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JPMorgan Chase & Co. has said it is suspending all corporate political action committee donations to Republicans and Democrats for the next six months following last week’s riot on Capitol Hill.
The largest US bank by assets is among other companies that announced over the weekend that they would make changes to donations through the company’s PACs. Some, including insurance group Blue Cross Blue Shield and Marriott International Inc., have said they will suspend donations to Republican lawmakers who opposed President-elect Joe Biden’s electoral college victory after supporters of the President Trump stormed the Capitol on Wednesday. Congress certified Mr. Biden’s victory early Thursday, ending attempts to overturn the results in two states with seven Republican senators and more than 100 representatives.
The actions follow a week in which companies and their executives have looked for ways to ensure a peaceful transition of power, with some calling for Mr. Trump’s impeachment by invoking the 25th Amendment or impeachment. Others say they are holding back in such actions as they await Mr Biden’s nomination on Jan.20.
The announcements could reflect an acceleration in recent trends among large corporations to limit or better disclose political spending.
JPMorgan, the country’s largest bank, has made the decision to halt political donations due to the growing political crisis following violence on Capitol Hill alongside health and economic crises, said Peter Scher, head of corporate responsibility for JPMorgan, in an interview.
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