Executives at mutual fund companies increased their contributions to Washington politicians in 2004 to $1.3 million, data from opensecrets.com shows. That's a significant increase from the last presidential election year, in 2000, when they donated $391,938. And so far, in the 2006 cycle, employees at the top 10 mutual fund companies have donated $257,297.
It appears that fund companies may want to be wielding influence on Capitol Hill at a time when Congress is weighing a number of pieces of legislation that would affect the industry in a significant way. In fact, Sen. John Sununu (R-N.H.), who opposed the independent chairman rule, received the largest amount of contributions, $14,500, all of it from Fidelity Investments employees.
(c) 2006 Money Management Executive and SourceMedia, Inc. All Rights Reserved.