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Please note!
This fact brief was originally published as an experiment to test the concepts behind fact briefs.
Readers should be aware that while there is still a lot of useful information in fact briefs like this one, not all of them reflect Gigafact's current methods and standards for fact briefs. If you come across any that you feel are out of date, don't hesitate to contact us at support@gigafact.org.
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FACT BRIEF

Has Biden received more funding from the financial sector than Trump?

By Austin Tannenbaum
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YES

Joe Biden has received significantly more cash from the financial sector than Donald Trump over the course of the 2020 election cycle. In the top two financial-sector categories, Biden has taken in five times more money than Trump, according to reports using federal data released Oct. 16.

In the securities and investment sector, Biden raised $57.7 million compared to Trump's $13.8 million. Among donors working in hedge funds or private equity, Biden raised $35.3 million to Trump's $6.8 million.

Finance executives have cited frustration with Trump's market-destabilizing tweets and their desire to avoid a contested election as reasons for supporting Biden. Biden has proved himself an ally of credit-card companies with his support of bankruptcy restrictions while a Senator. Last year, he reassured wealthy donors that "nothing would fundamentally change" under his presidency.

This fact brief is responsive to conversations such as this one.
Sources
Open Secrets: Contributions from securities and investment industry
Open Secrets: Contributions from hedge funds & private equity industry
CNBC: Wall Street donors line up behind Biden in massive third-quarter fundraising haul
ProPublica: Biden's cozy relations with banking industry
Politico: Biden promises wealthy donors he won't 'demonize' the rich
ABOUT THE CONTRIBUTOR
Gigafact
Between 2020 and 2022, under close editorial supervision, Gigafact contracted a group of freelance writers and editors to test the concepts for fact briefs and provide inputs to our software development process. We call this effort Gigafact Foundry. Over the course of these two years, Gigafact Foundry writers published over 1500 fact briefs in response to claims they found online. Their important work forms the basis of Gigafact formats and editorial guidelines, and is available to the public on Gigafact.org. Readers should be aware that while there is still a lot of relevant information to be found, not all fact briefs produced by Gigafact Foundry reflect Gigafact's current methods and standards for fact briefs. If you come across any that you feel are out of date and need to be looked at with fresh eyes, don't hesitate to contact us at support@gigafact.org.
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About fact briefs published on Gigafact
Fact briefs are short, credibly sourced summaries that offer “yes/no” answers in response to claims found online. They rely on publicly available, often primary source data and documents. Fact briefs are created by contributors to Gigafact —a nonprofit project looking to expand participation in fact-checking and protect the democratic process. See all fact briefs here.