HARRISBURG, Pa. — What does a conservative upstart challenging a top House Republican in York County have in common with a scion of a Democratic political family facing a progressive primary in Philadelphia?
(Photo credit: Maggie Henry Corcoran of Philadelphia Inquirer)
Byline: Stephen Caruso of Spotlight PA
Despite differing priorities and positions, both candidates’ campaigns are beneficiaries of the political largess of billionaire Jeff Yass, a Montgomery County investor and Pennsylvania’s richest denizen.
A billionaire who turned gambling winnings into one of the largest stock trading companies in the U.S., Yass is a registered Libertarian, according to Pennsylvania Department of State records.
But his party registration hasn’t stopped him from pumping at least $18 million into this year’s Democratic and Republican primaries.
Among the beneficiaries: Republican gubernatorial candidate Bill McSwain, a conservative advocacy group that has a history of challenging Republican incumbents, and a handful of Philadelphia Democrats squaring off with progressives in the May 17 primary.
The common thread in Yass’ spending? Opinions vary.
Yass’ allies, including many who spend or have sought his dollars, argue he is a single-issue donor who backs candidates who support alternatives to public schools.
“It’s no secret,” longtime conservative activist Matt Brouillette said. “Where Jeff and [his wife] Janine invest their philanthropy and political dollars, they are passionate about getting kids to better schools.”
But critics from various political backgrounds argued Yass’ spending prioritizes peddling influence or inserting his ideology into both major parties, whether the issue is privatizing public schools or cutting taxes.
Yass’ personal net worth is valued at $12 billion, according to Forbes. And because of Pennsylvania’s lax campaign finance law, which allows individuals to donate unlimited amounts of cash to campaigns, Yass can write as many checks as he wants.
“This is about power for Jeffrey Yass,” said Eric Rosso, an organizer with the Working Families Party, a left-wing third party active in Philadelphia. “This is a billionaire wanting to exert his personal influence on the election.”
Since 2010, Yass has given $41.7 million to Students First, the Wynnewood-based political action committee he founded with two fellow traders. And over the years, Yass has increasingly become its sole funder, his donations growing bigger.
The PAC either gives directly to candidates, often Democrats, or funnels money to another committee, often ones linked to the school choice movement.
Yass did not directly respond to requests for comment. In an emailed statement, Students First PAC said it backed candidates who “have a track record of supporting educational choice or are philosophically supportive of educational choice,” and that its spending counterbalances the influence of teachers unions.
The PAC’s strongest financial relationship is with political organizations run by Brouillette, who says he met Yass sometime in the 2000s. Brouillette once ran the Commonwealth Foundation, a Harrisburg-based free-market think tank that’s part of a national network of similar organizations funded by top conservative donors.
In 2016, he transitioned to running Commonwealth Partners Chamber of Entrepreneurs, a 501(c)(6) nonprofit that can influence elections, to “put political punch” behind his policy goals.
Since 2018, Students First has poured at least $30.25 million into Brouillette’s two interconnected PACs — Commonwealth Children’s Choice Fund and Commonwealth Leaders Fund — according to Pennsylvania Department of State data. That total represents 78% of Students First’s spending during that time.
Commonwealth Children’s Choice Fund often donates directly to candidates, and Commonwealth Leaders Fund purchases mailers, TV, and digital ads to independently support or oppose candidates.
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May 24, 2024
