JPMorgan Chase & Co says it will restart making political contributions to lawmakers except to congressional Republicans who objected to the certification of President Joe Biden’s victory in the 2020 election, reads a memo obtained by Reuters.
Following a review, the country’s largest lender will this month resume giving through its Political Action Committee (PAC) but will continue its freeze on donations to a “handful” of the 147 lawmakers whom it had previously supported, the bank said. The pause will last through the 2021-2022 election cycle, which includes November’s midterm elections, after which JPMorgan will review whether to resume contributions to the lawmakers concerned on an individual basis, it said.
“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,” the memo said. “Democracy, by its nature, requires active participation, compromise, and engaging with people with opposing views. That is why government and business must work together.”
Records from the Center for Responsive Politics show that JP Morgan’s PAC donated approximately to federal candidates and organizations supporting candidates between 2019 and 2020, including $10,000 House Minority Leader Kevin McCarthy (R-CA) and Rep. Lee Zeldin (R-NY).
Either Republican lawmaker has responded to the Reuters report.
JP Morgan Chase isn’t the only corporation to freeze donations to Republicans. The financial giant was joined by American Airlines, Boston Scientific,Blue Cross Blue Shield BP, Coca Cola, Facebook, Goldman Sachs, Hallmark, Hilton Hotels, Kroger, Marriott International Microsoft and Visa.
Some Republican lawmakers, namely Sen. Josh Hawley, have seen their grassroots fundraising numbers surge in the wake of Corporate America’s decision to halt donations. Hawley raked in over $3 million during the first three months of 2021, according to Politico.
Hawley has repeatedly explained that he never sought to overturn’s the 2020 election, but rather wanted a robust investigation into allegations of voter fraud.
“I never said that the goal was to overturn the election,” the senator previously stated. “That was never the point and it was never possible. What we need to have are elections that are fair, free and open, and I think Congress needs to do its job and look into election irregularities.”