Bank of America

Democratic National Committee Divesting From Bank Of America

The Democratic National Committee (DNC) will be announcing that, even though their national convention is going to be held at the Bank of America Stadium in North Carolina, they are going to pull their funds from the bank. The Wall Street Journal is reporting that, according to a Democratic Party official, the DNC is going to start moving their money over to union owned Amalgamated Bank after the election.

The move could make things strange for the Obama re-election campaign, which is still going to use Bank of America, but the DNC wants to make the move anyway.

The DNC is pulling its money as a protest of Bank of America’s foreclosure policies. They join a long list of companies and cities who are doing the same. Cities from Massachusetts to California are pulling millions in accounts and putting them in more socially conscience banks.

President Obama is not likely to follow suit during an election season when he is looking to raise money from the industry in a hostile climate to begin with. In 2008, the Obama Campaign took in 66 percent of the employees donations from Bank of America. In 2012, that number dropped to 28 percent according to Bloomberg.

Mitt Romney is crushing President Obama in fundraising from Wall Street. As of June, Romney has taken in $37 million from the finance sector compared to the President who took in only $4.8 million dollars.

Obama has made Wall Street one of his top targets during the last four years, consistently mocking them for being greedy and referring to them as “fat cats.” He also worked hard to pass reforms of the sector, which are not considered friendly to the industry. President Obama is still making pains to convince the industry he is supportive.