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JPMorgan Chase will again make political donations, but not to candidates who voted against certifying Joe Biden’s election victory, after stopping contributions in January after the assault on the US Capitol building.
Rival Citigroup is also restarting campaign contributions after a recent hiatus. The bank did not rule out funding any specific campaign, but said future donations would only go to candidates who met certain criteria, including a commitment to protect democratic institutions.
The decision of two of the largest American banks highlights the balancing action facing the American corporation, as it seeks influence in a hyperpartisan political climate without alienating customers and employees.
JPMorgan and Citi were among a large number of major U.S. companies that said they would withdraw or revise political donations in response to the January 6 Capitol riots that left five people dead.
In a note to staff on Friday, JPMorgan said it would resume donations through its JPMC Political Action Commission this month, but would not donate to the campaigns of lawmakers who voted against the electoral college vote count. .
“We will review this decision candidate by candidate after this election cycle,” the bank told employees in the note, which was first reported by Reuters news agency.
JPMorgan will also report quarterly to employees on contributions made by its PAC.
Citi also told staff on Friday that its Citi PAC will begin giving back to campaigns after a review.
“From our assessment, it became clear that our principles needed to be strengthened to determine which candidates Citi PAC would consider for support, and we did so by adding two new criteria: one based on character and integrity and a second focused on a commitment to bipartisanship and democratic institutions, ”the bank said in an internal note.
Several large American companies, including Swan, Intel and T-Mobile, in February, helped groups help fund campaigns for Republican Senate and House candidates, including lawmakers who voted against certification.
Under U.S. election law, corporate PACs can give up to $ 15,000 a year to national party committees and up to $ 5,000 to other specific PACs or candidates for primary and general elections.
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