NAFCU Raises $60K For PAC During Conference

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NAFCU replenished its campaign coffers during its annual convention in Toronto, just as the final days of fundraising for the 2005-2006 mid-term elections are approaching.

The more than $60,000 raised during the three-day event infused new cash into the political action committee, which reported July 15 that its available cash had fallen to $148,534 at mid-year, down from $167,297 in cash at the same point in the 2004 Presidential elections. During the annual convention, NAFCU raised more than $40,000 during its ill-fated golf tournament (rain ended it after just two holes), more than $11,000 with a billiards night, and more than $10,000 with a silent auction.

For the first time, NAFCU has begun contributing to congressional leadership PACs, operated by top members of the House and Senate to supplement normal fundraising channels. NAFCU made contributions to the ROYB (for House Majority Whip Roy Blunt) Fund ($2,500); Sen. Debbie Stabenow's (D-MI) America's Leadership PAC, ($1,000); the Blue Dog Fund, for moderate southern Democrats ($1,500); and Growth and Prosperity PAC for Rep. Spencer Bachus (R-AL). Before now, NAFCU only contributed to leadership PACs for congressional chairmen, like Financial Service Chair Michael Oxley's Leadership PAC 2006 ($6,000) and Financial Institutions Subcommittee Chair Bachus and his Growth and Prosperity PAC ($5,000).

In the just completed second quarter, NAFCU also made contributions to: Rep. Charles Rangel, the ranking Democrat on the tax-writing House Ways and Means Committee ($2,000); and $1,000 contributions to: Rep. Barney Frank, the ranking Democrat on the Financial Services Committee; Sen. Stabenow's personal campaign committee; Rep. Richard Baker, the Louisiana Republican vying with Bachus to be the next chairman of the Financial Services Committee; Brian Bilbray, the San Diego Republican who was reelected in a special election to the House after a six-month hiatus, then signed on as co-sponsor of CURIA; New York Republican Sue Kelley, a chairman of one of the Financial Services' subcommittee; and New Jersey Democratic Sen. Bob Menendez, who was recently appointed to the Senate Banking Committee, among others.

Through the first six quarters of the eight-quarter 2005-2006 election cycle, NAFCU's PAC has raised $291,350 and spent $312,917. Any difference between the two figures represents cash held over from the last election cycle.

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