• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia
FinanceTerm Sheet

Bachmann vs. Romney: Who loves Wall St. more?

Fortune Editors
By
Fortune Editors
Fortune Editors
Down Arrow Button Icon
Fortune Editors
By
Fortune Editors
Fortune Editors
Down Arrow Button Icon
June 27, 2011, 8:00 PM ET

By Tara Moore, reporter

FORTUNE — Michele Bachmann officially announced her candidacy as a GOP presidential contender today with full Tea Party support, going head to head with Mitt Romney (R-MA) in the 2012 cycle and sparking what will likely be an epic fight to win the financial services industry’s heart.

While Democrats can enjoy the madness and mayhem that will tear apart the Right, Bachmann may steal Wall Street support from Romney with her strong history advocating on behalf of the financial services industry.

Bachmann’s congressional record shows she will aggressively sponsor bills to appease the rules-only-slow-us-down contingent — even if there’s no chance they’ll make it out of committee.

According to Govtrack.us, a nonpartisan congressional research tool for the public, none of Bachmann’s 38 sponsored bills have made it out of committee. One of her most recent sponsored bills was a straight pitch to Wall Street — H.R. 87: To Repeal the Dodd-Frank Wall Street Reform and Consumer Protection Act. The bill is currently with the House Subcommittee on Commerce, Manufacturing, and Trade.

Clearly, she’s not afraid of the middle or even her right-leaning colleagues, who are poised to attack her as too ‘radical’ to lead the free world.

For his part, Romney will have some soul-searching to do – should he embrace his 2010 label as ‘Wall Street’s Best Friend,’ or inch a little closer to the middle and forfeit his ties to the financial world? If he opts for the latter, Bachmann could start to chip away at his base.

While a gaggle of pundits deem her a latter day Sarah Palin (with the history chops to match), make no mistake, Bachmann could be a real threat to Romney. She has a knack for grassroots organization, and she can be a fundraising machine, as she proved in her 2009-2010 congressional race, where she far outpaced other Republican members of Congress and was heavily supported by banks and big business.

Her pro-Wall Street advocacy only makes her more appealing to Wall Street, and Romney — though a businessman himself — could very well lose his edge.

About the Author
Fortune Editors
By Fortune Editors
See full bioRight Arrow Button Icon

Latest in Finance

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • Future 50
  • World’s Most Admired Companies
  • See All Rankings
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
About Us
  • About Us
  • Editorial Calendar
  • Press Center
  • Work At Fortune
  • Diversity And Inclusion
  • Terms And Conditions
  • Site Map
Fortune Secondary Logo
  • About Us
  • Editorial Calendar
  • Press Center
  • Work At Fortune
  • Diversity And Inclusion
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • Pinterest icon

Latest in Finance

EnergyOil
Dow futures plunge nearly 400 points as U.S. attack on Iran sends oil prices soaring, while Trump warns more American casualties are likely
By Jason Ma and Amanda GerutMarch 1, 2026
3 hours ago
Middle EastDubai
This American tourist stranded in Dubai due to Iran’s bombardment doesn’t think she’ll be back — ‘the universe was trying to tell us something’
By Brian Melley and The Associated PressMarch 1, 2026
4 hours ago
AsiaPakistan
At least 22 people killed and more than 120 injured in Pakistan after Iran supporters try to storm U.S. Consulate
By The Associated PressMarch 1, 2026
4 hours ago
Middle EastUAE
UAE stock markets to close for two days amid Iran strikes
By Sherif Tarek, Omar Tamo, Farah Elbahrawy and BloombergMarch 1, 2026
4 hours ago
basketball player celebrates on the court
EconomyNBA
NBA star’s partnership with a prediction market raises new questions for a troubled sports betting landscape
By Carlos GarciaMarch 1, 2026
7 hours ago
iran
Middle EastMiddle East
3 U.S. service members killed and 5 seriously wounded in Iran operation, after Trump warned of casualties
By Ben Finley and The Associated PressMarch 1, 2026
8 hours ago

Most Popular

placeholder alt text
Economy
Your grandparents are the reason the U.S. isn't in a recession right now. That won't last forever
By Eleanor PringleMarch 1, 2026
18 hours ago
placeholder alt text
Success
MacKenzie Scott's close relationship with Toni Morrison long before Amazon put her on the path give more than $1 billion to HBCUs
By Sasha RogelbergMarch 1, 2026
11 hours ago
placeholder alt text
Personal Finance
Trump's universal 401(k) architect on why lower-income people distrust retirement accounts: 'they want to know what the catch is'
By Jacqueline MunisFebruary 28, 2026
2 days ago
placeholder alt text
Middle East
As Iran attacks Dubai, the tax-free haven for the global elite could see 'catastrophic' fallout — 'this can also send shockwaves globally'
By Jason MaMarch 1, 2026
10 hours ago
placeholder alt text
AI
The week the AI scare turned real and America realized maybe it isn't ready for what's coming
By Nick LichtenbergFebruary 28, 2026
2 days ago
placeholder alt text
Success
Japanese companies are paying older workers to sit by a window and do nothing—while Western CEOs demand super-AI productivity just to keep your job
By Orianna Rosa RoyleFebruary 27, 2026
3 days ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.