Major Bank Resuming Political Donations Except to Insurrectionist Republicans
JPMorgan Chase & Company is resuming political donations except to Republicans who voted to overturn the results of the 2020 election, according to an internal company memo obtained exclusively by Reuters on Friday.
Following the siege on the United States Capitol on January 6th, 147 members of the House GOP caucus sided with outgoing President Donald Trump’s election fraud lie and refused to certify President Joe Biden’s landslide victory in the Electoral College.
“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,” JPMorgan Chase said in statement regarding the insurrection and the partisan response to it. “Democracy, by its nature, requires active participation, compromise, and engaging with people with opposing views. That is why government and business must work together.”
The bank added, however, that it will make contributions toward issues that it considers “moral and economic imperatives for our country.”
Reuters reported that JPMorgan Chase is particularly concerned with the “racial wealth gap, education, and criminal justice reform” as well as “racial inequality and climate change.”
Reuters noted that “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,” such as those mentioned above.
“JPMorgan’s PAC [Political Action Committee] gave nearly $1 million to federal candidates and committees backing candidates during the 2019-2020 election cycle, according to CRP,” said Reuters.
“Of the $600,300 it gave to federal candidates, nearly 60% went to Republicans and the rest to Democrats… a mix that is likely to swing further to the left as the bank supports a broader range of social and economic issues,” according to data Reuters gleaned from the Center for Responsive Politics (CRP). “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.”