Updated Jan 14, 2021 - Economy

Large corporations cut off political donations after Capitol siege

Photo of a World of Disney storefront with people milling around

Photo: AaronP/Bauer-Griffin/GC Images via Getty

Several corporations and tech giants are restricting or suspending political contributions after the siege on the Capitol.

Why it matters: The politics of pandering to the mob have become too dangerous for many of America's business leaders.

What's happening:

  • Charles Schwab is shutting down its PAC. (Schwab, the company's chairman, has given millions to pro-Trump and GOP groups, as the New York Times reports).
  • Nike "will not support any member of Congress ... who voted to decertify the Electoral College results" through its PAC, the company said in a statement.
  • Walt Disney Company will pause political contributions in 2021 to lawmakers who voted to reject certification of Electoral College votes. “The insurrection at our nation’s Capitol was a direct assault on one of our country’s most revered tenets: the peaceful transition of power," a spokesperson told Axios.
  • Facebook, Microsoft and Google are all pausing political spending.
  • Walmart's PAC is "indefinitely suspending contributions to those members of Congress who voted against the lawful certification of state electoral college votes," spokesperson Randy Hargrove told Axios in a statement.
  • Aerospace giant Northrop Grumman is pausing its PAC donations and "evaluating the way forward," spokesperson Tim Paynter told Defense News.
  • Comcast said it was suspending political contributions to elected officials who challenged the certification of Electoral College votes.
  • Verizon also said it was suspending political contributions to lawmakers who protested the Electoral College results.
  • Amazon said, "given the unacceptable attempt to undermine a legitimate democratic process, the Amazon PAC has suspended contributions to any member of Congress who voted to override the results of the U.S. presidential election."
  • BP's employee PAC will pause all contributions for six months and reevaluate its criteria for candidate support.
  • AT&T's Federal PAC board decided to suspend contributions to members of Congress who objected to the certification of Electoral College votes.
  • JPMorgan Chase is pausing all giving to both parties for six months. "The country is facing unprecedented health, economic and political crises," said Peter Scher, chair of the Mid-Atlantic Region and head of corporate responsibility. "There will be plenty of time for campaigning later."
  • Citi's head of global government affairs, Candi Wolff, said in a letter to colleagues that the bank will pause all contributions in Q1, and that after that, "[W]e will not support candidates who do not respect the rule of law."
  • Marriott International said the hotel giant will pause donations "to those who voted against certification of the election."
  • Blue Cross Blue Shield Association said it will suspend contributions to "lawmakers who voted to undermine our democracy" by challenging Electoral College results.
  • Boston Scientific, the medical device maker, is pausing all federal gifts.
  • Goldman Sachs is freezing donations through its PAC. The company told The New York Times it will conduct “a thorough assessment of how people acted during this period."
  • Dow, the chemical giant, told Bloomberg it will not donate to lawmakers who voted against the certification for one election cycle — two years for those in the House and six years for senators.
  • BlackRock said it will pause all PAC donations, and will meanwhile "conduct a thorough review of the events and evaluate how we will focus our political activity going forward," according to a company memo obtained by Axios.
  • Airbnb said its PAC will withhold donations to lawmakers "who voted against the certification of the presidential election results.”
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