The federal government recently announced that it will come to the rescue of
Freddie Mac and Fannie Mae, two
embattled mortgage buyers
that for years have pursued a lobbying strategy to get lawmakers on their side. Both companies have poured money
into lobbying and campaign contributions to federal candidates, parties and committees as a general tactic, but
they've also directed those contributions strategically. In the 2006 election cycle, Fannie Mae was giving 53
percent of its total $1.3 million in contributions to Republicans, who controlled Congress at that time. This
cycle, with Democrats in control, they've reversed course, giving the party 56 percent of their total $1.1
million in contributions. Similarly, Freddie Mac has given 53 percent of its $555,700 in contributions to
Democrats this cycle, compared to the 44 percent it gave during 2006.
Fannie Mae and Freddie
Mac have also strategically given more contributions to lawmakers currently sitting on committees that
primarily regulate their industry. Fifteen of the 25 lawmakers who have received the most from the two
companies combined since the 1990 election sit on either the House Financial Services Committee;
the Senate Banking, Housing & Urban Affairs Committee; or the Senate Finance Committee. The others
have seats on the powerful Appropriations or Ways & Means committees, are members of the congressional
leadership or have run for president. Sen.Chris Dodd (D-Conn.) chairman of the Senate banking committee,
has received the most from Fannie and Freddie's PACs and employees ($133,900 since 1989).
Rep. Paul Kanjorski (D-Pa.) has received $65,500. Kanjorski chairs the House Financial Services Subcommittee
on Capital Markets, Insurance and Government-Sponsored Enterprises, and Freddie Mac and Fannie Mae
are government-sponsored enterprises, or GSEs.
Top Recipients of Fannie Mae and Freddie Mac
Campaign Contributions, 1989-2008
Name | Office | Party/State | Total |
1. Dodd, Christopher J | S | D-CT |
$133,900 |
2. Kerry, John | S | D-MA |
$111,000 |
3. Obama, Barack | S | D-IL |
$105,849 |
4. Clinton, Hillary | S | D-NY |
$75,550 |
5. Kanjorski, Paul E | H | D-PA |
$65,500 |
6. Bennett, Robert F | S | R-UT |
$61,499 |
7. Johnson, Tim | S | D-SD |
$61,000 |
8. Conrad, Kent | S | D-ND |
$58,991 |
9. Davis, Tom | H | R-VA |
$55,499 |
10. Bond, Christopher S 'Kit' | S | R-MO |
$55,400 |
11. Bachus, Spencer | H | R-AL |
$55,300 |
12. Shelby, Richard C | S | R-AL |
$55,000 |
13. Emanuel, Rahm | H | D-IL |
$51,750 |
14. Reed, Jack | S | D-RI |
$50,750 |
15. Carper, Tom | S | D-DE |
$44,389 |
16. Frank, Barney | H | D-MA |
$40,100 |
17. Maloney, Carolyn B | H | D-NY |
$38,750 |
18. Bean, Melissa | H | D-IL |
$37,249 |
19. Blunt, Roy | H | R-MO |
$36,500 |
20. Pryce, Deborah | H | R-OH |
$34,750 |
21. Miller, Gary | H | R-CA |
$33,000 |
22. Pelosi, Nancy | H | D-CA |
$32,750 |
23. Reynolds, Tom | H | R-NY |
$32,700 |
24. Hoyer, Steny H | H | D-MD |
$30,500 |
25. Hooley, Darlene | H | D-OR |
$28,750 |
Includes contributions from PACs and individuals.
2008 cycle totals based on data downloaded from the
Federal Election Commission on June 30, 2008.