Goldman Sachs Group Inc., Citigroup Inc. and JPMorgan Chase & Co. plan to pause all political contributions, joining a growing list of companies changing or reviewing their donation policies in the aftermath of riots at the Capitol in the past week.
Goldman is still formulating its measures that will probably curtail future political giving to the elected leaders who fought to overturn the 2020 result. A representative for the firm confirmed the plan. JPMorgan, the largest U.S. bank by assets, said it’s planning a six-month suspension to both Republicans and Democrats. Citigroup said it intends to temporarily stop all political contributions in the current quarter.
“We want you to be assured that we will not support candidates who do not respect the rule of law,” Candi Wolff, Citi’s head of global government affairs, said in a memo to employees.
The action from the banks followed an earlier announcement from Marriott International Inc., which said it will suspend donations to Republican senators who voted against certifying President-elect Joe Biden, after considering the “destructive events” on Wednesday.
The hotel giant was among the first corporate donors to announce the severing of financial ties with the lawmakers following the Capitol Hill riot by supporters of President Donald Trump. While much of corporate America swiftly condemned the violence, few companies have publicly vowed to cut off financial support to the elected officials that backed Trump’s baseless claims of election fraud.
“We have taken the destructive events at the Capitol to undermine a legitimate and fair election into consideration and will be pausing political giving from our Political Action Committee to those who voted against certification of the election,” a Marriott spokesperson said.