By DOUG IBENDAHL • July 15, 2009
One of the largest campaign contributors to U.S. Congressman Mark Kirk would reap huge financial benefits after passage of the Waxman-Markey climate control legislation (”cap & trade“).
Kirk was one of only eight Republican House Members who voted for cap & trade, and he was the only Republican from Illinois to do so.
Chicago-based energy giant Exelon Corporation has contributed a total of $94,873 to Kirk since his first winning race for Congress in 2000. That’s according to the respected online resource OpenSecrets.org. That same independent organization reports that Exelon has been Kirk’s second largest contributor over the Congressman’s entire career.
According to OpenSecrets.org, Kirk received $34,100 from Exelon for the 2008 election cycle alone. Exelon also ranked as Kirk’s second largest contributor for that one cycle.
Note that federal law bars corporations from contributing to candidates for federal office. Therefore, the contributions discussed here came from the corporation’s PAC, its employees and officers, and those individuals’ immediate families. Totals include contributions attributable to subsidiaries and affiliates.
Republican News Watch independently analyzed Kirk’s campaign disclosure reports filed with the Federal Election Commission and we found combined Exelon contributions of $93,950 - representing an immaterial difference from the combined total reported by OpenSecrets.org.
Our analysis covered the period from the year 2000 through March 31, 2009 - the most recent period for which reports are available.
Very few politicians have received more in contributions from Exelon over the years than Mark Kirk. But one who has is also a huge supporter of cap & trade. According to The New York Times, since 2003, executives and employees of Exelon have contributed at least $227,000 to Barack Obama’s campaigns for U.S. Senate and for President.
Back in February of last year, The New York Times also detailed how Obama helped Exelon as a U.S. Senator. The same story also noted that Obama’s chief political strategist David Axelrod had worked as a consultant to Exelon.
Exelon is America’s largest electric and gas utility. The company was formed in 2000 through the merger of PECO Energy Company of Pennsylvania, and Commonwealth Edison of Illinois.
Exelon has been a leading supporter of cap & trade. Just check out the corporation’s website here, and see what it has to say about global warming and climate change. You might think you’re looking at the site of some tree-hugger group. The company’s press release from June 26th praising the passage of cap & trade in the U.S. House is here.
Why would a big energy company like Exelon be on the side of cap & trade? Simple. The company stands to reap a huge financial windfall when energy prices skyrocket.
Here’s how Crain’s Chicago Business described things last week:
[C]learly one of the biggest winners is Chicago-based Exelon, which could see cash flow increase by more than $1 billion a year if the bill passes, company securities filings disclosed last week. Restrictions on carbon emissions eventually will increase the market price of electricity, a huge boon for Exelon, with its relatively low, stable costs of nuclear power.
Yes, you read it right - that’s $1 BILLION more (at least) in Exelon’s coffers per year if cap & trade becomes law.
And of course we’ll all be funding that windfall. According to The Heritage Foundation, the cost per family for cap & trade’s entire energy tax would be a combined $71,493 for the years 2012 to 2035. That’s a lot - but it’s still only approximately three-quarters what Mark Kirk has taken in from Exelon.
Mark Kirk was already hesitating about a statewide run for U.S. Senate. In light of this hard evidence that at a minimum raises the strong appearance of pay-to-play, will Kirk go forward?
Republicans were already outraged over Kirk’s betrayal on cap & trade. Now that it looks like a sell-out, will voters want him in any office?
Doug Ibendahl is a Chicago Attorney and a former General Counsel of the Illinois Republican Party.
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