Two of the largest US banks and other companies said they are pausing or reviewing their donations to the political action committee in the wake of last week’s riot at the Capitol.
JPMorgan Chase & Co. and Citigroup Inc. said they will be discontinuing all PAC donations to Republicans and Democrats in the coming months. Other companies, including the Blue Cross Blue Shield insurance group and Marriott International Inc., said they would interrupt donations to Republican lawmakers who objected to President-elect Joe Biden’s election college victory after President Trump supporters stormed the Capitol on Wednesday .
The actions follow a week in which companies and their chief executives have sought ways to secure a peaceful transfer of power, with some calling for Mr Trump’s resignation by appealing for the 25th amendment or impeachment. Others say they are awaiting such action pending Mr Biden’s inauguration on Jan. 20.
The announcements could reflect an acceleration of recent trends at major corporations to limit or publicize political spending.
JPMorgan, the country’s largest bank, has made the decision to suspend political donation for the next six months due to the growing political crisis following the Capitol violence in addition to health and economic crises, said Peter Scher, JPMorgan’s head of Corporate Responsibility , in an interview.