Capital riot signals some big banks and companies to stop political funding

JPMorgan Chase & Co. said it is withholding all corporate political action committee donations for Republicans and Democrats for the next six months in the wake of last week’s riots at the Capitol.

The largest US bank by assets is among other companies that announced later this week that they would make changes to the charity through the company PAC. Some, including Blue Cross Blue Shield Insurance Group and Marriott International Inc., said they would donate to Republican lawmakers, who objected to President Elect Joe Biden’s Electoral College victory following a storm in the Capitol on Wednesday by supporters of President Trump. Congress certified Mr. Biden’s victory on Thursday morning, ending efforts to reverse results in two states from seven Republican senators and more than 100 delegates.

The action takes place for a week in which businesses and their chief executives have called for the removal of Mr. Trump from office, calling for the 25th Amendment or impeachment, with some calling for a way to ensure a peaceful transition of power. Others say they are returning to such action as they await the inauguration of Mr Biden on 20 January.

The announcements may reflect an acceleration of recent trends among large companies to limit or better disclose political spending.

JP Morgan, JP Morgan, head of corporate responsibility, said in an interview, JP Morgan, the country’s largest bank, decided to offer political benefits due to the escalating political crisis following violence in the capital.


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