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        <title><![CDATA[Federal Reserve staffers boost political giving to Democrats&#8217; benefit]]></title>
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            <media:title type="html">Federal Reserve staffers boost political giving to Democrats&#8217; benefit</media:title>
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						<p>Federal Reserve staffers more than doubled their political donations during the 2020 election season, with most of their money going to Democrats.</p>
<p>Employees of the central bank gave more than $1.1 million to political candidates and causes from the beginning of last year through Oct. 22, according to campaign-finance figures <strong>compiled by OpenSecrets.org</strong>.</p>
<p>More than $863,000 of that went to Democratic campaigns, up from about $420,000 in the 2018 campaign, while donations to Republicans fell to just $33,280 from $45,788 in the last cycle, the data show.</p>
<p>Total contributions from Fed workers more than doubled from $475,730 in the 2018 midterm election and surged roughly fivefold from just $213,503 in the 2016 presidential cycle, according to OpenSecrets, which is run by the Center for Responsive Politics. Those totals include some donations that aren&#8217;t broken down by political party, such as contributions to independent expenditures.</p>
<p><span >This cycle&#8217;s money has come from the Fed&#8217;s more than 22,000 rank-and-file employees rather than any of the top bank officials responsible for setting the nation&#8217;s monetary policy, </span><strong>according to The Wall Street Journal</strong><span >, which first reported on the giving surge Tuesday.</span></p>
<p>While Chairman Jerome Powell and other Fed bosses have made political contributions in the past, the only policymaker to have given money to a campaign while in office was governor Lael Brainard, who sparked a controversy when she donated to Hillary Clinton&#8217;s 2016 campaign, the paper reported.</p>
<p>The New York Fed, the largest of the bank&#8217;s 12 regional branches, accounted for about 10 percent, or $125,079, of this cycle&#8217;s donations, with $112,640 of that going to Democrats, OpenSecrets&#8217; data show.</p>
<p>The donations came as the Fed played a crucial role in the US&#8217;s response to the coronavirus pandemic. The bank slashed interest rates to near zero and injected trillions of dollars into financial markets to shore up the economy during this spring&#8217;s historic downturn.</p>
<p>Fed staffers haven&#8217;t always supported Democrats so heavily. A majority of their donations went to Republicans in both the 2012 and 2014 election cycles under President Barack Obama, according to OpenSecrets.</p>
			
					
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