- After Wednesday’s Capitol siege, top US firms are suspending political donations.
- JPMorgan, Google, 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-elect.
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JPMorgan, Google, Facebook, Citibank, and Microsoft have all said they will temporarily pause political donations to both Republicans and Democrats in the wake of Wednesday’s Capitol siege.
Many corporations have taken action against instigators of the pro-Trump mob that violently stormed the US Capitol. The insurrection resulted in at least five deaths, dozens of arrests, and damaged property.
While some companies are temporarily pulling the plug on all political contributions, others, including Amazon, Morgan Stanley, and Dow, have said they will specifically cut off donations to Republican politicians who opposed Biden’s certification as president.
Citibank and JPMorgan Chase were the first companies to announce they would pause all contributions.
On Monday, tech giants Facebook, Microsoft, and Google followed suit. Other companies including BP, Deloitte, Visa, Coca-Cola and ADM also made the move that day.
Popular Information first reported the news of companies halting donations.
JPMorgan Chase said Sunday it would 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,” JPMorgan Chase told Reuters in a statement. “There will be plenty of time for campaigning later.”
Citi said it would halt all PAC donations until April. Its PAC raised about $US740,000 for federal candidates in the 2019-20 election cycle, The Wall Street Journal reported, citing information from the Centre for Responsive Politics, including a $US1,000 donation to the campaign of Sen. Josh 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, Popular Information first reported.
“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.”
JPMorgan and Citigroup’s PACs both gave bigger contributions to Republican federal candidates than Democrats, the WSJ reported.
Days after Facebook indefinitely suspended President Donald Trump’s account, the social-media giant told Axios it would pause political donations for at least three months.
“We have frozen all NetPAC political contributions while we review and reassess its policies following last week’s deeply troubling events,” Jose Castaneda, a Google spokesperson, told Insider.
Visa temporarily suspended all political donations on Monday as it reviewed candidate contribution guidelines, a spokesperson told Insider. Coca-Cola told The New York Times it suspended “political giving in light of the unlawful and violent events in our nation’s capital last week.”
Popular Information also reported 3M, the consumer-goods conglomerate that makes Post-it notes and Scotch tape, and Deloitte, a consulting firm, would suspend all political contributions.
FedEx, Target, CVS Health, and Walmart are among the companies reviewing their positions on political contributions, Popular Information reported. Berkshire Hathaway Energy, Ford, and Bank of America 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, the former CEO of Thomson Reuters, said on Tuesday after a meeting of top CEOs where they discussed the effects of pulling political donations.
“Money is the key way,” he added.
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