JPMorgan Chase & Co (JPMorgan) According to an internal memo seen by Reuters on Friday, political contributions to U.S. lawmakers will be resumed, but no political contributions will be made to Republican congressmen who voted to overthrow Joe Biden’s victory in the presidential election.
After the fatal riots in the Capitol on January 6, supporters of former President Donald Trump tried to prevent Congressional certification elections. The bank is one of many companies that suspended political donations.
Just a few hours later, 147 Republicans, the vast majority of whom were in the House of Representatives, voted to overturn the electoral college results that Trump falsely claimed to be contaminated by fraud.
The bank said that after review, the country’s largest bank will resume donations through its Political Action Committee (PAC) this month, but will continue to freeze donations to the “small number” of 147 lawmakers it previously supported.
The suspension will last until the election cycle from 2021 to 2022, including the midterm elections in November, after which JPMorgan Chase will review whether to resume donations to relevant legislators based on individual circumstances.
“This is a unique historic moment, and we believe that the country needs our elected officials to put aside strong differences and show unity,” the bank wrote when voting on January 6 proved Biden’s victory.
JPMorgan Chase pointed out that its PAC is an important tool for participating in the political process of the United States. A PAC is a political committee organized to raise cash to support or in some cases oppose election candidates.