In 2012, the National Assembly of the SPD elected Steinbrück as the chancellor-candidate of the SPD for the 2013 federal election. After he was nominated, controversy surrounding Steinbrück history of giving paid speeches to private banks such as JPMorgan Chase and Deutsche Bank, as well as the potential conflict of interest surrounding his seat on the board of steel conglomerate Thyssenkrupp, prompted criticism from both centre-right members of Angela Merkel’s coalition as well as members of SPD’s left-wing. Steinbrück’s gaffe-prone campaign failed to gain traction, and the SPD was comfortably defeated by Merkel’s CDU in the federal election which took place on 22 September 2013.