In recent years, corporate lobbying has become an increasingly prominent aspect of the political landscape, with companies allocating substantial resources to influence government decisions.
This strategic practice involves companies advocating for policies that align with their interests through various means, such as direct communication with lawmakers and financial contributions.
The surge in corporate lobbying expenditures underscores a growing recognition among businesses of the impact government policies can have on their operations and profitability. In 2022, federal lobbying costs reached $4.1 billion, the highest since 2010.
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In this light, today, on November 20, we delve into the data to unravel the intricacies of which US companies have been spending the most money for lobbying purposes.
Meta and Amazon top the 2023 chart
In 2023, top lobbying spenders have already poured hundreds of millions of dollars.
For now, the two companies that top the list by some distance are tech giants Meta Platforms (NASDAQ: META) and Amazon (NASDAQ: AMZN). According to data provided by Quiver Quantitative on November 18, Meta and Amazon spent around $15 million and $13 million year-to-date, respectively.
The third-biggest spender is aircraft-making behemoth Boeing (NYSE: BA), while the fourth and fifth place belongs to Lockheed Martin (NYSE: LMT) and General Motors (NYSE: GM). Each of the three companies allocated over $10 million for corporate lobbying this year.
Completing the roster of the top 10 lobbying spenders are CVS Health (NYSE: CVS), Pfizer (NYSE: PFE), Google owner Alphabet (NASDAQ: GOOGL), General Dynamics (NYSE: GD), and Verizon (NYSE: VZ).
Senators demand more information on corporate lobbying
Last week, five Democrats who sit on the Senate Banking Committee urged the Securities and Exchange Commission (SEC) to require companies to share more details on their corporate lobbying strategies with shareholders.
In their letter to the SEC, the senators asked the SEC to create a new rule that would “require registered companies to disclose, as relevant, any lobbying strategy, the aggregate amount of direct or indirect contributions to registered state and federal lobbyists, and any material risks related to or arising from the registrant’s lobbying strategy and expenditures.”
The lawmakers gave the SEC until November 29 to offer details on the plan.
