We use cookies to provide some features and experiences in QOSHE

More information  .  Close
Aa Aa Aa
- A +

Nancy Pelosi’s Surprise Flip on Student Debt Cancellation Came After Urging From Billionaire Power Couple

1 0 0
05.08.2021

The drive to persuade President Joe Biden to cancel student debt took a major hit last week when House Speaker Nancy Pelosi stunned Congress with a surprise statement in opposition. The move may put her at odds with much of the public and the Democratic Party, but it aligns her with Democratic megadonors Steven and Mary Swig, the billionaire scions of the Bay Area’s oldest real estate dynasty who have deep ties to the California representative. Steven Swig has also long served as a treasurer for Pelosi in her fundraising efforts.

In November, after Biden’s election, and amid increased pressure to cancel student debt, the Swigs quietly circled a memo among key Capitol Hill figures, making the dubious case that debt cancellation at the executive level is illegal. The argument in the memo gets much of its weight by virtue of the wealthy couple who produced it, as the Swigs are not just major funders of progressive nonprofits, but also have significantly bankrolled Pelosi and her House Democratic caucus.

The memo, obtained by The Intercept, was circulated to members of Congress by Freedom to Prosper, an organization founded by and for the Swigs. The couple has in the past directly lobbied Pelosi, according to two sources with knowledge of the meetings, in which the Swigs would suggest rhetoric or policy proposals that Pelosi would agree to adopt in some form. The source, like several others interviewed by The Intercept for this story, would only speak on condition of anonymity, citing the Swigs’ financial sway in progressive circles. (They have also contributed millions of dollars to the Democratic Party over the years.)

The couple have for many years given the maximum amount permitted in campaign contributions to Pelosi, who represents California’s 12th District which encompasses San Francisco, and Steven Swig has served as treasurer for Pelosi’s reelection campaigns since 2012. The Swigs also enjoy extended family ties to the Pelosis. Their niece worked for Pelosi from 2018 until March of this year,........

© The Intercept


Get it on Google Play