Thanks to Bidenflation, many Americans continue to suffer the soaring prices of basic commodities, plus the ongoing energy crisis making it even more difficult.
But not the Federal lobbyists, they ain’t feeling it, instead, they made huge profits in the second quarter of 2022.
Politico reported that of the top twenty lobbying firms by revenue, just two saw revenue decreases when compared with the first three months of the year.
According to The Daily Caller, “The lobbying boom was largely attributable to reconciliation negotiations between Democratic Sen. Joe Manchin of West Virginia and Senate Majority Leader Chuck Schumer of New York, as well as hotly contested deliberations on whether to dole out subsidies to domestic semiconductor companies.”
In the second quarter, the firms leading the pack for lobbying revenues were Brownstein Hyatt Farber Schreck, Akin Gump Strauss Hauer & Feld, and Holland & Knight, reeling in $15.2 million, $12.8 million, and $10.7 million respectively, Politico reported.
And Between semiconductor firm Qualcomm and Covington & Burling, the largest individual contract was worth $1.4 million.
More details of this report from The Daily Caller:
K Street’s revenues come as the rest of the economy is facing decades-high inflation and teetering on the edge of a recession. The Consumer Price Index, a key gauge of inflation, soared to 9.1% in June, while the U.S. economy contracted in the first quarter of 2022 as Americans have been forced to spend less on basic goods thanks to sky-high energy prices.
The top spenders included the Chamber of Commerce, a trade organization representing U.S. businesses, and the National Association of Realtors, who spent $15.8 million and $14.8 million respectively, according to Politico.
“We’re in this space where we are performing well beyond what anyone should be doing.”
K Street cashes in as lobbying spending continues to hit staggering levels. https://t.co/cTeAJw7FSc
— Justin Wise (@JustinFWise) July 21, 2022
Analysts also expect the third quarter to be a productive one for the lobbying industry thanks to the midterm elections, and Democrats will likely try to get legislation passed while they still have control, leading to a flurry of lobbying activity, according to Politico.
Here’s what Michele Pearce, the co-chair of Covington & Burling’s public policy practice, told Politico:
“With changes of control possible in the House or Senate, clients are asking us how best to prepare for the possibility of competing agendas between Congress and the White House next year, while also being prepared for the possibility of renewed legislative activity if the Democrats maintain control.”