Capitol Riot Prompts Some Big Banks and Companies to Pause Political Funding – The Wall Street Journal

Two of the biggest U.S. banks and other corporations said they are pausing or reviewing their political action committee donations in the wake of last week’s riot at the Capitol.

JPMorgan Chase & Co. and Citigroup Inc. said they are pausing 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 pause donations to Republican lawmakers who objected to President-elect Joe Biden’s Electoral College win after supporters of President Trump stormed the Capitol on Wednesday.

The actions follow a week in which businesses and their chief executives have sought ways to ensure a peaceful transition of power, with some calling for Mr. Trump’s removal from office by invoking the 25th amendment or impeachment. Others say they are holding back on such action as they await Mr. Biden’s inauguration on Jan. 20.

The announcements could reflect an acceleration of recent trends among large companies to limit or better disclose political spending.

JPMorgan, the largest bank in the country, made the decision to pause political giving for the next six months because of the growing political crisis following the violence at the Capitol alongside health and economic crises, said Peter Scher, JPMorgan’s head of corporate responsibility, in an interview.

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