JPMorgan suspends donations to Republicans who opposed the election | Banking Issues

JPMorgan Chase & Co has resumed political donations to lawmakers in the United States but will not hand over to members of the Republican Congress who voted to overturn the election of President Joe Biden, according to a Friday post by Reuters news agency.

The bank was one of several organizations that stopped political donations following the January 6 riots at the Capitol as supporters of former President Donald Trump tried to prevent Congress from ratifying the election.

A few hours later, 147 Republicans, most of them in the House of Representatives, voted to overturn the results of the Electoral College which Trump claims is tarnished by fraud.

Following the review, the country’s largest lender this month has resumed payments through the National Political Committee (PAC) but will continue to withhold restrictions on “few” of the 147 former councilors, the bank said.

The respite will end in the 2021-2022 general election, which includes the mid-November elections, after which JPMorgan will reconsider whether it will continue its contributions to the affected individual councilors, he said.

“This was a special and memorable moment in which we believe the country needs the elected officials to step down and show solidarity,” the bank wrote in a January 6 vote confirming Biden’s victory.

JPMorgan recognized that his PAC was a key player in the political process in the United States. PAC organizations and political committees set up to raise funds or sometimes oppose candidates.

“Democracy, by nature, seeks active participation, compromise, and association with dissenters. That is why government and business need to work together, ”JPMorgan wrote.

As part of its monetary policy approach, the bank will also increase contributions through legislators who oversee financial transactions for those who participate in what the bank considers to be “the economic and economic needs of our country,” such as economic, education and judicial disparities. cases. remodeling.

Since January’s initial retrenchment, agencies have been struggling to figure out how to fund PAC funding, which is seen by investors as a necessary access to policy makers, not discriminating against others involved, including their PAC-paid employees.

The American Bankers Association PAC, one of the largest in the country, has resumed lending in March, history shows.

While JPMorgan did not name the legislators in its legislation, the new banking principles put it at risk except for Republicans in the banking system, some of whom are already outraged by his views on climate change and racism.

Of the 147 legislators, JPMorgan gave $ 10,000 each to House Committee members Blaine Luetkemeyer and Lee Zeldin, as well as House Republican leader Kevin McCarthy, among others, during the 2019-2020 elections, according to the Center for Responsive Politics (CRP). . Counsel for the respondent did not immediately respond to a request for comment.

All told, the PP of JPMorgan donated nearly $ 1m to the nominees and support committees for the 2019-2020 elections, according to CRP.

Of the $ 600,300 disbursed to the incumbents, about 60% went to Republicans and the rest to Democrats, according to CRP data, a merger that could continue to the left while the bank supports a wide range of economic and social issues. .

Commercial banks have been increasingly politically motivated in recent years, offering $ 14.6m to those who will join the government in 2020, the second since 1990, in a statement.

Following the 2008 economic crisis, the merger has strengthened Republicans but in recent years banks have increased funding for Democrats as they seek to rebuild bipartisan aid to Congress.