Big firms gave $1.1m to Republicans who objected to Biden’s win
Six of the biggest money managers gave a combined $1.1 million to Republican lawmakers who objected to certifying results of the 2020 presidential election, a new study shows.
Political action committees of BlackRock Inc., Vanguard Group, JPMorgan Chase & Co., Fidelity Investments, State Street Corp. and Bank of New York Mellon Corp. contributed to one or more of those legislators in election cycles since 2016, according to an analysis by Majority Action.
The nonprofit, which advocates on corporate-governance matters, is calling on the firms to halt contributions to any lawmaker who opposed Joe Biden’s Electoral College win on Jan. 6, after supporters of President Donald Trump stormed the Capitol.
“We’re looking for asset managers to fundamentally cease donations to those who voted against the acceptance of election results,” Majority Action co-founder Eli Kasargod-Staub said in an interview. He added that companies choosing to halt all campaign contributions are guilty of inadequate “both sides-ism.”
Company PAC Donations to Objectors
- BlackRock: $92,050 to 15 objectors
- BNY Mellon: $97,445 to 23 objectors
- Fidelity: $286,256 to 31 objectors
- JPMorgan: $353,363 to 42 objectors
- State Street: $76,630 to 20 objectors
- Vanguard: $187,000 to 30 objectors
Of the firms highlighted in the study, only State Street has publicly committed to taking such a step. It suspended donations from its political action committee to the Republicans who voted against Biden’s certification, the Boston-based firm said in a statement.
“The culpability for this untenable challenge to our Constitution and American values goes beyond the criminals that attacked our Capitol, and falls to a number of our elected leaders as well who, in effect, perpetuated the lies and untruths about the outcome of the 2020 presidential election,” State Street said in a statement on its website.