Saturday, Sep 18, 2021
International Finance
Fintech

Tech companies beat banks in political lobbying in the US

Silicon Valley spend is double that of banks IFM Correspondent October 27, 2016: That banks in the US cozy up to politicians is known to all. However, a study by Bloomberg shows that it is no longer just Wall Street, but also Silicon Valley which is getting into political lobbying. Bloomberg has stated that the five largest technology companies in the US – Apple, Amazon,...

Silicon Valley spend is double that of banks

IFM Correspondent

October 27, 2016: That banks in the US cozy up to politicians is known to all. However, a study by Bloomberg shows that it is no longer just Wall Street, but also Silicon Valley which is getting into political lobbying.

Bloomberg has stated that the five largest technology companies in the US – Apple, Amazon, Google, Facebook and Microsoft – spent more than twice as much on lobbying in 2015 as the five largest banks – $49 million versus $19.7 million

During the Obama administration, the technology industry has gotten close to Washington. In fact, it was during Obama’s administration that the government’s first chief technology officer — Megan Smith – was appointed. Smith was earlier a manager in Google.

Today the five big tech companies are the biggest firms in the US by market value. When Bloomberg asked Google about this, the company responded: “We help policy makers understand our business and the work we do to keep the internet open and fuel economic growth.”

Facebook stated that its goals in the capital include protecting customers, “explaining how our service works, and maintaining an open Internet and a culture of innovation”.

Further, it was stated in Hillary Clinton’s leaked email that Apple’s chief executive officer Tim Cook and Microsoft founder Bill Gates were on a list of Clinton’s potential vice-presidential nominees.

Leave a Comment

* By using this form you agree with the storage and handling of your data by this website.