Wednesday, June 23

Capitol Riot Prompts Some Big Banks and Companies to Pause Political Funding

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

The largest U.S. bank by assets is among other companies that announced this weekend they would make changes to donations via company PACs. Some, including the Blue Cross Blue Shield insurance group and Marriott International Inc., said they would pause donations to Republican lawmakers who objected to President-elect Joe Biden’s Electoral College win after supporters of President Trump stormed the Capitol on Wednesday. Congress certified Mr. Biden’s win early Thursday, ending attempts to overturn results in two states from seven Republican senators and more than 100 representatives.

The actions follow a week in which businesses and their chief executives have sought ways to ensure a peaceful transition of power, with some calling for Mr. Trump’s removal from office by invoking the 25th amendment or impeachment. Others say they are holding back on such action as they await Mr. Biden’s inauguration on Jan. 20.

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

JPMorgan, the largest bank in the country, made the decision to pause political giving because of the growing political crisis following the violence at the Capitol alongside health and economic crises, said Peter Scher, JPMorgan’s head of corporate responsibility, in an interview.

Source link


Leave a Reply

Your email address will not be published.

Call Now