The U.S. Chamber of Commerce has spent only a fraction of the money it typically spends on upcoming races this election season, although the reasons why it is holding back are unclear, the news site The Daily Beast reported Wednesday.

The Chamber has reported $1.6 million in political spending so far this election season, according to Federal Election Commission filings. By contrast, it had spent more than $16 million by this point in 2016.

The Chamber is a nonpartisan organization, but the bulk of its past spending favored Republicans who share its philosophy concerning business regulation and taxes. As for the reasons it is holding back, The Daily Beast cited one anonymous source familiar with the Chamber's operations who said the group didn't want to commit funds this early in the election season given the current economic and political volatility.

However, the news site also spoke with Republicans who called the drop-off in spending a sign of the Chamber's waning influence in Washington, D.C. They noted the Chamber has clashed with President Donald Trump over trade and other business policies. Other news outlets have reported the president allegedly harbors a grudge against the business group for not being more supportive of him in the runup to the 2016 election.

Still, The Daily Beast noted the Chamber is in the midst of a lengthy transition period with CEO Tom Donohue scheduled to step down in 2022. The business group is also dealing with the fallout of COVID-19, which has caused many of its members to cut back on spending.

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