Getting an endorsement from Friends of Traditional Banking (FOTB) is a big deal. Instead of giving a little bit of money to a lot of Congressional candidates like a Political Action Committee (PAC), as a "Super PAC," FOTB is the inverse—lots of donations are funneled to just two or three candidates in key races. PACs supporting pro-banking candidates are important and appreciated, and last election cycle the American Banking Association (BankPAC) gave to 234 federal candidates and the Independent Community Bankers of Association PAC donated to 320 candidates and committees. However, as PAC donations, none of these can exceed $10,000 per candidate.
FOTB, with its different model, is a unique arrow in the quiver of our industry. Consider, last election cycle, FOTB endorsed Rep. Zach Nunn (Iowa), helping him win his first reelection by a slim 51.8% after bankers from coast to coast donated over $100,000 to his campaign. Congressman Nunn is a free market champion on the House Financial Services Committee and Agriculture Committee, and the co-sponsor of the ACRE Act. "I am very grateful to have had the support of Friends of Traditional Banking," Nunn said. "You all swooped in to help me when I was down in the polls and helped make the difference!"
Also in 2024, FOTB endorsed Sen. Ron Johnson (Wisconsin), who squeaked out a 50.5% win over challenger Mandela Barnes thanks in part from over $230,000 in donations from hundreds of bankers. Senator Johnson is a strong advocate for traditional banking, whether on regulatory reform or tax cuts. "Senator Johnson is very grateful for FOTB's support!" said Rose Oswald Poels, president and CEO of the Wisconsin Bankers Association. "It was way too close…very glad FOTB jumped in and helped him."
This year, Friends of Traditional Banking is looking at candidates that are especially important to the industry (such as key members of the House Financial Services and the Senate Banking Committees) who may be in extremely tight races that FOTB's big dollar shower can affect. Then, the FOTB Advisory Council helps narrow down the list to a Top Ten by the end of July. Further scrutiny and close watching of the late summer polling helps
FOTB's 50,000+ members are in all fifty states and then invited to donate what they can directly to these key candidates for their home stretch before Election Day. Join the momentum by signing up for their FREE monthly e-newsletter