Goldman Sachs, Citigroup and JP Morgan halt political donations

Goldman Sachs Group Inc. And Citigroup Inc. And JPMorgan Chase & Co to temporarily stop all political contributions, and join a growing list of companies changing or revising their donation policies in the wake of riots at the Capitol building last week.

Goldman is still formulating measures that are likely to limit the political bidding in the future of the elected leaders who fought to reverse the outcome of 2020. A representative of the company confirmed the plan. GB Morgan, the largest US bank by assets, said it plans to suspend operations for a period of six months for both Republicans and Democrats. Citigroup said it intends to temporarily halt all political contributions in the current quarter.

“We want you to rest assured that we will not support candidates who do not respect the rule of law,” Citi’s head of global government affairs said in a note to employees.

The action from the banks came on the heels of an earlier announcement from Marriott International, which said it would suspend donations to Republican senators who voted against the endorsement of President-elect Joe Biden, after considering “devastating events” on Wednesday.

The hotel giant was among the first corporate donors to announce cutting financial ties with lawmakers in the wake of riots on Capitol Hill by supporters of President Donald Trump. While many US companies quickly condemned the violence, few have publicly pledged to cut financial support for elected officials who have endorsed Trump’s unfounded allegations of election fraud.

A Marriott spokesperson said, “We have taken into account the devastating events at the Capitol to undermine legitimate and fair elections, and will halt the political bidding of our Political Action Committee for those who voted against the election certification.”

Backlash against politicians

Marriott’s decision was first reported by Popular Information, a political newsletter that polled 144 donor companies about the future donation plans of the eight Republican senators who objected to the election certification.

Last week’s event sparked a backlash on politicians including Missouri Senator Josh Hawley, who supported the fraud allegations and was seen greeting protesters with a fist pumping before storming the Capitol. Citi’s Wolf said the bank awarded $ 1,000 for its 2019 campaign, adding that it represented a country with a large number of employees.

Peter Sher, Chief Corporate Responsibility at GBMorgan, said the focus of business, politicians and civilians now must be on governance and getting help for those who need it. “There will be plenty of time to campaign at a later time,” Cher said in a statement on Sunday. His comment echoed those of CEO Jimmy Dimon, who joined heads of other Wall Street firms to demand an end to the violence at the Capitol building last week.

Marriott is closely associated with Utah Senator Mitt Romney, a former board member and outspoken critic of Trump. Romney’s relationship with Marriott precedes his service on the board: his real name, Willard, is in honor of J. Willard Marriott, a friend of the father of the 2012 Republican presidential candidate and founder of the hotel company.

The Blue Cross Blue Shield Foundation, a network of insurance companies and owner of Commerce Bank Commercial Banks Inc., also told Popular Information that it will suspend all support for lawmakers who have challenged the Electoral College results.

Bank of America Corp. And Ford Motor Co. And AT&T Inc. On a pledge to suspend donations, they said they would take recent events into account before any future donations. CVS Health Corp, Exxon Mobil Corp, Wells Fargo & Co and some other donors said they are reviewing their political giving policies.

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