th Congress. These include groups such as postal workers, defense firms, sugar farmers, communications companies, insurance/financial firms and labor unions.
During April, the Democratic Congressional Campaign Committee raised more than the National Republican Congressional Committee, spent less than the NRCC, had more cash on hand than the NRCC, and had debts of $4.13 million compared with the $6.25 million in debts owed by the NRCC.
The Republican National Committee raised more than the Democratic National Committee, spent less than the DNC, has more cash on hand than the DNC, and has no debts compared with the $20.6 million the DNC owes.
The National Rifle Association of America Political Victory Fund reported today it raised $1,290,539 during April, spent only $27,318, and had $6,730,272 cash on hand as of April 30.
ActBlue, the largest federal PAC, specializes in collecting contributions via the Internet from individuals who have specifically earmarked their contribution for a particular Democratic candidate or committee. In April it reported it had raised $5,906,805 and passed on $5,240,501 to candidates and committees.
The IRS appears to be having difficulty correctly displaying on the IRS website the public disclosure reports of at least two Section 527 organizations, the Republican State Leadership Committee and GOPAC Inc.
House Majority Leader Eric Cantor, R-Va., raised $717,931 through his PAC and joint fundraising committee during April. One of his major donors in April was Ted Weschler, a manager of investments at Warren Buffett’s Berkshire Hathaway Inc., and former managing partner of hedge fund Pennisula Capital Advisors.
The South Carolina Republican Party Federal Campaign Committee disclosed today it had received $164,000 from the National Republican Congressional Committee on April 15, three weeks before the South Carolina 1st District Special Election won by Mark Sanford.
The State Farm Mutual Automobile Insurance Company formally registered a federal political action committee after years of not having a federal PAC but having very active officers and employees give contributions. State Farm had been one of only nine in the top Fortune 75 companies without a federal PAC. The mutual insurance firm is a group of insurance and financial services companies.
Rep. Scott Peters, D-Calif., reported this week more than $2 million in stock transactions in April. He reported his spouse sold $1,965,008 to $7,150,000 of Astronics Corporation between April 3 and April 10. She had earlier sold $1,000,001 to $5,000,000 of Astronics Corporation on Jan. 31. His spouse also purchased $102,001 to $280,000 in Tortoise Energy Capital on April 24.
The Club for Growth Action, a Republican-aligned super PAC, reported it received $250,000 on April 9 from Robert Arnott, (chairman of Research Affiliates LLC) of Newport Beach, Calif.
New Jersey 2014 Senate Democratic candidate Cory Booker reported he received $497,410 in lecture fees in 2012 in addition to his $174,500 in salary (16 months) as the mayor of Newark. The disclosure was part of his personal financial disclosure report filed Thursday under the Ethics in Government Act.
A new super PAC, Rand PAC 2016, registered Thursday at the Federal Election Commission as an independent-expenditure-only committee. The super PAC listed its website, but the site provides no names of sponsors or officers.
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