Fannie Mae, Fed Reserve ax holiday parties

The country may be in a recession, but in Washington the holiday parties will go on — except for the industry hurt most by the financial crisis.

The Financial Services Roundtable, a lobbying group for leaders of the financial sector, has reduced its party budget.

{mosads}“It’s not about being the loudest, it’s about socializing,” said Scott Talbott, the group’s senior vice president for public affairs.

The group cut back on the food and beverage budget, but not the guest list. And Talbott noted the party has “minimal” decorations.

Talbott’s group isn’t alone. The Federal Reserve Board will not be having a party, despite holding one in 2007.

“We’ve been otherwise engaged — quite busy,” a source said. But the organization declined to say whether the lack of a party was a direct result of the state of the economy. “It had more to do with the folks who might spend some time planning the party [being busy],” the source said.

Troubled housing giant Fannie Mae held a party last year but will not be celebrating this year, according to a spokeswoman. Its counterpart, Freddie Mac, will be hosting an in-house party for employees only.

The holiday season in Washington is typified by lavish spreads and open bars sponsored by the biggest names in lobbying, corporate America and trade associations. These parties are a chance for the host to make its pitch to an influential audience. Plus, they are prime networking events, especially for staffers who may be losing jobs after the election.

Freddie Mac spokesman Doug Duvall said the organization has never held a corporate holiday party but the divisions within the company do hold their own gatherings. He noted those would be scaled down this year and held in Freddie Mac conference rooms instead of restaurants about town.

The Pentagon has scaled back its annual holiday party, which was one of the biggest in Washington and usually a draw for celebrities who support the annual USO Christmas tour.

Adm. Michael Mullen, the chairman of the Joints Chiefs of Staff, and his wife sent a note saying that, because of “these trying financial times, they have decided to forgo their holiday reception this year.”

Instead, they will host a “small gathering” for wounded soldiers and their families.

Still, there’s no shortage of events for those ready for some holiday indulgence.

The U.S. Chamber of Commerce, which is one of the most sought-after invitations, will host two parties this year.

“The Chamber hosts two holiday parties — a congressional reception and a staff holiday party,” said spokesman J.P. Fielder. “While we feel it’s important to continue with our tradition of having these events, they will be done appropriate to the times.” Fielder noted this year’s congressional reception will include a charitable activity to benefit SAIL, a D.C.-based charter school.

Lockheed Martin, the defense giant whose 2007 gathering was dubbed the “P. Diddy” of parties, will have another event this year.

A spokesman for the company said it expects over 300 guests, including “Lockheed Martin employees and consultants … customer representatives and people we work with in Washington, including congressional staff.”

“We are all very mindful of the gravity of the economic crisis our nation is now facing,” said spokesman Jeffery Adams. “Our holiday reception has been an ongoing tradition for many years. Our reception will be conducted in a tasteful manner.”

Despite the party lists and RSVP information being e-mailed around the city, most groups keep their parties on the down-low.

Several organizations contacted by The Hill confirmed they are holding events but declined to give any additional comments.

And there are so many parties scheduled — held in a variety of locations, including Capitol Hill, lobbying firms, swanky restaurants and expensive hotels — that most nights in December have two or three events on the calendar.

The National Association of Broadcasters will have “nothing too elaborate,” according to spokesman Dennis Wharton. “We’re cognizant of what’s happening economically,” he said. There will be finger food and drinks — “It’s normally what we do.”

The American Farm Bureau will host its annual “Taste of the States” — an event that is paid for by donations from the various state farm bureaus, according to spokesman John Hart.

Several other groups are continuing their practice of asking guests to give to charity. Southern Co., an electrical company, asks everyone to bring a canned good to its holiday party. And the National Energy Institute (NEI) asks people to bring a toy for the Toy for Tots program.

“We always do Toys for Tots,” said NEI spokesman Steve Kerekes.

Other organizations celebrating include the Nuclear Energy Institute, Quinn Gillespie and Associates, American Defense International, Wine and Spirits Wholesalers of America, Williams and Jensen, American Ireland Fund, the Heritage Foundation, U.S. Energy Association, Air Transport Association, Young Professionals in Foreign Policy, U.S. Telecom, and CTIA-The Wireless Association.

Additionally, several embassies hold holiday receptions, including Norway, Sweden, Slovenia and Canada.