Find us on:
The U.S. Chamber in the news - August 15
The New York Times revisited the program in a lengthy profile, noting that it has been controversial since its founding amid the Reagan administration in 1981 and is still panned on the U.S. Chamber of Commerce website as being “slow, ineffective [and] very expensive.”
Federal Reserve Bank of Boston President Eric Rosengren has also publicly supported Schapiro’s plan. Other prominent supporters include Treasury Secretary Timothy F. Geithner; his predecessor, Henry Paulson; and former Fed Chairman Paul Volcker.
They are opposed by the funds industry, which has lobbied against the proposal; the U.S. Chamber of Commerce; and lawmakers including Senator Patrick Toomey, a Pennsylvania Republican.
The U.S. Chamber of Commerce, which spent $400,000 on attack ads against independent Angus King, continued to criticize the former two-term governor at campaign stops Monday on behalf of Republican Charlie Summers, and its national political director suggested the Senate race is a key "battleground."
The chamber's Rob Engstrom said the race to succeed Sen. Olympia Snowe has made Maine a "top-tier race that's going to decide the balance of power in the United States Senate."
There are also trade and interest-group organizations, including the United States Chamber of Commerce, that obtain money from both domestic and foreign sources and then use the money to support certain candidates and positions. As in the case of the Super PACs, foreign money is not supposed to wind up being used to support a specific candidate or party, but the regulation is purely internal in that the organization involved must itself determine how to disburse the funds legally. President Obama and former President Bill Clinton have both accused the U.S. Chamber of Commerce of using funds obtained from foreign governments and corporations that are members of the chamber to pay for ads supporting particular candidates. They and other critics note that money is fungible, and even if the ads technically come out of an account that has been checked to make sure that it is wholly American in origin, foreign funds can be used for other activities, freeing up the U.S. money in the first place.
In late July, the U.S. Chamber of Commerce — a pro-business trade group and one of the most active political spenders — unleashed ads critical of Baldwin backed by nearly $850,000.
Overall, outside groups have spent a combined $4.5 million on the Wisconsin Senate race — a figure that will continue to climb during the next three months as it remains a top target for groups in both parties.