JPMorgan Chase & Co. said it was suspending all donations from corporate political action committees to Republicans and Democrats for the next six months after last week’s Capitol riot.
The largest US bank in assets is among other companies that announced this weekend that they would make changes to donations through corporate PACs. Some, including insurance group Blue Cross Blue Shield and Marriott International Inc., said they would suspend donations to Republican lawmakers who opposed the victory of President-elect Joe Biden’s Electoral College after supporters of President Trump stormed the Capitol on Wednesday. market. Congress certified Biden’s victory on Thursday, ending attempts to topple results in two states of seven Republican senators and more than 100 deputies.
The actions follow a week in which companies and their top executives looked for ways to ensure a peaceful transition of power, with some calling for Trump’s removal from office by invoking the 25th amendment or impeachment. Others say they are avoiding such action pending the inauguration of Biden on January 20.
The ads may reflect an acceleration of recent trends among large companies to limit or better publicize political spending.
JPMorgan, the country’s largest bank, made the decision to stop political donations because of the growing political crisis following the Capitol violence along with economic and health crises, said Peter Scher, JPMorgan’s head of corporate responsibility, in an interview .