JPMorgan will not donate to Republicans who contested 2020 election
JPMorgan Chase will restart its political donations but will not give to Republican members of congress who objected to certifying the Electoral College victory of President-elect Biden, according to an internal memo reviewed by Reuters.
Why it matters: 147 congressional Republicans, the majority of whom hold seats in the House, objected to state election results over baseless claims of widespread election fraud fueled by former President Trump.
Context: JPMorgan, the country's largest lender, was among several big businesses that paused their political contributions following the deadly Jan. 6 riot at the U.S. Capitol as Congress voted to certify the election.
- The bank said it will resume its contributions through its political action committee this month.
The big picture: JPMorgan plans to update its giving strategy by focusing on lawmakers who oversee financial matters that the bank considers "moral and economic imperatives for our country," including addressing the racial wealth gap, education and criminal justice reform, according to Reuters.
- It did not name any specific candidates in the memo.
The other side: Pulling GOP political donations could inadvertently push Republicans to embrace their party's rightward fringe, according to a 2016 study that examined fundraising data in state legislatures, Axios' Lachlan Markay reports.
- Republican lawmakers have also turned to grassroots supporters for donations since the cutoff from major PACs.
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