Capitol riot, votes against Electoral College certification prompt businesses to pause political donations - Fox Business

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A growing list of businesses are pausing political contributions in response to opposition to the certification of the Electoral College for President-elect Joe Biden and the Capitol riot by Trump supporters Wednesday.

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CEOS, BUSINESS GROUPS CONDEMN CAPITOL HILL PROTESTS, VIOLENCE AND URGE PEACE

Citigroup announced its decision to temporarily pause all federal PAC donations through the first quarter of 2021 in an internal memo to employees on Friday.

"We want you to be assured that we will not support candidates who do not respect the rule of law," wrote Citigroup managing director and head of global government affairs, Candida Wolff. "We intend to pause our contributions during the quarter as the country goes through the Presidential transition and hopefully emerges from these events stronger and more united."

According to the memo, the Citi Political Action Committee contributes to candidates sharing a commitment to "a strong financial services sector that enables widespread economic growth." The PAC donated $1,000 in 2019 to Sen. Josh Hawley's campaign, citing his representation of a state with "significant employee presence." The Missouri Republican was one of eight lawmakers to lead the objections to the Electoral College's certification of President-elect Joe Biden.

Ticker	Security	Last	Change	Change %
C	CITIGROUP INC.	65.37	-0.65	-0.98%

Citigroup's CEO Michael Corbat was among the long list of business leaders who condemned the violence Wednesday, saying in a statement that he was "disgusted by the actions of those who have stormed the U.S. Capitol in an effort to disrupt the certification of the Electoral College."

"While these scenes are very difficult to watch, I have faith in our democratic process and know that the important work of Congress will continue and that people will be held accountable for their actions," Corbat added. "I pray this situation can be resolved without further bloodshed.”

Ticker	Security	Last	Change	Change %
CBSH	COMMERCE BANCSHARES INC.	70.05	-0.56	-0.79%

Commerce Bancshares, which donated $2,500 to Roger Marshall, R-Kan., during the 2020 cycle, has also suspended PAC contributions to "officials who have impeded the peaceful transfer of power."

"Commerce Bank condemns violence in any form and believes the actions witnessed this week are abhorrent, anti-democratic and entirely contrary to supporting goodwill for Americans and businesses," a spokesperson told FOX Business.

The employee-funded PAC contributes campaign donations to elected officials of both parties because of their "pro-business records" and because they are "interested in helping to ensure the banking industry can serve both individuals and businesses."

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The Blue Cross Blue Shield Association also followed suit, but said it would specifically suspend contributions to all 147 lawmakers who voted against the certification of the Electoral College to "undermine our democracy."

"While a contrast of ideas, ideological differences and partisanship are all part of our politics, weakening our political system and eroding public confidence in it must never be," Blue Cross Blue Shield said. "We will continue to support lawmakers and candidates in both political parties who will work with us to build a stronger, healthier nation.”

Blue Cross Blue Shield’s PAC, known as BLUEPAC, donated to three senators during the 2020 cycle who objected to the Electoral College vote, including $10,000 to Tommy Tuberville, R-Ala., $1,000 to Marshall, and $500 to Hawley.

Ticker	Security	Last	Change	Change %
MAR	MARRIOTT INTERNATIONAL INC.	129.69	-0.66	-0.51%

Marriott International said Sunday it also would pause donations to lawmakers who voted against the certification after taking the "destructive events at the Capitol to undermine a legitimate and fair election into consideration."

Marriott’s PAC donated $1,000 to Hawley's campaign during the 2020 cycle and another $1,000 to Hawley’s leadership PAC.

Ticker	Security	Last	Change	Change %
JPM	JP MORGAN CHASE & CO.	136.02	+0.15	+0.11%

Meanwhile, JPMorgan Chase, whose PAC donated $1,000 to Marshall, confirmed to FOX Business that it would pause PAC donations for both parties for at least the next six months.

“The country is facing unprecedented health, economic and political crises," said Peter Scher, JPMorgan Chase's head of corporate responsibility and chair of the Mid-Atlantic region. "The focus of business leaders, political leaders, civic leaders right now should be on governing and getting help to those who desperately need it most right now. There will be plenty of time for campaigning later.”

CEO Jamie Dimon said in a statement obtained by FOX Business on Wednesday that the violence on Capitol Hill does not represent the people of the United States.

"I strongly condemn the violence taking place in our nation's capital. This is not who we are as a people our country," Dimon said.  "We are better than this."

The billionaire argued that elected officials have "a responsibility to call for an end to the violence, accept the results, and as our democracy has for hundreds of years, support the peaceful transition of power." 

"Now is the time to come together to strengthen our exceptional union," the statement concluded.

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In addition, Bank of America, whose PAC donated $5,000 to Marshall, told FOX Business in a statement that it plans to "review its decision making criteria" in the next election cycle "in light of the actions that contributed to the appalling violent assault on the U.S. Capitol."

Ticker	Security	Last	Change	Change %
BAC	BANK OF AMERICA CORP.	32.53	-0.33	-1.00%

Bank of America CEO Brian Moynihan said Wednesday's "appalling" events "underscore the urgent need for all Americans to unite behind one of our most cherished principles: the peaceful transition of power that has happened without interruption since our country's founding."

"We must move forward together peacefully, respectfully, and with a singular shared focus of American ideals," Moynihan added.

Ticker	Security	Last	Change	Change %
F	FORD MOTOR COMPANY	9.00	-0.06	-0.66%

Also reviewing its political contributions decisions is Ford Motor Company, whose PAC "contributes to candidates who support policies critical to Ford’s employees, communities and jobs."

"Events over the past year have underscored the need for a broader, ongoing discussion about other relevant considerations,” a spokesperson told FOX Business.

The automaker condemned the violent actions at the Capitol, which it says "contradict the ideals of a free and fair election and a peaceful transition of power."

Ford’s PAC donated $15,500 to four senators — $7,000 to Marshall, $5,000 to Mississippi Republican Sen. Cindy Hyde-Smith, $2,500 to Wyoming Republican Sen. Cynthia Lummis, and $1,000 to Hawley.

Ticker	Security	Last	Change	Change %
FDX	FEDEX CORPORATION	244.96	-1.07	-0.43%

In addition, FedEx, whose PAC donated $10,000 to Marshall, $1,000 to Texas Republican Sen. Ted Cruz, $2,500 to Lummis, and $2,000 to Hawley, told FOX Business that "multiple factors impact its decisions to support candidates" and that it will review "all future political contributions."

"We condemn the violence that occurred in Washington, D.C., and fully support the results of the U.S. general election," a spokesperson for FedEx added. "We congratulate and look forward to working with the Biden administration on policy issues important to our company and our customers.”

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According to Popular Information, Boston Scientific also has suspended PAC donations. Meanwhile, AT&T reportedly said it will take recent events into consideration before making future donations, while CVS Health Corp., Exxon Mobil and Target told the outlet they are reviewing their political giving.

Ticker	Security	Last	Change	Change %
BSX	BOSTON SCIENT	36.75	+0.19	+0.52%
T	AT&T INC.	29.02	-0.37	-1.26%
CVS	CVS HEALTH CORPORATION	74.86	+0.87	+1.18%
XOM	EXXON MOBIL CORPORATION	45.46	+0.50	+1.11%
TGT	TARGET CORP.	193.60	+2.50	+1.31%

Representatives for the companies did not immediately return FOX Business' requests for comment.

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