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COZY: GOP House Finance Chair had fundraiser hosted by Signature Bank before takeover

COZY: GOP House Finance Chair had fundraiser hosted by Signature Bank before takeover

COZY: GOP House Finance Chair had fundraiser hosted by Signature Bank before takeover

In yet another example of corrupt corporate influence in our political system, Signature Bank recently threw a lavish fundraiser for Congressman Patrick McHenry (R-NC), the chair of the House Financial Services Committee, just before the bank crumbled along with Silicon Valley Bank.

This blatant attempt to buy influence within our government highlights the urgent need for campaign finance reform.

According to Bloomberg News, Signature hosted a fundraiser for Congressman McHenry just 10 days before the company filed for bankruptcy.

“Donors were invited to the fundraiser for the North Carolina Republican by Signature co-founder and chairman Scott Shay. Attending cost $1,000, sponsoring the event went for $2,900, and hosting duties were sold for $5,800, according to the invitation,” Bloomberg News reported.

All the money raised was earmarked for Team McHenry, a joint fundraising committee backing the Finance Committee Chair’s congressional campaign, his Innovation PAC, and the National Republican Congressional Committee

This kind of blatant influence peddling has become all too common in our political system.

Corporations and wealthy individuals use their money to buy access and influence with politicians, instead of relying on the will of the people.

This undermines our democracy and creates a government that works for the wealthy few instead of the many.

As chairman of the House Financial Services Committee, McHenry will be overseeing the committee’s probe into the collapse of both Signature Bank and Silicon Valley Bank beginning next week.

Meanwhile, Rep. McHenry has been a favorite lawmaker of Signature Bank of late.

He’s received $188,000 in campaign donations from the bank’s employees, a figure nearly three times as much as the next highest recipient of their largesse, Congresswoman Tina Smith (D-MN).

The problematic optics are not limited to Signature Bank and Congressman McHenry but are endemic in our current American political system.

The Supreme Court’s Citizens United decision allowed corporations to spend unlimited amounts of money on political campaigns, effectively legalizing the kind of influence peddling that Signature Bank seemed to be engaged in.

Until we overturn this disastrous decision and implement meaningful campaign finance reform, our democracy will continue to be undermined by wealthy special interests and our financial system will remain at risk

Original reporting by Max Abelson, Laura Davison, and Bill Allison at Bloomberg News.

Vinnie Longobardo
Managing Editor
Vinnie Longobardo is the Managing Editor of Occupy Democrats. He's a 35-year veteran of the TV, mobile & internet industries, specializing in start-ups and the international media business. His passions are politics, music, and art.

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