Besides the giddy thrill that must come from beating your opponent’s signature achievement into a bloody pulp, freshman Rep. Michael Grimm’s assault on the healthcare bill carries implications for his reelection chances.
By virtue of his narrow victory and experience as an FBI agent, Grimm landed on the money magnet Financial Services Committee, which oversees Wall Street. By far, the Financial Service Committee’s largest source of campaign contributions from political action committees (PACs) and individual donations came from the financial, insurance and real estate (FIRE) sector of the workforce.
It just so happens that many of the behemoth banks and investment houses cried during the height of the debate that the healthcare bill would damage their ability to rake in record-breaking profits almost annually.
In most cases, the top industries in this sector favored Democrats in the 2010 election cycle, but most likely because they held majorities in both chambers of Congress and The White House. With Republicans in control of the House–and according to some, The White House, just saying—that largess will likely shift to Republicans such as Grimm.
Grimm already has some traction with that sector. Of the top five industries donating to Grimm’s campaign, three of them—real estate, insurance, and securities and investment—fell under the FIRE sector. And it doesn’t hurt that Staten Island’s second largest segment of the workforce came from that sector.
Some may point out that Grimm’s opponent, Michael McMahon, received far more money from vocal opponents of the health care bill, such as Goldman Sachs. In fact, Goldman represented McMahon’s largest contributor, but that largess likely served as enticement for McMahon to vote against the bill. It’s reasonable that Goldman’s charity may shift to Grimm in the next election cycle.
For a first-year congressman such as Grimm, having Wall Street just a Ferry ride away can be a blessing.