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Financial industry not abandoning Garrett

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U.S. Rep. Scott Garrett raised more than $8 of every $10 in political action committee money from banking, real estate, insurance and investment interests.

WASHINGTON -- If U.S. Rep. Scott Garrett faced a backlash from his comments earlier this year about not supporting gay candidates, it didn't come from the financial industry.

Political action committees representing banks, insurers, investors and other industries regulated by the House Financial Services Committee accounted for more than $8 of every $10 in PAC money Garrett raised during the last three months, Federal Election Commission filings show.

Garrett (R-5th Dist.) raised $63,500 in PAC money from July 1 to Sept. 30, with $52,000, or 82 percent, coming from the financial industry. Overall, he took in $179,486 during the three-month period, bringing his 2015 total to $574,164.

That trailed his expected Democratic opponent, former White House speechwriter Josh Gottheimer, who brought in more than $1 million, including $400,232 in the last three months. 


RELATED: Garrett challenger raises more than $1M


But Garrett had more than twice as much money at Gottheimer in the bank as of Sept. 30, $2.3 million to $934,192.

Even as an executive of JPMorgan Chase & Co. hosted an event in Washington in support of Gottheimer, Garrett brought in $10,000 from the PAC of Capital Group Companies, a Los Angeles-based investment firm, and $2,500 from the American Bankers Association PAC.

Garrett shared his largesse with local Republicans, giving $5,500 to the Bergen County Republican Party and $1,500 to the re-election campaign of state Assemblyman Robert Auth (R-Bergen).

Garrett came under criticism in July following published reports that he told fellow Financial Services Committee Republicans that he was not supporting the House Republicans' fundraising arm because it backed gay candidates. Garrett also is a co-sponsor of legislation that would allow groups and individuals to deny service to gay couples on the basis of their religious beliefs.

High-ranking House GOP members, including subcommittee chairs, are expected to make contributions to the fundraising committee that supports Republican congressional candidates.

Two publications that track congressional races changed their ratings on Garrett's chances for re-election, making him the most vulnerable New Jersey incumbent, and the Democratic Congressional Campaign Committee added him to their target list.

Jonathan D. Salant may be reached at jsalant@njadvancemedia.com. Follow him on Twitter @JDSalant. Find NJ.com Politics on Facebook.


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