The Rise of the Vanity Super PACs
For the super-wealthy with a cause, super PACs are in vogue.
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| Former New York City Mayor Michael Bloomberg gave about $6 million to his own Independence USA PAC in 2013. |
The first generation of super PACs operated as shadow party committees, embodied in American Crossroads, the pro-Republican behemoth co-founded in 2010 by Karl Rove and Ed Gillespie. Next came candidate-specific super PACs, like those that aided President Obama and his GOP rival, Mitt Romney, in 2012. The latest iteration is the single-issue vanity super PAC—a group backed by a single, wealthy donor focusing on an issue of national importance, such as climate change or gun violence.
Case in point: Thomas Steyer.
An environmental activist and former hedge fund executive, Steyer invested more than $11.1 million into his two super PACs last year. That’s more than any other individual, union, or company gave to super PACs in 2013, according to a Center for Public Integrity review of campaign finance records.
Steyer’s NextGen Climate Action Committee and CE Action Committee hammered home the message that politicians need to take action on global warming during the Virginia gubernatorial race and the special U.S. Senate election in Massachusetts. This stands in stark contrast to the 2012 election cycle, when Steyer did not donate a dime to super PACs.
Steyer "is committed to engaging in campaigns where climate is on the ballot," said Suzanne Henkels, the deputy press secretary for NextGen Climate Action, who added that the CE Action Committee "is in the process of winding down its operations."
Super PACs became a household term following the U.S. Supreme Court’s Citizens United v. Federal Election Commission decision in 2010. Unlike candidates, these political committees can accept unlimited donations from billionaires, corporations, and unions and use the money to pay for ads that support or oppose
