In New Hampshire, a Little could go a long way—for the banks. Democratic Gov. Margaret Wood (Maggie) Hassan recently crossed party lines to appoint Republican state Sen. Gerald H. (Jerry) Little commissioner of the state’s Banking Department. The selection has been criticized as a “revolving door” appointment because Little served as president of the New Hampshire Bankers Association (NHBA) before being elected to represent Senate District 8 in 2014. The Executive Council is holding a public hearing on Friday, March 18, 2016.
The National Institute on Money in State Politics looked into banking contributions to both elected officials and discovered a startling total to Sen. Little’s 2014 campaign that far outpaces giving by other industries. Gov. Hassan also amassed more from these donors than almost every other state politician in New Hampshire since 2000, although unlike Little, she relied more heavily on other donors.
Commercial banking contributions made up a relatively small portion of Gov. Hassan’s contributions total, but it is clear these donors kept a keen eye on the governor. Commercial banking contributors gave her $20,264, which is less than one percent of her career fundraising total. That said, it is the second-highest total from commercial bankers to New Hampshire candidates from 2000 through 2014. She also enjoyed a noticeable jump in such contributions during her 2014 reelection bid. Little’s former employer, NHBA, gave more to Hassan ($3,700) than to any other candidate since 2000.
Commercial banking donors were far and away the most generous contributors to Sen. Little’s campaign, providing $18,350 in donations to Little, which was 19 percent of his war chest. Ninety-two percent of the money from these donors came from in-state commercial banking contributors, the very entities regulated by the Banking Department. In stark contrast, his general election opponent did not collect a single dollar from commercial banking donors.
The Banking Department also regulates savings and loans and credit unions—two additional industries that supplemented banking contributions to Little and Hassan in 2014. Savings and loan donors gave Little $4,200, bringing his contribution total from banks to $22,550, which was 23 percent of his campaign total. A $1,000 contribution from a credit union to Gov. Hassan brought her 2014 banking total to $14,459. Taken together, contributions from these three banking interests to Little and Hassan accounted for 58 percent of all contributions from these industries to state candidates in New Hampshire in 2014. In fact, the next-largest banking contribution total that year was only $4,000 to Senate President Charles W. (Chuck) Morse.
Figure 1: Contributions to New Hampshire State Candidates From Industries Regulated by the New Hampshire Banking Department, 2014
![NH Banking 2014](assets/Uploads/_resampled/ResizedImage600604-NH-Banking-2014.png)
The banking industry in the Granite State almost bet the bank on Hassan and Little in 2014, and they could soon have one of their own as the industry’s top regulator in the state. Hassan cites Little’s experience as his best asset, but that inevitably leads to questions about conflicts of interest and who the candidate reaches out to for campaign money. The issue will likely not fade—Hassan is competing for a U.S. Senate seat this year in a state where banking contributors have been even more generous to federal candidates.
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