As business leaders and employers of, collectively, over 15 million people, we believe no American including our employees should have to choose between keeping their job and casting their vote. [Business Roundtable. There are also regulatory, litigation and insurance risks to E.S.G. 1485, AZ S.B. [Bank Of America, accessed 3/22/22], The Chamber Of Commerce Is A Political Donor, Having Given Millions To Political Candidates In Recent Elections. of America said it would no longer . For American democracy to work for any of us, we must ensure the right to vote for all of us. Overall, roughly 57% of the CEOs were classified as Republicans, and about 19% as Democrats. Though Bank of America and its affiliates don't make direct corporate contributions to candidates, total amount the various employee PACs the company runs have donated collectively to the lawmakers known to belong as of 2019 to the secretive, far-right House Freedom Caucus, whose leaders have among other things blocked Democratic efforts to . The reviews have been used to justify new voting laws and efforts to decertify the 2020 election. [The New York Times. Because the NASA bill had already been considered by both chambers, it proceeded to debate with a simple majority instead of the usual 60 votes required to advance to debate. [Business Insider, 1/20/22], All Republican Members Of The House Of Representatives Voted To Block The John R. Lewis Voting Rights Advancement Act of 2021. 2332, KY H.B. Both GOP lawmakers, who are frequent critics of former President Donald Trump, were among the 35 House Republicans who voted to establish an independent commission, which was blocked by Senate Republicans. [CNN, [Select Committee to Investigate the January 6 Attack on the United States Capitol, Accessed. Chase Bank Shuts Down Prominent Conservatives | National Review The vote was 49 to 51. At the same time, however, the likely political impact of a widespread banking crisis if First Republic Bank was simply allowed to fail could prove even more damaging to Americans generally and to . Around the world, there are increasing concerns that fake news threatens democracy. The researchers also looked at how CEO political preferences differ by geography, based on the. Commerce Bank: Commerce Bank said it, too, is halting its PAC contributions to officials it says "have impeded the peaceful transfer of power." The bank donated a total of $49,750 to. 2016. The American Bankers Association's Political Action Committee, is the largest PAC representing the banking industry and consistently one of the largest trade association PACs in the nation. Misinformation And Disinformation Negatively Affect Election Outcomes And Ultimately Erode Confidence In Democracy, Generating Support For Emergent Anti-Democratic Forces., The Washington Post: Around The World, There Are Increasing Concerns That Fake News Threatens Democracy. Campaign finance data | FEC Political Activities :: Bank of America Corporation (BAC) PAC Profile: Bank of America OpenSecrets Essentially, Sanders was displeased that Bank of America didn't just pay no income tax but also received $1.9 billion in a tax refund for 2010 even though said corporation had made $4.4 billion in profit in that same year. Statistics and metrics included in our ESG documents are estimates and may be based on assumptions or developing standards. With more money being invested according to these principles, falling short in these areas by not being forthcoming about donations, or by waving away inconsistencies between statements and spending could lead investors to shun a stock or, as we have seen, organize public rebukes of directors. 643, AZ S.B. Tell the CEO and other corporate leaders what you think about their commitment to democracy. Bank of America - Banking, Credit Cards, Loans and Merrill Investing It is in this spirit that we encourage our employees to be active in our democratic society and provide them opportunities to do so through the PAC program, when legally permissible, and other voluntary activities benefiting their communities. Terms of Use (QuoteMedia). The Senates recently introduced Freedom to Vote Act (FTVA) incorporates most of the critical provisions from the For the People Act (FTPA), landmark voting rights and anticorruption legislation that passed the House of Representatives in March 2021. PAC Contributions from Bank Of America Corporation Pac (Fka Mbna The Democratic bill, known as the Freedom to Vote Act, would make it easier to register to vote, make Election Day a public holiday, ensure states have early voting for federal elections and allow all voters to request mail-in ballots. [CNN, 10/20/21], HEADLINE: Senate Republicans Block Democrats Voting And Elections Bill. [CNN, 10/20/21], The Freedom To Vote Act Followed The For The People Act, Incorporating Most Of The Critical Provisions From The For The People Act As Well As New, Much-Needed Safeguards Against Attempts To Undermine The Electoral Process. The Senates recently introduced Freedom to Vote Act (FTVA) incorporates most of the critical provisions from the For the People Act (FTPA), landmark voting rights and anticorruption legislation that passed the House of Representatives in March 2021. Bank of America's PAC is a fully voluntary program. 84 And LA H.B. Increasingly, theyre winning. State legislatures hold a unique position in the countrys democratic apparatus, wielding a constitutionally mandated power to set the times, places and manner of holding elections. Cheered on by Mr. Trump as he eyes another run for the White House in 2024, many state legislators have shown they see that power as license to exert greater control over the outcome of elections. [The New York Times. Additionally, Bank of America may occasionally make contributions to groups organized under Section 501(c)(4) of the Internal Revenue Code, including but not limited to ballot measure committees and other social welfare organizations, but does not do so to support the election of any specific candidate or for the purpose of funding specific expenditures or communications. As a pro-Trump protest turned into a violent attack on the Capitol on Jan. 6 last year, four people in the crowd died. [New York Times. Despite increased focus on ESG matters from stakeholders and the need to internally mobilize to create a robust ESG strategy and governance structure, less than a quarter (21% of survey respondents) currently have an ESG council or working group in place to drive strategic attention to ESG topics; however, more than half (57% of survey respondents) are actively working to establish one. FEC | Candidate | Who can and can't contribute . Thirty-five House Republican broke ranks Wednesday evening to support legislation that would establish an independent commission to investigate the January 6 insurrection at the US Capitol. Were led by CEOs who are interested in increasing voter participation and represent the following companies. [Time To Vote, Accessed, One of the most common reasons people give for not voting is that theyre too busy with the demands of work and life. 84, NY S.B. Political Action Committees (PACs) have been in place for more than 40 years as a tool for companies to come together, pool voluntary contributions and engage in the political process. PAC Contribution Data, 2019-2020. Market Data copyright 2023 QuoteMedia. The insurance limit on your savings has become a hot global debate Political Action Committee ("PAC") Contributions. 1819, FL S.B. Both Goldman Sachs and JPMorgan Chase said they will likely halt political donations for six months, while Citigroup announced a first-quarter pause. Bank of America has not been involved in the preparation of the content supplied at the unaffiliated sites and does not guarantee or assume any responsibility for its content. Only two House Republicans Liz Cheney of Wyoming and Adam Kinzinger of Illinois voted Wednesday to create a select committee to investigate the deadly January 6 attack on the US Capitol. As of the third quarter of this year, it had $439 billion worth of seemingly free money that it can (and. Contributions by commercial banks to U.S. political parties - Statista So far this election, Bank of America's PAC has spent about $734,000, according to federal elections data, with much of that going to the Republicans and Democrats who sit on the congressional. Market Data powered by QuoteMedia. After the Capitol riot and a Republican push to pass restrictive voting laws that disproportionately affect racial minorities, investors want to know more about where a companys political donations end up. [The New York Times, 6/5/21], The New York Times: Investors Are On Alert For Companies That Take One Position And Make Donations That Support Another. Investors are on alert for companies that take one position and make donations that support another. [The New York Times, 6/5/21], Bank Of America Corporation Is Represented By An Executive At Time To Vote. MLPF&S is a registered broker-dealer, registered investment adviser, Member SIPC and a wholly owned subsidiary of BofA Corp. Trust and fiduciary services are provided by Bank of America Private Bank, a division of Bank of America, N.A., Member FDIC, and a wholly-owned subsidiary of Bank of America Corporation (BofA Corp.). Are Not Deposits. , California, New York City All political activities carried out on behalf of Bank of America are managed by the leaders within the Public Policy Department, who report to the Strategy and Public Policy Executive. Before acting on any information in this material, you should consider whether it is suitable for your particular circumstances and, if necessary, seek professional advice. There are also regulatory, litigation and insurance risks to E.S.G. We also monitor legislative activities, analyze policy and regulatory trends, comment on policy and regulatory proposals and support and promote advancement of public policies. [] Voting is a democratic principle that equally values the voice of every citizen. Securities, strategic advisory, and other investment banking activities are performed globally by investment banking affiliates of Bank of America Corporation ("Investment Banking Affiliates"), including, in the United States, BofA Securities, Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, and Merrill Lynch Professional Clearing Corp., all of which are registered broker-dealers and Members of SIPC, and, in other jurisdictions, by locally registered entities. Contributions from the PAC program support candidates, parties, or committees whose views and actions are consistent with Bank of America's priorities and values. 20005. After yet another mass shooting, the national debate over gun policy renews. Are Not Bank Guaranteed. A growing list of companies are cutting off donations to politicians who opposed the Electoral College results, targeting the 147 Republican members of the House and the Senate who voted against affirming President-elect Joe Bidens victory. It would take important steps to limit gerrymandering and make sure that politicians dont get to handpick their voters and entrench their power. View more on Money to Congress. Because the NASA bill had already been considered by both chambers, it proceeded to debate with a simple majority instead of the usual 60 votes required to advance to debate. [Business Insider, [United States House of Representatives, Accessed. With the 2020 election season underway, Business Roundtable welcomes efforts by governors to address barriers to voting, including new challenges raised by the pandemic. [Bank of America, Accessed 3/22/22], Deloitte: Companies That Hold Themselves Accountable To Their Stakeholders By Increasing Transparency [Regarding Environmental And Social Concerns] Will Be More Viable And Valuable In The Long Term. The business landscape today has been transformed by environmental and social concerns. , Texas, 2023 We do regularly communicate with government policymakers, public officials and regulators at the federal, state and local levels in order to promote and advance the long-term goals and interests of our company, customers, stockholders, and economy. Our book shows that when voters are poorly informed, enough voters are more likely to make mistakes at the polls. But most Republicans also oppose the more targeted Lewis-named legislation, which would restore key provisions of the Voting Rights Act that were struck down by the Supreme Court in 2013. [Politico, 8/24/21], The Hill: The John Lewis Voting Rights Advancement Act Would Modernize And Restore Preclearance, Prevent Laws That Unevenly Burden Voters Of Color, Limit Gerrymandering, And Ensure Politicians Cant Handpick Their Voters And Entrench Their Power. The John Lewis Voting Rights Advancement Act would modernize and restore preclearance. Bank of America often shares interests with groups that advocate and shape public policy positions on issues that are important to our company, the financial services industry and the global business community. Between January 1 and December 7, at least 19 states passed 34 laws restricting access to voting. As Americans, we know that in our democracy we should not expect to agree on everything. Financial industry regulations and state or local laws prohibit employees of particular lines of business or employees with certain coverage responsibilities from making certain political contributions or engaging in certain political activities. Something has changed palpably in the publics and shareholders understanding, Ms. Alpern said. [The New York Times. We strive to provide you with information about products and services you might find interesting and useful. Senate Republicans blocked another voting rights bill Wednesday, as some on the left call to change the chambers rules to allow the Democratic Party to unilaterally change federal election law. AL H.B. Bank of America PAC Contributions to Federal Candidates Summary Candidate Recipients Donors Expenditures PAC/Party Contributions Select a cycle: 2020 $659,500 Total contributions from Bank of America PAC to federal candidates, 2019-2020 $283,500 (42.99%) To Democrats $376,000 (57.01%) To Republicans House Candidates, 2019-2020 i Republicans: 55.23% May Lose Value. Relationship-based ads and online behavioral advertising help us do that. As Americans, we know that in our democracy we should not expect to agree on everything. The number of public companies that disclose or prohibit political spending hit a record this year and more corporations are assigning directors the responsibility of decision-making amid an era of hyper-partisanship. [Politico. Raising money and managing expenses is an critical part of the election process. The John Lewis Voting Rights Advancement Act would modernize and restore preclearance. Are Not a Condition to Any Banking Service or Activity. The Strategy and Public Policy Executive is responsible for the department's policies, activities and legal compliance with the advice of the Compliance Department and legal counsel. 574, LA H.B. Contributions from employees are used to support members of both political parties. Another provision makes it a crime to offer water to voters waiting in lines, which tend to be longer in densely populated communities. [The New York Times. [] Congress has the legal and constitutional power to ward off these attacks by passing the Freedom to Vote Act, which would set national standards to protect the freedom to vote, counter election sabotage, end partisan redistricting, and fix our broken campaign finance system. [Brennan Center for Justice. Both are indirect subsidiaries of Bank of America Corporation. Minors. [Accountable.US, Corporate Anti-Democracy Donations Database, accessed 7/12/22], On May 19, 2021, 35 House Republicans Joined The Majority Of House Members In Voting For An Independent Commission To Investigate The January 6 Insurrection. Thirty-five House Republican broke ranks Wednesday evening to support legislation that would establish an independent commission to investigate the January 6 insurrection at the US Capitol. Our PAC contributes to both parties and takes a lot of factors into account. In appropriate circumstances, Bank of America may make contributions to non-candidate organizations such as political convention host committees or inaugural committees, to the extent permitted by applicable law. [United States House of Representatives, 8/24/21], In October 2021, All Republican Members Of The Senate Voted To Block The Freedom To Vote Act. Brokerages halt political donations after riots at US Capitol In three states, Arizona, Pennsylvania and Wisconsin, state lawmakers successfully pushed for investigations that sowed doubt about the results and tested the boundaries of their oversight. [The New York Times. [Select Committee to Investigate the January 6 Attack on the United States Capitol, Accessed 3/3/21], During The 2022 Election Cycle, Bank Of America Has Contributed At Least $2,000 To State Officials Who Voted For Anti-Voter Legislation. A strong majority of senior executives (82% of survey respondents) also believe they will need additional resources to generate ESG disclosures that meet the information needs of critical stakeholders. [Deloitte. 538, AR H.B. Heres why this matters: Such outcomes at the polls lower public confidence in democracy and generate support for emergent anti-democratic forces. [Washington Post, 4/5/19], The Brookings Institution: One Of The Drivers Of Decreased Confidence In The Political System Has Been The Explosion Of Misinformation Deliberately Aimed At Disrupting The Democratic Process. [The Brookings Institution, 7/26/22], MIT Technology Review: How Facebook And Google Fund Global Misinformation. [MIT Technology Review, 11/20/21], The Washington Post: Facebook Groups Topped 10,000 Daily Attacks On Election Before Jan. 6, Analysis Shows. [The Washington Post, 1/4/22], NBC News: Tech Companies Struggle With The Human Side Of Fake News. [NBC News, 3/17/18], During The 2022 Election Cycle, Bank Of America Does Not Appear To Have Contributed To Members Of Congress Who Opposed Federal Voting Rights Legislation. Capitol riot: JPMorgan, Goldman, other corporations pause political 167 will operate in Nevada and Louisiana, respectively, we have removed the two laws from the list of restrictive laws passed in 2021. [Brennan Center for Justice. Only two House Republicans Liz Cheney of Wyoming and Adam Kinzinger of Illinois voted Wednesday to create a select committee to investigate the deadly January 6 attack on the US Capitol. It allows you to accept political donations and contributions from supporters, and to make campaign purchases. These fictions about rigged elections and widespread fraud have provided the foundation for new laws that make it harder to vote and easier to insert partisanship in the vote count. It also includes new, much-needed safeguards against attempts to undermine the electoral process. [Brennan Center, 10/14/21], Brennan Center For Justice: The Freedom To Vote Act Is Historic Legislation To Strengthen American Democracy, Promote Racial Justice And Equity For All Americans. The Freedom to Vote Act is historic legislation to strengthen American democracy, promote racial justice and equity for all Americans, and thwart the assault on voting rights taking place in the states. Unnecessary restrictions on the right to vote strike at the heart of representative government. 1244, AR H.B. At issue is the Chamber of Commerces fierce opposition to the Democratssweeping voting bill known as the For the People Act,whichadvocates say would counter effortsby Georgia and other states to impose new voting restrictions. [CNN. 75. JPMorgan Chase CEO Jamie Dimon Gets Political In Letter To - Forbes Bank of America: Millions in Political Donations Revealed Except for the Revolving Door section, content on this site is licensed under a Creative Commons Attribution-Noncommercial-Share Alike 3.0 United States License by OpenSecrets.org. Elections in the United States fall on workdays for millions of Americans, making it difficult for some to participate in a civic process that is core to our democracy. i Campaign finance totals for the current election cycle were released by the FEC on March 20, 2023 and by the IRS on April 03, 2019, lobbying data was released by the Senate Office of Public Records on March 19, 2019, outside spending data was released by the FEC on May 01, 2023, and personal finances data was released by the House, Senate, and US Office of Government Ethics starting in June 2011. Open Secrets following the money in politics, NOTE: Organizations themselves cannot contribute to candidates and party committees, Cyber Incident Reporting for Critical Infrastructure Act of 2021, OpenSecrets Following the money in politics. The tally accounts for 44 percent of the Republican legislators in the nine states where the presidential race was most narrowly decided. The Companies Cutting Ties With Trump - The New York Times JPMorgan and Goldman Sachs join U.S. corporations halting political donations after Capitol riot Published Sun, Jan 10 2021 6:44 PM EST Updated Wed, Jan 13 2021 10:43 AM EST Hugh Son @hugh_son For American democracy to work for any of us, we must ensure the right to vote for all of us. Together with our other policies and procedures, included in our Code of Conduct and Political Action Committee (PAC) governance documents, it guides our company's and employees approach to political involvement. The Democratic bill, known as the Freedom to Vote Act, would make it easier to register to vote, make Election Day a public holiday, ensure states have early voting for federal elections and allow all voters to request mail-in ballots. [CNN. Comcast yanks political contributions to Republican objectors, citing Protections for individuals with disabilities: The bill would address some of the biggest challenges to voting access that Americans with disabilities face. Methodology overview. Corporate PACs: Is the era of company political donations ending? - CNBC On January 13, the House passed the two bills, now combined into one, titled Freedom to Vote: John R. Lewis Act. Democrats used an unrelated NASA bill as a legislative vehicle to fast-track consideration of the measure in the Senate. Touch device users, explore by touch or with swipe gestures. Only two House Republicans Liz Cheney of Wyoming and Adam Kinzinger of Illinois voted Wednesday to create a select committee to investigate the deadly January 6 attack on the US Capitol. But most Republicans also oppose the more targeted Lewis-named legislation, which would restore key provisions of the Voting Rights Act that were struck down by the Supreme Court in 2013. [Politico. A 501(c)(3) tax-exempt, charitable organization, 1100 13th Street, NW, Suite 800 The Senate on Wednesday voted against the Freedom to Vote Act and The John Lewis Voting Rights Advancement Act, striking the fatal blow into Senate Democrats effort to pass major voting rights legislation. Customers are calling for a boycott of Bank of America, after a report that the bank handed over the account information of hundreds of innocent people in connection with the Jan. 6 deadly riots . The bill would require each state to ensure that individuals with disabilities have the same access to absentee ballots and applications as other voters, as well as making them electronically accessible to voters with disabilities, among other safeguards. [Brennan Center for Justice. U.S. banks cut donations to federal candidates, up Democrats' share Methodology. The Code influences how we do business as we continue to build a stronger, more streamlined and customer-focused company. 1715, AR S.B. Bank of America executive emerges as big Republican donor | Charlotte 1111, TX S.B. [The New York Times, 4/14/21]. Big business may very well be enabling America's very own version of the Chinese social-credit system in which political dissent is flagged, shunned, punished, and eradicated. Bank of America Profile: Summary OpenSecrets The Code, which is grounded in our company's values, provides basic guidelines of business practice, as well as professional and personal conduct, that all employees are expected to adopt and uphold. Employees who wish to accept an appointment to public office or file as a candidate for election must first obtain approval consistent with Bank of America policy to avoid any conflict of interest. It would prevent voting laws that unevenly burden voters of color. After the Capitol riot and a Republican push to pass restrictive voting laws that disproportionately affect racial minorities, investors want to know more about where a companys political donations end up. Bank of America has not reported any outside spending in the 2022 election cycle. shortcomings, which could dent a companys bottom line. [The New York Times. Sources of Funds Individuals: 84.86% From Organization: 15.14% Recipients of Funds Candidates: 58.65% Party Committees: 29.89% Contributions to this PAC from individual donors of $200 or more ( list donors) $556,750. Spicemas Launch 28th April, 2023 - Facebook This includes rigorous due diligence of any candidate at the state or federal level before a PAC contribution is considered and made. Merrill Lynch, Pierce, Fenner & Smith Incorporated (also referred to as MLPF&S or Merrill) makes available certain investment products sponsored, managed, distributed or provided by companies that are affiliates of Bank of America Corporation (BofA Corp.). Citigroup's contributions are evenly split for. Looking at Dimon's political donations, they don't tell much of a story of a partisan bent, with marginal contributions in the 2020 election cycle to groups supporting Republicans in the Senate. 1, UT H.B. [Govtrack, 10/20/22], In November 2021, All Republican Senators, Except For Sen. Lisa Murkowski, Voted To Block The John R. Lewis Voting Rights Advancement Act. As a pro-Trump protest turned into a violent attack on the Capitol on Jan. 6 last year, four people in the crowd died. [The New York Times, 1/5/22], Following January 6, Several Corporations Suspended Donations To The 147 Lawmakers Who Objected To Certifying The Results Of The 2020 Presidential Election And Some Temporarily Paused Donations To Assess Their Political Giving Policies. You are continuing to another website that Bank of America doesnt own or operate. All Americans who qualify should be able to exercise this right free from unnecessary hurdles. [Business Roundtable, 7/21/20], Business Roundtable Released A Statement Calling The January 6 Capitol Attack Inexcusable Violence And Said That Elected Officials Perpetuation Of The Fiction Of A Fraudulent 2020 Presidential Election Is Not Only Reprehensible, But Also A Danger To Our Democracy. Yesterdays inexcusable violence and chaos at the Capitol makes clear that elected officials perpetuation of the fiction of a fraudulent 2020 presidential election is not only reprehensible, but also a danger to our democracy, our society and our economy. Follow the money on gun rights and gun control groups. An MIT Technology Review investigation, based on expert interviews, data analyses, and documents that were not included in the Facebook Papers, has found that Facebook and Google are paying millions of ad dollars to bankroll clickbait actors, fueling the deterioration of information ecosystems around the world. [MIT Technology Review. Bank of America Corp.'s employee-funded political action committee, or PAC, is putting its allocation decisions on hold after a right-wing mob stormed the U.S. Capitol last week.