Blog: McHenry, eyeing Financial Services chair, racks up campaign donations – Roll Call

House Financial Services ranking Republican Patrick T. McHenry raised about $940,000 in campaign donations in the weeks leading up to and months after setting his sights on the panel chairmanship. 

McHenry, R-N.C., said in April that he would seek the chairmanship of the Financial Services Committee rather than pursue a position in party leadership if Republicans take the House in the midterm elections. Total receipts to his campaign committee from April to the end of June, at $940,000, more than doubled the $390,000 raised the previous quarter, according to Federal Election Commission filings. 

The Financial Services Committee is known for filling its members’ campaign coffers from the industries it oversees, and fundraising can play a part in securing leadership positions.

McHenry’s campaign has raised $2.8 million since the start of 2021 and ended the second quarter of this year with $1.6 million on hand, according to FEC filings. McHenry, who’s in a safe seat, has far outraised Democratic opponent Pamela Genant, who had raised $117,000 and had just $2,130 in her account at the end of June.

The financial services sector, including banks, investment firms, financial technology companies and service providers, is the top source of funding for McHenry’s campaign, accounting for more than a third of all donations since the start of this cycle in January 2021. From April to June, donations from financial services, along with the real estate, insurance and cryptocurrency sectors, rose sharply. 

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