LEASEPAC, established by the Equipment Leasing Association (ELA) in 1986, is an organization that contributes to candidates for Federal office. LEASEPAC is the only political action committee (PAC) in the country exclusively representing the interests of the equipment leasing and finance industry and primarily works towards keeping pro-leasing and pro-business members of Congress in office. It represents a community of ELA members and member companies with common interests pooling their resources to maximize their return on the investment they have made in the political process.
While corporate funds may be used to underwrite the administrative expenses of LEASEPAC, LEASEPAC receives its funding, in its entirety, from personal contributions from individuals and "PAC to PAC" donations from ELA member companies. LEASEPAC contributes all funds raised, dollar for dollar, to Congressional candidates. PAC campaign contributions to candidates are limited to a maximum donation of $10,000 per candidate per election cycle and all PAC's are required by law to make full disclosure of all receipts and contributions.
While LEASEPAC typically raises $100,000 - $125,00 per year, which sounds like a lot, it is not in the scope of the $243 million raised and donated by all PAC's in 2002. In general, LEASEPAC supports candidates that are part of the House and Senate leadership as well as members of the House Ways and Means and Senate Finance Committees, and key committee chairmen. Members sitting on the tax-writing committees are in a position to shape and vote on legislation that is particularly important to the equipment leasing and finance industry, and Committee chairs and the leadership are in positions to move ELA's policy objectives along or thwart them. Therefore, it is generally in the industry's best interest to help those who help us return to Congress so that ELA is not always in a position of having to educate new policy makers.