Tiny Chain Bridge is top banker to Trump, Republican campaigns
- When Republican campaigns want a banker, they don't go to New York or San Francisco, but to downtown McLean, Virginia - about a 20 minute drive from the White House, where a one-branch bank next to an auto repair shop has beaten bigger financial rivals to become a must-have partner for political work.
"In the U.S., federal politics is a $20 billion dollar industry and a couple of financial institutions have appealed and marketed themselves to these entities," said Daniel Weiner, a director at the Brennan Center for Justice. As recently as 2016, top Republican presidential contenders Ted Cruz and Marco Rubio banked at BB&T - a sprawling North Carolina-based lender that was merged into Truist Financial and tobacco company Altria ," Fitzgerald, who is also Chain Bridge's chairman, said in an interview with Reuters in January, referencing the electric vehicle maker that for years eschewed traditional advertising.Fitzgerald's own background in politics was integral to the bank's growth.
Electoral filings show Chain Bridge joined the McCain campaign in April 2008 as one of four banks, including Wachovia. Today, Chain Bridge wins a"substantial" portion of political campaign work, according to Fitzgerald, although it is no monopoly. Electoral filings show the Charles Koch-backed Americans for Prosperity PAC, which backed Haley's campaign, banked with Truist Financial.Chain Bridge's balance sheet moves to a political rhythm. Deposits rise through the election campaign period and then crater as politicians spend furiously in the finishing stretch.
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