JPMorgan Chase & Co. CEO Jamie Dimon (Jamie Dimon), second from left, listens at the House Financial Services Committee hearing in Washington, U.S., on Wednesday, April 10, 2019.
Andrew Haller | Bloomberg | Getty Images
JPMorgan Chase and Citigroup were among the first major financial companies to say they would suspend political action committee donations after attacking the U.S. Capitol around President Trump̵
Spokesperson Steve O’Halloran said that in terms of assets, JPMorgan, the largest bank in the United States, is suspending donations to Republicans and Democrats “at least” for the next six months. The New York-based bank will use this time to consider potential changes in its political donation strategy.
Peter Scher, head of corporate responsibility at JPMorgan Chase, said in a statement provided to CNBC: “The country is facing an unprecedented health, economic and political crisis.” “Now, business leaders, political leaders, citizens Leaders’ focus should be on governance and providing help to those in desperate need. There will be plenty of time for elections in the future.”
In the January 6th riots, five people were killed, including the company Marriott International and Blue Cross Blue Shield Insurance Group, which have stated that they will stop the support of whom the money is given to, disrupting President-elect Joe’s certification and Republican congressmen. Biden’s victory. But the bank, instead of targeting and possibly alienating members of the Republican Party, instead, at least temporarily stopped donating to all members.
This move is part of the larger consequences of the shameful incident forcing American companies to agree on how to deal with it. Technology companies including Twitter, Facebook, and Amazon have taken steps to limit the spread of false information, which may lead to more violence.
The Political Action Committee pools donations from employees and can direct up to $5,000 to candidates for each election, and $15,000 per year to any national party committee. Because the money was raised from voluntary employee donations, this move circumvents federal law, which prohibits companies from donating directly to candidates.
Citibank told its employees in an internal communication on Friday that Citigroup will also suspend its PAC donations to all lawmakers in the first quarter.
Candi Wolfe, head of global government affairs, said in the memo: “We hope you can rest assured that we will not support candidates who don’t respect the rule of law.” And hope to become stronger and more united from these events.”
Bank of America spokesperson Bill Halldin said that “the appalling violent attack on the U.S. Capitol” will be a donation decision for the 2022 midterm elections.
Representatives of Goldman Sachs, Morgan Stanley and Wells Fargo did not immediately respond to the news over the weekend.
This story is developing. Please check for updates.