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Big banks pause political contributions; many insurers stay mum

Written by Jasir Jawaid

Some of the largest U.S. banks have decided to temporarily put the brakes on their political contributions after violent protests broke out at the U.S. Capitol last week during President-elect Joe Biden's certification.

JPMorgan Chase & Co. is planning to place a six-month donation suspension to both Republicans and Democrats, and Morgan Stanley will pause contributions to members of Congress who did not vote to certify Biden's win, Bloomberg News reported Jan. 10, citing company representatives.

Citigroup Inc. does not intend to make any political contributions in the first quarter, Candi Wolff, head of global government affairs, said in a memo. A Goldman Sachs Group Inc. spokesperson told the news outlet that the company was working on a plan to stop making contributions to the elected officials who fought to overturn the outcome of the 2020 election. Wells Fargo & Co. said it was reviewing its policies on political giving, Bloomberg noted.

In a survey by Popular Information, Bank of America Corp. stopped short of vowing to suspend contributions, saying it will "review its decision making criteria" in the next election cycle. Kansas City, Mo.-based Commerce Bancshares Inc. said it had paused contributions to "officials who have impeded the peaceful transfer of power."

Blue Cross Blue Shield Association President and CEO Kim Keck told the news outlet that the federation was suspending support for the 147 Republicans who challenged the election's results.

Aflac Inc., Ally Financial Inc., Anthem Inc., Capital One Financial Corp., Charles Schwab Corp., Invesco Ltd., Liberty Mutual Holding Co. Inc., Mastercard Inc., MetLife, Inc., Northwestern Mutual Life Insurance Co., Hartford Financial Services Group, Inc., and UnitedHealth Group Inc. were among companies that did not respond to Popular Information's survey. And while New York Life Insurance Co. did respond to the news outlet's inquiry, it declined to comment.

This article was published by S&P Global Market Intelligence on the S&P Capital IQ Pro platform.


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