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Frank Pallotta

Pallotta raises nearly $147k to take on Gottheimer

Ex-Wall Streeter has put $25k of his own money in the race

By David Wildstein, July 13 2019 2:26 pm

Potential self-funder Frank Pallotta has raised $146,810 for his challenge to Rep. Josh Gottheimer (D-Wyckoff) in New Jersey’s 5th district, including $25,000 of his own money.

He has $115,153 cash-on-hand, according to the first-time candidate’s filing with the Federal Election Commission.

So far, Pallotta faces three other announced challengers for the Republican nomination: Montvale Mayor Michael Ghassali; former Cresskill Councilman John McCann, Gottheimer’s 2018 opponent; and teacher James Baldini.

“I am grateful for and so excited by the support my campaign has received since announcing my candidacy in mid-May,” Pallotta said.  “As I travel all across the district, one thing is clear — people believe that Josh Gottheimer and Nancy Pelosi are taking Washington, DC and this country, in the wrong direction.  I am committed to taking this seat back next November.”

Pallotta spent 25 years on Wall Street – and Goldman Sachs and Morgan Stanley — and now owns a privately-held mortgage advisory and consumer marketing firm, Steel Curtain Capital.

Gottheimer raised a massive $907,658 during the 2nd quarter of 2019 and has brought in more than $1.6 million in the first half of this year.  He now has a $5.7 million warchest.

Gottheimer raised $7,002,979 and spent $2,952,240 during his 2018 campaign, according to post-election reports filed with the Federal Elections Commission.  He defeated McCann by 41,291 votes in a district almost evenly divided between Democrats and Republicans that Donald Trump carried by one percentage point.

He ousted Rep. Scott Garrett in 2016 by a 51%-47% margin in a district that Donald Trump won by one percentage point – a 4,089-vote plurality.  Gottheimer, a former Clinton White House speechwriter, spent nearly $4.7 million –plus an additional $5.2 million spent by outside groups — to beat Garrett, who spent $4.2 million.

Pallotta has assembled a strong team of consultants, including Larry Weitzner and Barney Keller of Jamestown Associates and Pete Sheridan, a former New Jersey Republican State Committee executive director and longtime aide to ex-Gov. Chris Christie.

Also mulling a bid for the Republican nomination is Jon Dalrymple, Jr., a 29-year-old student at Warren County Community College.  He filed an exploratory committee last month.

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