Banks are supporting moderate Senate Democrats as part of an effort to build the sort of bipartisan backing they enjoyed before the financial crisis, and Sen. Claire McCaskill of Missouri is among the biggest beneficiaries.
Commercial banks have donated $2.5 million to Senate Democrats so far during the 2018 election, the largest total since 2008. Fifteen of the 20 Senate candidates receiving the most money from banks during the current election cycle are Democrats, according to the Center for Responsive Politics.
That represents a strategic shift for banks, which have kept a low profile in Washington since the financial crisis.
But in May, moderate Senate Democrats helped pass legislation loosening regulation on banks for the first time since the passage of the 2010 Dodd-Frank law.
Four senators who supported the May vote are the top four recipients of contributions from banks this election cycle. McCaskill is fourth, at $174,414.
In a March press release, McCaskill called the legislation to alter Dodd-Frank “a commonsense fix for the overregulation of small banks and credit unions.”
Read more: St. Louis Post-Dispatch