- After Wednesday’s Capitol siege, top US firms are suspending political donations.
- JP Morgan, Citibank, Facebook, and Microsoft have said they are temporarily stopping all donations to both Democrats and Republicans.
- Other companies are cutting off donations specifically to GOP lawmakers who objected to certifying Democrat Joe Biden as president.
- Visit Business Insider’s homepage for more stories.
JPMorgan, Citibank, Facebook, and Microsoft have all said they will temporarily pause political donations to both Republicans and Democrats following Wednesday’s Capitol siege.
JPMorgan said it would pause all political funding for at least six months, Citibank for the remainder of the quarter, and Facebook for the next three months.
Other companies, including Dow, Marriott, and Morgan Stanley, are cutting off donations specifically to GOP lawmakers who objected to certifying Democrat Joe Biden as president.
Popular Information first reported the news of companies halting donations.
JPMorgan Chase said Sunday it will pause all PAC contributions for at least the next six months.
“The focus of business leaders, political leaders, civic leaders right now should be on governing and getting help to those who desperately need it most right now,” it told Reuters in a statement. “There will be plenty of time for campaigning later.”
Citi, whose CEO Michael Corbat said he was “disgusted” by the riots, said it will also halt all PAC donations up to April.
Its PAC raised around $740,000 for federal candidates in the 2019-2020 cycle, the Wall Street Journal reported, citing information from the Center for Responsive Politics. This includes a $1,000 donation to the campaign of Sen. Hawley.
“We want you to be assured that we will not support candidates who do not respect the rule of law,” Citi said in an internal memo to employees last week, first reported by Popular Information.
“We intend to pause our contributions during the quarter as the country goes through the Presidential transition and hopefully emerges from these events stronger and more united.”
Facebook told Axios it would pause political donations for at least three months. The social media giant also indefinitely suspended Trump’s Facebook account on Thursday, which will last at least until President-elect Biden is inaugurated on January 20.
Microsoft is also freezing all political donations for the remainder of the quarter, Ashley Gold of Axios reported.
3M, the consumer goods conglomerate that makes Post-It Notes and Scotch tape, has reportedly paused all political contributions until March, according to Popular Information.
FedEx, Target, CVS Health, AT&T, and Walmart are among the companies currently reviewing their positions on political contributions, Popular Information reported. Berkshire Hathaway Energy, Ford, and Bank of American told the publication they would review donations on an individual basis.
“Just coming out with another public letter isn’t going to do much,” Thomas Glocer, former CEO of Thomson Reuters, said last Tuesday following a meeting of top CEOs where they discussed the impact of pulling political donations.
“Money is the key way,” he added.
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