The United States’ biggest bank will not donate to Republicans who contested the results of the 2020 presidential election.
According to Reuters, J.P. Morgan Chase recently circulated an internal memo saying it would resume campaign contributions – it paused them across the board following the January 6 Capitol riots – but they’d withhold funds from the 147 members of Congress who voted to overturn President Joe Biden’s election victory.
“This was a unique and historic moment when we believe the country needed our elected officials to put aside strongly held differences and demonstrate unity,” reads the memo. It continues, “Democracy, by its nature, requires active participation, compromise, and engaging with people with opposing views. That is why government and business must work together.”
According to the memo, Chase will resume contributions via its political action committee this month.
Last election cycle, Chase donated over a million dollars to politicians. 60% of the money given to candidates for federal office went to Republicans, including Reps. Kevin McCarthy and Lee Zeldin. Both voted to overturn the election.
Reuters explains that Chase may be the victim of retaliation:
While JPMorgan did not name any lawmakers in its memo, the bank’s new policy risks alienating Republicans with sway over banking policy, some of whom are already angered by its active stance on issues like climate change and racial equity.
Chase was among a cluster of corporations that vowed to curb donations following months long chicanery from the Republican party about the 2020 vote. Dow Chemical, Marriott International, American Express, Blue Cross, Airbnb, Mastercard, Commerce Bank, among others, paused political giving.
From a January 2021 report from The Center for Public Integrity:
…businesses are taking an unprecedented strong stance on the foundational issue of supporting democracy, said Sheila Krumholz, executive director of the Center for Responsive Politics — and that’s significant.
“There could be permanent fallout; I don’t know what that looks like yet,” Krumholz said. “I think what’s more realistic is that this will continue to snowball, but at some point in this cycle I believe it will be back to business as usual and it may mean that they’re not giving to the objectors but that doesn’t mean they’re kind of packing their tasseled loafers and going home.”