Over the weekend, three large influential firms announced they were rethinking political spending.
January 6th will be remembered as a turbulent day for U.S. history, as a violent mob stormed the United States Capitol to disrupt the joint session that would confirm Joe Biden as the next president of the country. The incident has since left five people dead, including a member of the Capitol police who was crushed to death in the mele.
In the aftermath of this event that has stunned the nation, large, influential firms announced they were rethinking political spending. Since January 6th, Popular Information contacted 144 corporations that, through their corporate PACs, donated to one or more of these eight Senators in the 2020 election cycle. Popular Information asked if they would continue to support these Senators in the future. In response, three major companies said they would stop donating to any member of Congress who objected to the certification of the Electoral College vote.
For example, Blue Cross Blue Shield Association President and CEO Kim Keck said it was suspending all support to the 147 Republicans who voted “to subvert the results of November’s election by challenging Electoral College results.” Marriott International operates more than 7000 properties worldwide and, even in the midst of a pandemic, is valued at over $42 billion. Historically, Marriott’s PAC has favored Republicans, but after the mayhem, the company told Popular Information that it will stop donating to all the members who voted against certification. “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 spokesperson said. Finally, Commerce Bancshares, a bank holding company best known for operating Commerce Bank that currently has an $8 billion market cap and $54 billion under management, told Popular Information that it has “suspended all support for officials who have impeded the peaceful transfer of power.” A fourth company, Boston Scientific, told Popular Information that it was suspending all its PAC activity “in light of recent events” pending a review.
Popular Information states that the three companies that already announced contribution cuts appear to allow, to varying degrees, for the possibility of resuming their support of these members sometime in the future. But their commitment to indefinitely suspend contributions to more than half of the Republicans in the House and Senate is significant.
On Sunday evening, Citibank announced that it will “not support candidates who do not respect the rule of law” and will pause all PAC activity for three months, according to an internal memo obtained by Popular Information. J.P. Morgan & Chase also announced that it will suspend all PAC donations for six months.