JPMorgan and Citigroup join US corporations withholding political donations

Jamie Dimon, Chief Executive Officer of Jamie Morgan Chase & Co., listens on Wednesday, April 10, 2019, during a House Financial Services Committee hearing in Washington, DC, US.

Andrew Harrer | Bloomberg Getty Images

JPMorgan Chase and Citigroup were among the first major financial firms to say they would donate to the political action committee after followers of President Trump laid siege to the US Capitol last week.

JPMorgan, the property’s largest US bank, is withholding contributions for both Republicans and Democrats “for at least” the next six months, according to spokesman O’Halloran. The New York-based bank will use that time to consider possible changes to its political-donation strategies.

In a statement provided to CNBC, Peter Sher, head of corporate responsibility, said “the country is facing unprecedented health, economic and political crises.” “Business leaders, political leaders, civic leaders should be focused now on governing and seeking the help of those who need it most right now. There will be plenty of time for campaigning later.”

In the January 6 riots that left five dead, corporations including Marriott International and Blue Cross Blue Shield Insurance Group have said they will stop giving money to Republican lawmakers, who have disrupted presidential-election certification Had supported the efforts of. Biden’s victory. But banks, instead of targeted and potentially alienating members of the Republican Party, have gone on to block donations to all lawmakers, at least for now.

The move was part of a larger outcome from an embarrassing episode that forced American corporations to come up with a way to respond. Technology companies, including Twitter, Facebook, and Amazon, have taken steps to limit the spread of disinformation that could provoke more violence.

Political action committees donate pool staff and can direct up to $ 5,000 to one candidate per election, plus $ 15,000 annually to any national party committee. Since the money is raised from voluntary employee contributions, the move circumvents federal laws that prohibit companies from paying money directly to candidates.

Citigroup is also withholding PAC donations to all lawmakers during the first quarter, the bank told employees in internal communications on Friday.

“We want you to be assured that we will not support candidates who do not respect the rule of law,” Candy Wolff, who heads global government affairs, said in the memo. “We intend to curb our contributions during the quarter as the country undergoes a presidential transition and hopes to emerge stronger and more united by these events.”

Bank of America spokesman Bill Haldin said the “horrific violent attack on the US Capitol” would be a factor in Dan’s decision for the 2022 midterm election.

Representatives from Goldman Sachs, Morgan Stanley and Wells Fargo did not immediately respond to messages over the weekend.

This story is developing. Please check back for updates.


Leave a Reply

Your email address will not be published.