Skip to content

Saturday, Oct. 24, 2020

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

Austin Tannenbaum, Gigafact
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

About fact briefs

Fact briefs are bite-sized, well-sourced explanations that offer clear "yes" or "no" answers to questions, confusions, and unsupported claims circulating online. They rely on publicly available data and documents, often from the original source. Fact briefs are written and published by Gigafact contributor publications.

See all fact briefs

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 If you come across any that you feel are out of date and need to be looked at with fresh eyes, don't hesitate to contact us at support@gigafact.org.

Learn More

Latest Fact Briefs

Be a Friend of facts

Help us fund more great fact briefs like this one.