Republicans have long relied on corporate political action committees to help fund their campaigns, and those in the financial services sector have been particularly biased towards them. After all, what could the Wall Street behemoth say no to tax cuts, regulation cuts and a sympathetic ear in general?
JPMorgan Chase & Co. and Citigroup said they will temporarily stop all PAC donations to Republicans and Democrats in the coming months. Other companies, including Blue Cross Blue Shield Insurance Group and Marriott International, said they would halt donations to Republican lawmakers who objected to President-elect Joe Biden’s victory in the electoral college after President Trump’s supporters stormed the Capitol on Wednesday …. both introduced JPMorgan and Citigroup PACs have more money for federal candidates who are Republicans than Democrats, according to the Center for Responsive Politics.
Goldman Sachs is … withholding political donations and making “a comprehensive assessment of how people will behave during this period.” / This evaluation will not include a review of the investment bank’s relationships with one politician in particular: Ted Cruz, whose wife Heidi Cruz is serving as the managing director of Goldman Sachs’ Houston office.
“Heidi is an important member of our private wealth team, and we do not judge any of our employees by the records of their spouses or partners,” said Goldman Sachs spokesman and former White House press secretary to Clinton Jake Siwirt. Forbes.
And anyway, these companies They don’t get much of a bang for the Republican win These days.
The private equity sector’s lingering hopes of forming a divided government have dashed, and the industry is likely to now face a higher tax bill and stricter oversight under the upcoming Congress … In Georgia, these bets have not borne fruit. Republican candidates David Purdue and Kelly Loeffler received approximately $ 674,000 and $ 496,000 from employees of investment and private equity firms, respectively, as of Dec.26, according to the Center for Response Politics, a nonprofit that tracks money in politics. Messrs Ossoff and Warnock received approximately $ 357,000 and $ 321,000, respectively.
Mr. Purdue ranked second in campaign contributions to candidates from the industry in the 2020 races, behind only Biden, while Ms. Loeffler was ranked ninth.
Capitol riots are urging some banks and big companies to stop political financing [WSJ]
Big companies stop their political contributions. [NYT]
How Goldman Sachs Still Indirectly Supporting Ted Cruz Despite Stopping Political Donations [Forbes]
Democratic control raises concerns in private property [WSJ]