Politicians have received $1.8 million in donations from major securities firms and at least 16 mutual fund management companies so far during the 1999-2000 election year, according to data from the Center for Responsive Politics, a non-partisan, non-profit research group in Washington, D.C.
The Investment Company Institute's political action committee, called the Investment Management Political Action Committee of the ICI, on behalf of at least a dozen of its mutual fund management members, has donated more than $235,000 according to the CRP. That has been allocated in amounts between $500 and $6,000 to each of approximately 150 House candidates and 24 Senate candidates. During the 1997-1998 elections, the ICI donated more than $563,000.
AIM Management Group of Houston, Texas, under its AIM For a Better America political action committee, donated $8,000, including $1,000 to House candidate Ken Bentsen, a Texas Democrat. American Century Investments of Kansas City, Mo. donated $2,500; Federated Investors of Pittsburgh, Pa. donated $18,000 including $2,000 to House candidate Patrick Casey, a Pennsylvania Democrat and another $2,000 to Senate candidate Ron Kline, also a Pennsylvania Democrat. FMR Corp of Boston, parent to Fidelity Investments, also donated a total of $15,500 to candidates, including three Massachusetts candidates. MFS of Boston donated $3,000 each to two candidates.
