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Former investment banker Frank Pallotta

Pallotta raises $244k for Gottheimer challenge

Investment banker has loaned himself $75k for NJ-5 race

By David Wildstein, October 14 2019 12:01 am

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Republican congressional candidate Frank Pallotta raised $97,238 during the 3rd quarter, bringing his total fundraising for the year to $244,049.

That puts Pallotta, an investment banker who worked for Goldman Sachs and Morgan Stanley, behind Montvale Mayor Michael Ghassali in the contest for the GOP nomination in New Jersey’s 5th district to challenge incumbent Josh Gottheimer (D-Wyckoff).

Ghassali has not filed his report with the Federal Election Commission – the deadline is Tuesday – but he announced earlier this month that he had raised $301,000.

A potential self-funder, Pallotta has loaned $75,000 to his campaign – about 31% of his total fundraising haul during the first six months of his candidacy.

Gottheimer, the Human Fundraising Machine, had nearly $5.7 million in his warchest as of three months ago.  He has not yet released his 3rd quarter numbers.

Glen Rock Councilwoman Arati Kreibich, who is challenging Gottheimer in the Democratic primary, announced this month that she has raised over $100,000 during the first two months of her candidacy.

Another Republican candidate, former Cresskill Councilman John McCann, reported raising no money for the 3rd quarter.  He has $1,054 cash-on-hand and is still carrying a $249,190 debt from a loan McCann made to his 2018 campaign.

Gottheimer raised $7,002,979 and spent $2,952,240 during his 2018 campaign and defeated McCann by 41,291 votes in a district almost evenly divided between Democrats and Republicans that Donald Trump carried by one percentage point.

A former Clinton White House speechwriter and Microsoft executive, Gottheimer ousted seven-term Rep. Scott Garrett (R-Wantage) in 2016 by a 51%-47% margin.  He outspent Garrett, $4,782,462 to $2,411,570.

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