The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:Did Fidelity & Federated Lobby the White House? Not Rated 5.0 Email Routing List Email & Route  Print Print
Monday, August 04, 2003

Did Fidelity & Federated Lobby the White House?

by: Sean Hanna, Editor in Chief

Did Fidelity Investments and Federated Investors play a key role in the major changes to the Baker sunshine bill? That is the allegation raised by an article published this weekend by Barron's.

The weekly claims that the two fund firms' top executives -- Fidelity's Ned Johnson and Federated's John Donahue -- "apparently" got a meeting with the National Economic Council in July as the Mutual Funds Integrity and Fee Transparency Act of 2003 was making its way through Rep. Richard Baker's House Capital Markets Subcommittee. It further alleges that the White House then intervened with Baker, telling him to water down his bill.

Baker later cancelled a scheduled vote by the subcommittee and made extensive changes to the bill, which was then moved on for consideration by the entire House.

The article fails to cite specific evidence or sources for the allegations, however.

The report also cites a "lobbyist" who posits that the White House only stepped into the matter to smooth over ruffled feathers on the subcommittee. That source told the paper that the Senate has no interest in passing this type of bill. Without support in the Senate, the bill would be doomed.

Barron's did not report on the content of the meeting and noted that a Fidelity spokesperson declined to say whether Johnson met with the National Economic Council. Federated did not comment to the paper.

The report further contents that Fidelity and Federated executives have donated money to GOP campaigns. Federated Vice President Richard Fisher and Donahue made large donations. The pair reportedly gave $200,000 and $80,000 respectively to the Florida Republican party in 2002.

However, OpenSecrets.org, notes that Fidelity Investments has given money to both parties, though it has "tended to favor Republicans," according to Barron's. Fidelity contributed $25,000 to the Republican National State Elections Committee in 2002 and $100,000 in 2000.  

Stay ahead of the news ... Sign up for our email alerts now

 Do You Recommend This Story?

Return to Top
 News Archives
2021: Q1
2020: Q4Q3Q2Q1
2019: Q4Q3Q2Q1
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Add to My Yahoo!
follow us in feedly

  1. IDC Foundations for Fund Directors, Mar 1-2
  2. MFDF webinar - Board Oversight of ETFs, March 3
  3. FinReg Outlook 2021, March 10
  4. MFDF Director Discussion Series - Open Forum via Zoom (Midwest), March 10
  5. Irish Funds North American Digital Seminar, March 11
  6. MFDF webinar - Municipal and Taxable Fixed Income — A Multi-Speed Recovery, March 12
  7. 2021 Virtual Mutual Funds and Investment Management Conference, Mar 15-19
  8. SEC & DOL Standard of Conduct Rulemakings — Present & Future Considerations, March 23
  9. MFDF Director Discussion Series - Open Forum via Zoom, March 24
  10. ETFGI Global ETFs Insights Summit - ESG & Active ETF Trends, Mar 24-25
  11. MFDF webinar - Asset Management M&A for Fund Directors — Recent Trends and Governance Issues, March 31
  12. MFDF Director Discussion Series - Open Forum via Zoom, April 7
  13. MFDF In Focus: Board Oversight of Sub-advisers, April 15
  14. ETF.com Awards 2020, April 20
  15. The 31st Sub-Advised Funds Forum, Apr 20-21
  16. MFDF Director Discussion Series - Open Forum via Zoom (Northeast), April 21
  17. FIASI virtual event - ESG in Fixed Income: Shining a Light on Transparency, Apr 22-23
  18. 44th Annual AIMSE Marketing & Sales Conference, May 2-4
  19. MFDF Director Discussion Series - Open Forum via Zoom (Southeast), May 5
  20. ICI 2021 General Membership Meeting - Day 1, May 6
  21. ICI 2021 General Membership Meeting - Day 2, May 13
  22. 2021 FINRA Annual Conference, May 18-20
  23. MFDF Director Discussion Series - Open Forum via Zoom, May 19
  24. 2nd annual ETFGI Global ETFs Insights Summit - USA, May 19-20
  25. Irish Funds Online Annual Global Funds Conference 2021, May 19-20
  26. MFDF webinar - Fund Director Compensation: MPI Annual Survey (2021), May 20

©All rights reserved to InvestmentWires, Inc. 1997-2021
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use