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Fact check: How European firms indirectly invest millions in US elections
euronews (in English)
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30/10/2024
Pressure groups, known as PACs, with European ties are pouring money into US electoral campaigns.
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00:00
How European firms are investing in elections in the U.S.
00:09
Record-breaking sums of money are being spent to swing the results of elections in the U.S.
00:15
And European companies are making small contributions,
00:19
despite them being technically barred from funding American election campaigns.
00:24
How? Well, these European companies use their subsidiaries in the U.S.
00:29
to set up political action committees, known as PACs.
00:33
These PACs collect contributions from their American employees
00:37
that are then used to fund electoral campaigns.
00:40
We analyzed data provided by U.S. non-profit OpenSecrets
00:45
and found that EU firms have used PACs to invest around 3.3 million dollars
00:51
in democratic campaigns, which is around 3 million euros,
00:55
and 4.4 million dollars in Republican campaigns during this electoral cycle.
01:02
That figure rises to 6.3 million dollars for Democrats
01:06
and 8 million dollars for Republicans
01:09
when we count the donations of other European companies
01:12
headquartered in the U.K., Switzerland and Norway.
01:15
So, which companies are investing?
01:19
143 firms headquartered in 13 European countries
01:24
have raised money through PACs during this electoral cycle.
01:27
Some of the biggest investments came from Swiss investment bank UBS,
01:31
Germany's T-Mobile and British defense company BAE Systems.
01:36
It is worth noting that these European investments are minute
01:40
compared to the full war chest of elections in the U.S.
01:44
and that the funds are usually targeted at congressional candidates
01:48
rather than presidential nominees.
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