By law, the only money that the IBA can donate to candidates is from money voluntarily donated by our members and their affiliates to Illinois Bankers PAC.
Your contribution to Illinois Bankers PAC is pooled with those from other bankers, creating a stronger impact for our industry.
100% of your contribution goes to support candidates who express a positive commitment toward the banking industry. Administrative expenses are covered by the IBA.
Illinois Bankers PAC provides financial support to candidates who express a positive commitment toward the banking industry in their districts. Other important considerations are voting records, positions of leadership, and committee assignments, regardless of party affiliation. Candidates may be incumbents or challengers.
Your bank’s contributions can be reached through your banking organization’s total contributions, your officers, directors and employees’ individual contributions, and a combination of both. (See question nos. 6 and 7 for more information).
Yes. Illinois Bankers PAC encourages state bank corporate contributions. However, corporate contributions can only be allocated to state or local candidates.
NO. The National Bank Act prohibits national banks from making corporate contributions. However, a national bank’s PAC, the holding company, and its officers, directors, and employees may contribute to Illinois Bankers PAC.
For national banks, the suggested contributions can be achieved through a combination of contributions from your holding company and individuals associated with your bank.
Under state law per calendar year, an individual may contribute up to $11,100 to a political action committee like Illinois Bankers PAC, a corporation may contribute up to $22,200 to Illinois Bankers PAC, and another political action committee may contribute up to $55,400 to Illinois Bankers PAC. Under federal law per calendar year, an individual may contribute up to $5,000 to Illinois Bankers PAC, and a political action committee may contribute up to $5,000 to Illinois Bankers PAC. Contributions to the IBA’s administrative fund to offset indirect fundraising costs do not apply to contribution limits.
All contributions received from a state bank or from a bank holding company will be applied to the Illinois Bankers PAC “state fund.” Contributions received from individuals may be applied to either the Illinois Bankers PAC “state fund” or the Illinois Bankers PAC “federal fund.”
All Illinois Bankers PAC contributions are strictly reported and are a matter of public record to the Federal Election Commission (FEC) and the State Board of Elections. All contributions to Illinois Bankers PAC must be voluntary, and all individuals have the right to refuse to contribute without any reprisal.