(Bloomberg) – Goldman Sachs Group Inc., Citigroup Inc. and JPMorgan Chase & Co. plans to interrupt all political contributions and add them to a growing list of companies changing or reviewing their donation policies in the wake of riots in the Capitol last week.
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A person wearing a protective mask enters JPMorgan Chase & Co. headquartered in New York, USA, on Monday, September 21, 2020. JPMorgan CEO Dimon called for a broader return, saying his firm had seen ‘alienation’ among younger people. workers and that prolonged work from home can cause long-term economic and social damage.
Goldman is still formulating his measures that are likely to limit future political donation to the elected leaders who fought to reverse the 2020 outcome. A representative of the firm confirmed the plan. JPMorgan, the largest U.S. bank by assets, said it was planning a six-month suspension for both Republicans and Democrats. Citigroup said it intends to suspend all political contributions in the current quarter.
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“We want you to be assured that we will not support candidates who do not respect the rule of law,” Candi Wolff, head of Citi’s global government affairs, told staff in a memorandum.
The banks’ actions follow an earlier announcement by Marriott International Inc., which states that donations to Republican senators who voted against incumbent President Joe Biden will be halted after considering the “devastating events” on Wednesday.
The hotel giant was one of the first corporate donors to announce the severance of financial ties with lawmakers after the Capitol Hill riot by supporters of President Donald Trump. While many U.S. businesses have quickly condemned the violence, few companies have publicly promised to halt financial support for elected officials that supports Trump’s unfounded allegations of electoral fraud.
“We have taken into account the devastating events at the Capitol to undermine a legitimate and fair election, and will interrupt our political donation from our political committee to those who voted against the certification of the election,” a spokesman for Marriott said.
Setback
Video: This is why business leaders have called on Congress to accept the election (CNBC)
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FOLLOWING
Marriott’s decision was first reported by Popular Information, a political newsletter that surveyed 144 corporate donors about their future donation plans to the eight GOP senators who objected to election certification.
The incident last week caused a setback for politicians, including Missouri Senator Josh Hawley, who supported the fraud claims and saw him salute protesters with a fist pump before storming the Capitol. Cff’s Wolff said the bank has given $ 1,000 to its 2019 campaign, adding that it is a state where it has a significant presence.
Peter Scher, JPMorgan’s head of corporate responsibility, said the focus of business leaders, political and civic leaders should now be on government and getting help for those in need. “There will be enough time for a campaign later,” Scher said in a statement Sunday. His comments reflect those of CEO Jamie Dimon, who joined other heads of Wall Street’s largest businesses in the past week to end violence.
Marriott is closely linked to Utah Senator Mitt Romney, a former board member and a vocal critic of Trump. Romney’s association with Marriott was ahead of his tenure on the board: his first name, Willard, was in honor of J. Willard Marriott, a friend of the 2012 Republican presidential candidate’s father and founder of the hotel business.
Blue Cross Blue Shield Association, a network of insurers, and commercial bank owner Commerce Bancshares Inc. also told Popular Information that they were suspending all support to legislators who challenged the outcome of the election college.
Bank of America Corp., Ford Motor Co. and AT&T Inc., which does not have the promise to suspend donations, said they will consider recent events before any future donations. CVS Health Corp., Exxon Mobil Corp., Wells Fargo & Co. and some other donors said they were reviewing their policy on political giving.
(Add Wells Fargo & Co. in the last paragraph)
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