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JPMorgan Freezes Donations to Republicans Who Contested 2020 Election

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JPMorgan Chase & Co 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.

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June 08, 2021

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The country’s largest lender 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, JPMorgan 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.

Also on Friday, Citigroup said it was resuming PAC contributions but did not specify how it would treat the lawmakers who tried to block Biden taking office.

Citigroup said it would evaluate whether to give to all lawmakers case-by-case based on a new set of criteria which includes “character and integrity” and “a commitment to bipartisanship and democratic institutions.”

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.

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2021-06-08T10:18:26-07:00
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