JPMorgan Chase & Co has frozen donations to Republican members of Congress who voted to overturn President Joe Biden's election victory.
JPMorgan Chase, the country's largest lender, had stopped political donations after the January 6 Capitol riots. Though the bank said it will restart donations to politicians, the Republicans who supported former president Donald Trump's effort to overturn the 2020 presidential elections will not get any monetary support.
According to an internal memo seen by Reuters, JPMorgan will resume donations through its Political Action Committee (PAC) this month. But a "handful" of the 147 Republican lawmakers will not get the money.
Freeze to Stay Through 2022 Mid-Terms
As of now the freeze will stay in place through the 2022 mid-term elections. JPMorgan will review the situation after that election cycle. "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 bank says in the internal memo.
JPMorgan said PAC is a crucial tool for engaging in the political process. "Democracy, by its nature, requires active participation, compromise, and engaging with people with opposing views. That is why government and business must work together," the lender wrote.
The bank also said it will expand donations beyond lawmakers.
Other Banks' Decision
The agency report also says that Citigroup was also evaluating whether to give to give donations to all lawmakers or go for a case-by-case selection based on "character and integrity" and "a commitment to bipartisanship and democratic institutions."
While Morgan Stanley's resumed donations to lawmakers in February, the American Bankers Association PAC started donations in March.
According to documents cited by Reuters, of the 147 lawmakers, JPMorgan had given $10,000 each to House finance committee members Blaine Luetkemeyer and Lee Zeldin, and House Republican leader Kevin McCarthy during the 2019-2020 election cycle.
In all, JPMorgan had given nearly $1 million to federal candidates during the 2019-2020 election cycle.