June 18, 2008
Posted: June 18th, 2008 10:00 AM ET
From CNN Associate Producer Martina Stewart (CNN) – The upcoming Republican and Democratic nominating conventions are being funded by more than $100 million in contributions from corporations who also spend substantial sums lobbying the federal government, according to a new study by the Campaign Finance Institute released Wednesday. Roughly $55 million in private financing is being provided to support the Democratic convention in Denver, and $57 million for the Republican convention in Minneapolis-St. Paul. The organizational donors behind that convention funding have donated another $100 million to federal candidates and parties since 2005 and spent a total of $721.3 million lobbying the federal government during the same period, according to the institute’s analysis. The institute’s report comes shortly after presumptive Democratic nominee Barack Obama prohibited the Democratic National Committee from accepting contributions from lobbyists or political action committees, to bring its fund-raising practices in line with those of his presidential campaign. Presumptive Republican nominee John McCain spearheaded legislation which banned unregulated “soft money” from federal campaign donations — but the new regulations did not include a soft money ban on funding for nominating conventions. The Campaign Finance Institute is affiliated with George Washington University. The analysis released by the institute Tuesday included data provided by the Center for Responsive Politics. Filed under: Democratic National Convention Republican National Convention
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