Amalgamated Bank, with just five branches across three cities, and a market value lower than the net worth of many an individual hedge fund honcho, would seem an unlikely mover and shaker in the world of Wall Street, let alone Washington, D.C.
Yet last fall, it successfully pressured colossal credit card companies Visa, Mastercard, and American Express to use the financial system to track and report gun purchases. Amalgamated is “more than a bank,” says Michael Watson of the Capital Research Center. “It’s a bank for an ideological movement.”
This “ideological” bank holds $7 billion in deposits and manages or maintains custody of some $51 billion. And while that sounds like a great deal of money, it pales in comparison to financial institutions such as JP Morgan, with its $2.4 trillion in deposits, or the $8.6 trillion in assets managed by BlackRock. But Amalgamated’s outsized influence doesn’t flow from the size of its coffers. Rather, it’s explained by its role as cue to the wider corporate world given the major sources of that money—the Democratic Party, progressive activist groups, and major labor unions….