U.S. bank lobby spends $1 million on ad blitz for Republican Perdue in Georgia Senate runoff

WASHINGTON (Reuters) - The largest U. S. bank lobby group is spending $1 million on television ads to boost Republican Senator David Perdue in a bid to ensure the Senate remains in Republican hands after Georgia election runoffs in January, according to federal filings.

Perdue, who sits on the Senate Banking Committee and has long been an industry ally, backing lighter banking regulations, is seeking re-election against Democratic challenger Jon Ossoff.

The race is one of a pair of Georgia U. S. Senate runoffs on Jan. 5 after no candidate won a majority in the Nov. 3 election. Republican incumbent Kelly Loeffler is facing Democrat Raphael Warnock in the other runoff.

The contests will determine control of the chamber and are expected to be among the most expensive Senate races in U. S. history.

Overall, the four candidates’ campaigns, as well as an array of party and independent groups, have so far spent nearly $310 million to air ads or to reserve air time before the vote, according to AdImpact, an advertising tracking firm.

The campaign launched this week by the American Bankers Association (ABA) marks the single biggest sum the group has spent backing a candidate since it began running independent political ads in 2018, according to federal campaign data. The ABA represents Wall Street banks as well as regional lenders.

The large expenditure underscores industry worries that Democratic control of the Senate could lead to tougher banking policies, as well as clear the way for Democratic President-elect Joe Biden to nominate hard-charging regulators.

Democrats must win both races to gain control of the Senate, with a Democratic vice president holding the tie-breaking vote.

A number of other Wall Street financiers are also pouring money into the Georgia races via the Senate Leadership Fund, a super-PAC that spends on behalf of Republican senators. Blac... (Read more)

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