Destitute National Committee Still Owes $15 Million to Union Bank

January 31, 2013

The Democratic National Committee (DNC) still has not paid back the $15 million loaned to it by the union-owned Amalgamated Bank of New York, according to its year-end campaign finance report.

The DNC took out two loans totaling $15 million from Amalgamated Bank in the months leading up to the November election.

The loans account for a large portion of the $21,471,157 of debts and obligations owed by the DNC, a number that is slightly more than five times greater than the $4,292,138 that the committee currently has in hand.

The DNC paid Amalgamated Bank more than $66,000 in loan interest and bank fees for the month of December, the records show.

The DNC established Amalgamated Bank as its "primary banking relationship" this past summer.

DNC chairwoman Debbie Wasserman Schultz hailed the transition, and noted the longstanding political and financial ties between the two organizations.

Amalgamated Bank, often described as "America’s Labor Bank," is a national entity, the majority of which is owned by the politically active Service Employees International Union (SEIU).

The SEIU is one of the largest financial backers of the Democratic Party.

The SEIU spent over $34 million on elections in the 2012 election cycle alone. Just under $18 million of that was express advocacy for Democrats, and the remaining $16 million was spent to attack Republicans, according to the Center for Responsive Politics.

The large debt may tie back to the fact he DNC went $15 million over its budget for the 2012 Democratic Convention in Charlotte, despite breaking its pledge to not accept money from corporations.