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JPMorgan Chase & Co. will continue to make political donations to U.S. lawmakers, but will not make it to Republican members of Congress who voted to cancel President Joe Biden’s election victory, according to an internal statement released by Reuters on Friday.
The bank was among many corporations that suspended political performances as a result of the January 6 Capitol riots as supporters of former President Donald Trump tried to prevent Congress from securing elections.
Hours later, 147 Republicans, most of them in the House of Representatives, voted to suspend the results of the election that was falsely tainted by Trump.
Following a review, the country’s largest lender will launch this month through the Political Action Commission (PAC), but will continue to freeze the “handfuls” of the 147 MPs it previously approved, the bank said.
The suspension will last the 2021-2022 election cycle, including the mid-November election, after which JPMorgan will examine whether to re-make contributions to members of parliament who are individually concerned.
“It was a special and historic moment when we thought the country needed to put aside the inequalities our electorates needed and show unity,” the bank wrote in a January 6 vote to ensure Biden’s victory.
JPMorgan has stated that its PAC is an important tool for entering the political process in the United States. PACs are political committees organized for the purpose of raising money to oppose or in some cases oppose electoral candidates.
“Democracy, in itself, requires contact with people with active participation, commitment and opposing views. That’s why government and business need to work together, ”JPMorgan wrote.
As part of the renewed spending strategy, the bank will extend donations beyond MPs overseeing financial issues to issues the bank deems “moral and economic imperatives for our country,” such as the gap in racial wealth, education and criminal justice. reform.
Since the initial reaction in January, as corporations have been looking at how to recover PAC spending, lobbyists consider it important for policy makers to have access, without alienating other actors, including employees who fund PACs.
The American Bankers Association PAC, one of the largest in the country, began issuing again in March, federal records show.
Although JPMorgan did not nominate a lawmaker in the note, the bank’s new policy risks shifting Republican risks above bank policy. Some of them are already angry with his active stance on issues such as climate change and racial equity.
Of the 147 lawmakers, JPMorgan each gave $ 10,000 to House Finance Committee members Blaine Luetkemeyer and Lee Zeldin and Republican House leaders Kevin McCarthy, among others, in the 2019-2020 election cycle, according to the Center for Responsive Politics (CRP). Representatives of Parliament did not immediately respond to requests for comment.
All in all, JPMorgan’s PAC provided nearly $ 1 million to federal candidates and sponsors in the 2019-2020 election cycle, according to the CRP.
Of the $ 600,300 he gave to federal candidates, nearly 60 percent went to Republicans and the rest went to Democrats, according to CRP data, likely to shift further to the left because the bank supports broader social and economic issues. .
Commercial banks have increased their overall political spending in recent years, allocating $ 14.6 million to federal candidates in the 2020 cycle, the second-highest amount since 1990, data show.
After the 2008 financial crisis, the mix shifted in favor of Republicans, but in recent years banks have increased spending on Democrats because they want to rebuild bilateral support in Congress.
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