Thanks to the political action committee (PAC) system, subsidiaries of Swiss companies invested millions in the American electoral campaign. The UBS bank is at the top of the main providers of European funds.
Nearly $3 million. This is the amount injected into the American electoral campaign by the subsidiaries of Swiss companies, according to the RTS analysis of data provided by thenon-profit organization Open Secrets. Switzerland is even, indirectly, the second most generous country in Europe, just behind the United Kingdom.
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But what are foreign companies doing in these elections? According to current electoral law, only American nationals or green card holders can make donations as part of an electoral campaign in the United States. But since 2000 and the Citizens United vs. Federal Election Commission of the Supreme Court, it is possible for a foreign subsidiary to create its own PAC, duly registered with the Federal Election Commission.
It is then free to collect contributions from its American employees and their families. The majority of these funds are then pumped into the campaign, spending typically dedicated to supporting candidates for Congress rather than the presidency. Most donations target committee and subcommittee chairs active in the area of the company in question.
UBS Americas, the most generous PAC
Take the example of the Swiss banking giant UBS, which, through its “UBS Americas” PAC, has distributed the record sum of $1.49 million since the beginning of 2023. 52.2% of this financial windfall made it possible to support Republican candidates for the Senate and the House of Representatives, the rest was allocated to Democratic candidates.
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Since the 2012 election, which pitted incumbent Barack Obama against Mitt Romney, UBS Americas has held the title of the most generous foreign-affiliated PAC, with ever-increasing sums, legislature after legislature.
Companies from the Swiss Market Index
Behind the Swiss-affiliated PACs, in addition to UBS, we find the pharmaceutical giants Roche and Novartis. It also includes big names in the insurance sector, such as Zurich Insurance Group or Chubb Ltd, the construction group Holcim or even companies active in tech, such as Garmin Ltd (see below)
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In total, according to the analysis of figures by Open Secrets, Switzerland indirectly contributed to the American electoral campaign to the tune of 2.9 million dollars.
Europe as a whole injected nearly $14.3 million. About 56% of these funds went to Republican candidates, and 44% to Democrats.
European PACs nevertheless pale in comparison to the 450 million dollars in war chest collected via PACs in Uncle Sam’s country.
Cécile Denayrouse
