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Tracking campaign finance data for Pennsylvania candidates

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Tracking campaign finance data for Pennsylvania candidates

From most to least transparent

Just as candidates run for different levels of offices, they are also subject to different levels of scrutiny.

The federal government has more resources than states or local governments to collect data and enforce campaign regulations.

The Federal Election Commission has a site where anyone can search contributions to campaigns for federal offices, like the presidency or Congress. The Pennsylvania Department of State has a search tool built with older technology to research donations in state-level races. At the local level, it’s up to cities and counties to decide how to make that data available to the public.

“When you go down the various levels of government, from the FEC down to state level down to local level, it just gets harder and harder,” said Stephen Medvic, a political science professor at Franklin and Marshall College.

Pittsburgh has a searchable database, and Montgomery County scans and catalogs finance reports. Most counties keep the records on paper in a filing cabinet, though they are available for public viewing.

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“It’s very, very difficult for individual citizens to track that,” Medvic said. “So we really have to rely either on good government groups that keep track of this sort of thing or, obviously, journalists.”

How to keep tabs on a politician’s tab

The United States likely has the most transparency around campaign financing in the world, according to Kolodny. That’s even with organizations that support candidates but don’t have to disclose who their donors are. The practice is commonly called “dark money.”

The country also runs some of the world’s most expensive campaigns.

In addition to government-run websites, groups like the nonpartisan OpenSecrets help monitor money going into campaigns.

The site aggregates federal data and draws connections, allowing users to look up federal candidates and officeholders, donors or outside spending. It also operates a site for tracking candidates and officeholders at the state level, called FollowTheMoney. For people who are very curious about money in politics, OpenSecrets created a tipsheet to help with investigations.

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It’s important for people not to jump to conclusions when looking at contributions, Kolodny said.

A person may see a contribution by a local business to a candidate, but that doesn’t necessarily describe the business’ political affiliation. Large employers tend to give money to incumbent candidates in the local area, she said, and that often happens without partisan consideration.

Looking at donations by partisan groups might be more useful to the average, and especially, the undecided voter.

Voters can also compare how much money is coming from small-dollar donations versus major donors or Political Action Committees. The amount of money in a race is also an indication of both how competitive the election will be and how important the seat is.

But for all the money in U.S. elections, money is not political destiny.

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“Nothing will counter a well-orchestrated grassroots movement,” Kolodny said.

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This story is part of an explanatory series focused on Pennsylvania elections produced collaboratively by WITF in Harrisburg and The Associated Press.

Finance

9 steps to avoid a financial retirement “cliff-edge”

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9 steps to avoid a financial retirement “cliff-edge”
Preparation is key to a retirement plan (Alamy/PA) (Alamy/PA)

Retirement is often associated with greater freedom and the opportunity to enjoy the rewards of decades of work. But for many people, the transition from earning a regular pay cheque to relying on pensions and savings can feel less like a gentle glide and more like standing at the edge of a financial cliff-edge.

A YouGov survey of 6,224 UK adults found that 55% reported that they were concerned about running out of money in retirement and, among these worried respondents, 63% were under 50 years old.

However, the good news is that avoiding a financial retirement cliff-edge isn’t about having extraordinary wealth – it’s about making informed decisions before and throughout retirement.

Susan Hope, retirement expert and business development director at Scottish Widows (Scottish Widows/PA)
Susan Hope, retirement expert and business development director at Scottish Widows (Scottish Widows/PA)

We spoke to Susan Hope, retirement expert and business development director at Scottish Widows, who shared the following nine practical steps to help you build a retirement plan that can weather life’s uncertainties and give you greater confidence that your retirement years will be defined by peace of mind rather than financial stress.

1. Understand what state pension and credits you are entitled to

Coin on top of a state pension claim letter (Alamy/PA)
Coin on top of a state pension claim letter (Alamy/PA)

“Make sure the cornerstone of your financial retirement income is covered by the state and you’ve got everything you’re entitled to,” advises Hope. “If you go onto the HMRC app you can find out really quickly when your state pension age is and what you are due to get.

“Another important thing to look at on the app is a year-by-year breakdown of your national insurance contributions.”

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Hope recommends going back through your working years to make sure that you’ve got credits for every period because if you weren’t working due to unemployment, illness, or were caring for someone, you may be entitled to national insurance credits.

They help ensure you qualify for certain benefits, most notably the state pension, during periods when you weren’t working, were earning too little to pay National Insurance, or were claiming specific benefits.

2. Locate any lost or missing pension pots

Three glass jars of coins labelled pensions (Alamy/PA)
Three glass jars of coins labelled pensions (Alamy/PA)

“I have a huge bee in my bonnet about the £31 billion of untraced pensions that we have in the UK,” says Hope. “Go back through your LinkedIn or your CV and make sure that none of that £31 billion is languishing somewhere, because that is your money to have.”

Once you know the name of your previous employer or your old pension provider, you can use the government’s free Pension Tracing Service to help find lost pension pots.

3. Look at the UK’s different retirement living standards

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“I think it’s really useful to look at the UK’s retirement living standards, because that will give you an idea of how much you’re going to need in retirement, depending on what type of retirement you want to live,” recommends Hope.

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Finance

New questions about Trump’s taxes after financial disclosure release

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New questions about Trump’s taxes after financial disclosure release

President Trump’s financial disclosure is raising many questions. For some, these include ethical concerns about whether he is profiting from the presidency. It’s also highlighting another mystery: how much is he paying in taxes? CBS News senior White House correspondent Weijia Jiang has more.

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Regions Financial acquires Montgomery-based investment banking firm Frazer Lanier

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Regions Financial acquires Montgomery-based investment banking firm Frazer Lanier

Regions Financial Corp. has completed its acquisition of Montgomery-based investment banking firm The Frazer Lanier Company, expanding its municipal finance and corporate investment banking services.

The Birmingham-based financial company announced Thursday that the acquisition has officially closed. Founded in 1976, Frazer Lanier provides investment banking services specializing in municipal and corporate securities and has served corporations, cities, counties and local boards throughout its history.

According to Regions, the acquisition is intended to strengthen the bank’s capital markets capabilities while enhancing services for public sector and institutional clients across its multi-state footprint.

Frazer Lanier has built its business by serving as an underwriter or placement agent for tax-exempt and taxable bonds, helping public entities and organizations access financing.

“Two of our top priorities at Regions Bank are strategically expanding our services and investing in top-tier banking talent,” John Turner, chairman, president and CEO of Regions Financial Corp., said in a news release. “By welcoming experienced bankers from Frazer Lanier to the Regions family, we are connecting Regions’ clients with even greater capabilities while advancing our long-term strategy for growth.”

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As part of the acquisition, Frazer Lanier will be integrated into Regions Bank’s Capital Markets division within the company’s Corporate Banking group.

Brian Willman, head of Corporate Banking for Regions, said the two organizations share a similar approach to serving clients.

“Frazer Lanier has built trust by staying close to clients and helping them navigate important decisions,” Willman said. “Together, we can expand that model by bringing more ideas, more capabilities and more connectivity to clients across our markets.”

Regions said the acquisition will expand its municipal finance and investment banking capabilities, strengthen its services for cities, counties and other public entities, and provide clients with broader access to financing and capital markets solutions.

Financial terms of the acquisition were not disclosed.

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