Michigan Democrat Mark Schauer has profited from some of the nation's top outsourcers.
Schauer, who is looking to unseat Republican Gov. Rick Snyder, has invested up to $230,000 in mutual funds that rely heavily on companies that send jobs overseas, according to his most recent financial disclosures. Three of his mutual funds invest in Apple, Pepsi, Home Depot, Pfizer, Amazon, and Google, as well as numerous other companies that CNN identified as outsourcers.
Schauer has been a frequent critic of outsourcing, criticizing Snyder for awarding a state contract to foreign companies.
"As governor, I’ll strengthen Buy American laws just like I did in Congress. I’ll make sure we invest our taxpayer dollars in Michigan businesses and Michigan workers, and when a Michigan firm doesn’t submit a bid, I’ll make sure our tax dollars stay in America before I outsource anything to a foreign country," he said in a June press release. "Sending our tax dollars overseas hurts our economy and makes us less competitive."
However, sending his investment dollars overseas has helped boost his portfolio, according to the congressional financial disclosures he filed in 2010—the year he was voted out of office. The former congressman invested between $219,000 and $635,000 in mutual funds, which are investment vehicles overseen by money managers. Investment decisions are made by those managers, but investors can see where their money is going.
Schauer held between $16,002 and $65,000 in the Income Fund of America fund, which invested in Microsoft, GE, Verizon, Pfizer, Cisco Systems, and PepsiCo. He also between $51,000 and $115,000 in the Growth Fund of America, which listed Oracle Corp., Comcast, and United Health Group as some of its top holdings.
The New Perspective Fund, which managed between $15,000 and $50,000 for Schauer, invested in some of these companies as well. All of those companies made CNN’s "Exporting America" list, which identifies corporations that are "either sending American jobs overseas, or choosing to employ cheap overseas labor, instead of American workers."
Schauer's campaign did not return request for comment.
Schauer is not the only pro-labor Democratic candidate to reap profits from outsourcing. Senate hopeful Gary Peters invested between $15,000 and $50,000 in MedTronic, a healthcare company that recently merged with an Irish company in order to dodge American taxes. MedTronic, like Burger King, is expected to ship millions of tax dollars overseas in a practice that Democrats have called economic "treason."
Michigan Republicans, who have accused Schauer of waging "class warfare" in his campaign, called the Democrat’s investments hypocritical.
"Mark Schauer has made his political career out of attacking companies he claims ship jobs overseas but when it comes to investing his own money, Schauer does not apply the same standard to himself," Michigan GOP spokesman Darren Littell said. "Attacking the same businesses you personally invest in and profit from for political gain is the type of hypocritical behavior voters despise. Mark Schauer should just come clean with how he invests his money and tell us whether or not he's investing in the same companies that he has attacked his entire political career."
Schauer is running a close race against Gov. Snyder in a race that could help determine the Senate majority. Snyder leads Schauer by less than 1 point, according to a Real Clear Politics poll average. Both parties are hoping that the gubernatorial race can drive turnout in a closely fought Senate race between Republican Terri Lynn Land and Democrat Gary Peters.