During the 2003-2004 election cycle, the Financial Planning Association's Political Action Committee (PAC) contributed $5,000 to federal candidates, according to Federal Election Commission. Among PACs in the securities and investment sector, the FPA's contribution level was among the lowest; it ranked 47th out of the 54 sector PACs. What a difference an election cycle makes.
As of March 31, 2006, the FPA has contributed $32,000 to federal candidates--more than six times the total contribution in the last election cycle, with six months to go in this one. In a letter to FPA Retreat attendees, FPA-PAC Chairman David Yeske stressed the importance of the group's PAC in promoting the interests of the planning profession, particularly since the FPA is concerned that the dispute over the Merrill Lynch rule could easily move from the SEC and the courts to Congress.
Of the $32,000 contributed to federal candidates as of March 31, 2006, 44% went to Democrats and 56% to Republicans. Two FPA members, Ray Ferrara and Steve Johnson, have each agreed to match dollar-for-dollar all FPA-PAC donations up to $5,000 through June 9.--Ryan G. Murphy