JPMorgan Chase & Co. said it was suspending all donations to corporate political action committees for Republicans and Democrats for the next six months after last week’s Capitol uprising.
The largest US asset bank is among the other companies that announced this weekend that they will make changes to donations through the company’s PAC. Some, including Blue Cross Blue Shield and Marriott International Inc., said they would stop donations from Republicans who objected to Joe Biden’s election college victory after President Trump’s supporters stormed the Capitol on Wednesday. Congress confirmed the victory of Mr. Biden early Thursday, completing attempts to undo the results in two states by seven Republican senators and more than 1
The action follows a week in which companies and their top managers are looking for ways to ensure a peaceful transition of power, with some calling for Mr Trump’s removal by referring to the 25th Amendment or Impeachment. Others say they are refraining from doing so, as they expect Mr Biden to take office on January 20th.
Communications may reflect accelerating recent trends among large companies to curb or better disclose political costs.
JPMorgan, the country’s largest bank, has decided to suspend political donations due to the growing political crisis following the Capitol violence, along with the health and economic crisis, Peter Cher, JPMorgan’s head of corporate responsibility, said in an interview.