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Saturday, June 19, 2021

Donations Freeze for Republicans who Contested Election Results

JPMorgan Chase & Co (JPM.N) will resume making political donations to U.S. lawmakers but will not give to Republican members of Congress who voted to overturn President Joe Biden’s election victory, according to an internal memo on Friday seen by Reuters.

The bank was among many corporations that paused political giving following the deadly Jan. 6 Capitol riots when supporters of former president Donald Trump tried to stop Congress from certifying the election.

Just hours later, 147 Republicans, the vast majority of them in the House of Representatives, voted to overturn the Electoral College results which Trump falsely claimed were tainted by fraud.

Following a review, the country’s largest lender will this month resume giving through its Political Action Committee (PAC) but will continue its freeze on donations to a “handful” of the 147 lawmakers whom it had previously supported, the bank said.

The pause will last through the 2021-2022 election cycle, which includes November’s midterm elections, after which JPMorgan will review whether to resume contributions to the lawmakers concerned on an individual basis, it said.

“This was a unique and historic moment when we believe the country needed our elected officials to put aside strongly held differences and demonstrate unity,” the bank wrote of the Jan. 6 vote to certify Biden’s win.

JPMorgan noted that its PAC is an important tool for engaging in the political process in the United States. PACs are political committees organized for the purpose of raising cash to support or in some cases oppose election candidates.

“Democracy, by its nature, requires active participation, compromise, and engaging with people with opposing views. That is why government and business must work together,” JPMorgan wrote.

As part of its revamped spending strategy, the bank will also expand donations beyond lawmakers who oversee financial matters to those active on issues the bank considers “moral and economic imperatives for our country,” such as addressing the racial wealth gap, education and criminal justice reform.

Since the initial January backlash, corporations have been grappling with how to resume PAC spending, seen by lobbyists as important for gaining access to policymakers, without alienating other stakeholders, including their employees who fund the PACs. read more

Other big financial companies that paused donations lawmakers in February, while the American Bankers Association PAC, one of the biggest in the country, started giving again in March, federal records show.

While JPMorgan did not name any lawmakers in its memo, the bank’s new policy risks alienating Republicans with sway over banking policy, some of whom are already angered by its active stance on issues like climate change and racial equity.

Of the 147 lawmakers, JPMorgan gave $10,000 each to House finance committee members Blaine Luetkemeyer and Lee Zeldin, and House Republican leader Kevin McCarthy, among others, during the 2019-2020 election cycle, according to the Center for Responsive Politics (CRP). Representatives for the lawmakers did not immediately respond to requests for comment.

All told, JPMorgan’s PAC gave nearly $1 million to federal candidates and committees backing candidates during the 2019-2020 election cycle, according to CRP.

Of the $600,300 it gave to federal candidates, nearly 60% went to Republicans and the rest to Democrats, according to the CRP data, a mix that is likely to swing further to the left as the bank supports a broader range of social and economic issues.

Commercial banks overall have ramped up political spending in recent years, dishing out $14.6 million to federal candidates in the 2020 cycle, the second highest amount since 1990, the data shows.

Following the 2008 financial crisis, that mix favored Republicans but in recent years banks have increased spending on Democrats as they look to rebuild bipartisan support in Congress.

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5 COMMENTS

  1. LISTEN UP…GOD Says …PREZ TRUMP Did NOT Get a FAIR ELECTION and DEREK CHAUVIN Did NOT Get a FAIR TRIAL. GOD is SEPARATING the GOOD APPLES from the BAD ONES. GOD is NOT a LIAR. HE is the TRUTH. GOD is the RULER of MEN. HE has the LAST WORD. From SamuraiQueen. 😄😄😄

  2. JPMorgan Chase & Co tries to sound like they are taking the high road, but we see through their facade.
    JPMorgan Chase & Co are using intimidation “we believe the country needed our elected officials to put aside strongly held differences and demonstrate unity,”

    What a load of BS from JPMorgan. Even Democrats admitted the Election was full of fraud….but since it was “certified” Democrats “think” they can get away with it.

    Massive Democrat Fraud is being confirmed in multiple forensic audits as we speak, that deserved to take place “before” a president was certified on 1/06/2021.

    Fox News and AP declaring an unconfirmed winner of the 11/03/20 election, before all questionable voting was forensically audited, does NOT make Fox and AP out to be Gods.
    Articles have proved: “RINO-run Fox”, and “AP with offices in the same building as Hamas whose building was bombed by Israel on 5/17/21”, to both be partisan and have skin in the game to cheat for Biden and the Democrats.
    Wrong also about 11/03/20 Election being secure just because it was “certified” in 1/06/21.
    Elections in other states have caused elected officials to be removed from office, jailed, and fined.

    There is no time limit for – Treason and Sedition.
    Treason and Sedition are are punishable by: prison, fines and in some cases, death.

    Also, the author of this article, Sean Gibbons, needs to keep his “opinion” in check.
    The following sentence is the authors OPINION:
    “Just hours later, 147 Republicans, the vast majority of them in the House of Representatives, voted to overturn the Electoral College results which Trump *falsely* claimed were tainted by fraud.
    There is Nothing False about the election being sound.
    The 11/03/2020 was MASSIVELY FILLED WITH DEMOCRAT ELECTRONIC ELECTION FRAUD.

    Please Stop passing off OPINION as FACT.
    No one cares about your “Opinion”.
    Which, according to Massive Election Fraud being uncovered in several states, is a lie.

  3. *There is Nothing “False” about the 11/03/20 election being Loaded with Fraud.

    Every shareholder deserves to remove ALL their money from a sham company like JPMorgan Chase & Co.
    JPMorgan Chase & Co. – a company of sheisters, intimidators, and cheaters.

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