Private equity and hedge funds are expected to spend $627 million on politics in 2020.

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Private equity and hedge funds are expected to spend $627 million on politics in 2020.

According to a study issued Monday by Americans for Financial Reform, private equity and hedge funds spent over $627 million in the 2019-20 campaign cycle, with $547 million going to federal campaign contributions and $80 million going to lobbying operations (AFR).

For a two-year cycle, spending by various segments of the financial industry hit an all-time high of $858,000 per day.

Hedge funds invested $285 million, while private equity spent over $263 million.

According to AFR, private equity and hedge funds contributed slightly over $500 million to the 2015-16 election cycle.

According to data, Joe Biden’s campaign collected $74 million from Wall Street, which was more than Donald Trump’s campaign received. In the past election, the Wall Street community put $2.9 billion into political causes.

Fahr LLC, which is privately owned by billionaire and former presidential candidate Tom Steyer, was one of the top spenders. Citadell LLC, Black Stone Group, Susquehanna International Group, and Paloma Partners are among the others.

Private money expenditure on politics has increased sixfold since 2010, according to AFR.

“Over the last decade, this group of powerful Wall Street giants has waded into American politics in a spectacular way, utilizing their money to gain policies that benefit them rather than the general public,” said Ricardo Valadez, AFR’s private equity campaign manager. “Whether it’s keeping favorite tax loopholes or delaying more comprehensive change, private fund bosses spend money on politics to enrich themselves at the expense of others.”

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