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Title: Which US Industries Spend The Most On Lobbying?
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URL Source: https://www.zerohedge.com/political ... industries-spend-most-lobbying
Published: Aug 29, 2024
Author: Tyler Durden
Post Date: 2024-08-29 22:42:07 by Horse
Keywords: None
Views: 73
In the United States, companies, unions, trade associations, and other organizations invest billions of dollars each year to lobby Congress and federal agencies. In 2023, over 12,000 different lobbyists in the U.S. spent a a record $4.3 billion on lobbying activities, according to Open Secrets, a non- profit research group tracking money in U.S. politics. This was up from $4.1 billion in 2022—and the highest annual total so far. Organizations either hire lobbying firms or employ in-house lobbyists to meet with government officials, seeking to influence government decision-making. In the following chart, Visual Capitalist's Kayla Zhu shows the total expenditures on lobbying activities by the top 10 industries that invested the most in lobbying the U.S. Congress and federal agencies in 2023, using data from Open Secrets. The two biggest spenders in the pharmaceuticals industry were the industry’s leading lobby group, Pharmaceutical Research and Manufacturers of America, and pharmacy benefit managers association Pharmaceutical Care Management Association. In 2023, multiple bills were introduced that would mandate pharmacy benefit managers (PBM), the intermediaries who negotiate prescription drug prices with manufacturers on behalf of clients, to disclose their business practices, including the fees they earn from transactions. These bills were introduced in response to investigations that PBMs play a significant role in driving up prescription drug costs. Other big spenders in the industry include major pharmaceutical companies Pfizer, Amgen, and Roche Holdings, who all spent over $11 million on lobbying last year. Big Tech Companies Were Major Lobbyists In the second-ranked Electronics and Manufacturing and Equipment industry, big tech companies like Oracle, Microsoft, Apple, Samsung, IBM, and Intel were among the top spenders in the industry, ranging from $5.5 to $13 million in lobbying expenditures. In 2023, Apple spent nearly $9.9 million to lobby against several key legislative proposals, including the proposed antitrust bill, American Innovation and Choice Online Act, which would prohibit big tech platforms like Amazon, Apple, and Google from giving preferential treatment to their own services in marketplaces they operate. Apple argued that this bill could undermine user security and privacy by limiting its ability to control the app ecosystem. 
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