JPMorgan Chase to Resume Political Donation, But Not to Candidates Who Voted Against Biden’s Election Victory After Stopping Investing in January attack on the US Capitol building,
Rival Citigroup is also resuming campaign investment after a recent hiatus. The bank has not ruled out any campaign funding, but says future donations will only go to candidates who meet certain criteria, including the obligation to uphold democratic institutions.
The decision of the two largest US banks underscores the balancing act that corporate America faces, as it seeks to influence the cross-party political climate without alienating customers or employees.
JPMorgan և Citi were among the major American companies that said they would do it withdraw or review political donations In response to the January 6 riots at the Capitol, which killed five people.
In a memo to staff on Friday, JPMorgan said it would resume donations this month through the JPMC Political Action Committee, but would not campaign for lawmakers. who voted against Electoral College voting count.
“We will review this decision on a candidate-by-candidate basis after this election cycle,” the bank told staff in a memo first reported by Reuters.
JPMorgan will report to its employees on a quarterly basis on its PAC investments.
On Friday, Citi told staff that the Citi PAC would resume campaigning after the review.
“It is clear from our assessment that we need to strengthen our principles in determining which candidates the Citi PAC will consider for support. We did so by adding two new criteria, one based on integrity, and the other on commitment. : Towards bipartisanship – democratic institutions, “the bank’s internal memorandum reads.
Several major US companies, including: Cigna, Intel և T-Mobile:In February, he participated in groups that help fund the campaign for Republican Senate և House of Representatives candidates, including lawmakers who voted against certification.
Under U.S. electoral law, corporate PACs can donate up to $ 15,000 a day to national party committees, up to $ 5,000 to other PACs, or general, general election candidates.
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