The corporate floodgates continued Wednesday as more Fortune 500 companies shared their stance on political contributions in response to some congressional lawmakers' opposition to the certification of the Electoral College for President-elect Joe Biden and the Capitol riot by Trump supporters last week.
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The Walt Disney Company has joined the list of corporations who will pull political contributions from lawmakers who voted against the certification of the Electoral College.
|DIS||WALT DISNEY COMPANY||171.42||-2.20||-1.27%|
“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," Disney said in a statement to FOX Business Wednesday. "In the immediate aftermath of that appalling siege, Members of Congress had an opportunity to unite—an opportunity that some sadly refused to embrace. In light of these events, we have decided we will not make political contributions in 2021 to lawmakers who voted to reject the certification of the Electoral College votes.”
Nike told FOX Business in a statement that its PAC will not support any member of Congress who ignores "upholding the principles of democracy," including those who voted to decertify the results of the Electoral College.
"Nike’s Political Action Committee (PAC) helps our employees support elected officials who understand our business and whose values align with our mission of serving athletes. These nonpartisan values rely upon upholding the principles of democracy," Nike said in a statement Wednesday. "Although we’re not yet making contributions at this point in the election cycle, Nike’s PAC will not support any member of Congress who ignores these principles, including those who voted to decertify the Electoral College results."
Also halting its donations to 147 lawmakers who voted against the Electoral College certifaction is network hardware company Cisco.
"We will continue to look carefully at our political contributions to members of Congress to ensure they align with our values and purpose to power an inclusive future for all," Cisco said in a statement posted to Twitter.
|CSCO||CISCO SYSTEMS INC.||45.43||+0.28||+0.62%|
Meanwhile, Wells Fargo told FOX Business in a statement on Wednesday that the bank's PAC will pause all political contributions "for the foreseeable future in order to review its strategy at the outset of the new Congress and Administration."
|WFC||WELLS FARGO & COMPANY||32.04||-2.71||-7.80%|
"We will take into consideration the actions of elected officials who objected to the Electoral College vote and we urge members of all political parties to work together in a bipartisan fashion to help our nation heal,” Wells Fargo added.
Aerospace manufacturer Boeing said in a press release Wednesday that it will also suspend all political contributions given the "current environment."
“We will continue to carefully evaluate future contributions to ensure that we support those who not only support our company, but also uphold our country’s most fundamental principles,” the company said.
United Airlines, which evaluates its politcal contribution priorities during every new Congress, is currently reviewing its political alignments.
|UAL||UNITED AIRLINES HLDG.||43.89||-2.40||-5.18%|
"These evaluations include looking at those who align with both our business interests and our company values, and the recent events in Washington will also be included in the decision making process," a United spokesperson told FOX Business.
A McDonald's spokesperson told FOX Business the restaurant has already paused all political giving while it reviews its policies and procedures.
“Going forward, we will ensure that all contributions continue to align with our values and the purpose of our business,” McDonald's added.
EDWARD JONES INVESTMENTS
Edward Jones Investments said in a statement on Twitter that, given recent developments in Washington D.C., it will pause contributions to all elected officials.
"The Edward Jones PAC has a long history of bi-partisan advocacy & we want to ensure that any elected officials we support share the values and views of the firm," the company added.
In a statement to FOX Business Wednesday, Dell said it continues to be "very concerned about the recent political unrest and behavior to disrupt the democratic process."
As a result, the computer company PAC's board of directors voted to suspend all contributions to members of Congress whose "statements and activities during the post-election period are not in line" with the company's principles.
FOX Business has more on the other corporations sounding off.
Walmart, which regularly evaluates its political giving strategy every election cycle, said in a statement Tuesday that it would indefinitely suspend contributions to lawmakers who voted against the Electoral College certification.
“We examine and adjust our political giving strategy at the end of every election cycle, and that review will continue over the coming months," Walmart said. "However, in light of last week’s attack on the U.S. Capitol, Walmart’s political action committee is indefinitely suspending contributions to those members of Congress who voted against the lawful certification of state electoral college votes."
Visa confirmed in a statement to FOX Business that it will pause donations.
“Last week the Visa PAC temporarily suspended all political donations as we review our candidate contribution guidelines,” the company said.
One of the Visa's competitors, Mastercard, also followed suit, noting its PAC donation suspension will specifically impact members of Congress who voted to object to the certification of the 2020 presidential election.
"We will continue to review the criteria that inform our political contributions to ensure they reflect our values," Mastercard said. "We remain hopeful about the future, one in which people of differences come together to address our common challenges with decency."
AT&T, VERIZON, COMCAST
Verizon gave a similar statement to FOX Business penalizing those same members of Congress, while AT&T made the disclosure via a statement shared on Twitter.
"We will be suspending contributions to any member of Congress who voted in favor of objecting to the election results," Verizon said.
|VZ||VERIZON COMMUNICATIONS INC.||57.38||+0.34||+0.60%|
Comcast joined AT&T and Verizon, citing the importance of "working together for the good of the entire nation."
"Consistent with this view, we will suspend all of our poltiical contributions to those elected officials who voted against certification of the electoral college votes, which will give us the opportunity to review our political giving policies and practices," Comcast said.
BEST BUY, TARGET, HOME DEPOT, LOWE'S
Ditto for retailers Best Buy and Target
"Best Buy has made the decision to stop providing campaign contributions to the 147 members of Congress who voted in objection to certifying the presidential election results," the company said in a statement to FOX Business.
|HD||THE HOME DEPOT INC.||275.60||+7.33||+2.73%|
|LOW||LOWE'S COMPANIES INC.||171.37||+0.94||+0.55%|
Also pausing donations to all lawmakers and candidates is the TargetCitizenPAC.
"We know there isn't a single candidate who aligns completely with Target or our team members on every issue, which is why we rely on estbalished criteria like a candidate's impact on our business, committee assignments, and more," Target said in a statement. "Given the political volatility of the last year, including last week's events, we are temporarily pausing all political donations."
Target, which provides transparency about its political giving on its website, donated $155,000 to each major poltiical party in 2019.
As for Home Depot, the company hasn't made any decisions on PAC donations for the next election cycle and plans to evaluate future donations against a number of factors. Home Depot's PAC makes contributions to candidates who "champion pro-business, pro-retail positions that create jobs and economic growth."
Also factoring last week's events into its future decision-making is Lowe's, which said it "regularly evaluates" its political giving.
Dow Chemical CEO Jim Fitterling wrote to colleagues: "After careful deliberation, we have decided to suspend all political contributions to any member of the U.S. House of Representatives or U.S. Senate who voted to object to the certification of the 2020 U.S. presidential election. This ban will apply for a period of one election cycle (two years for House members; up to six years for Senators), which specifically includes contributions to the candidate’s reelection committee and their affiliated PACs."
Biotech giant Amgen said while it has made PAC contributions to members of Congress and candidates of both parties, it will temporarily suspend its political giving pending further review.
Industrial giant 3M said that, as of Jan. 7, the company will not make PAC contributions through the end of the first quarter. The company noted it will "reassess its political contributions policy in April 2021."
FACEBOOK, GOOGLE, MICROSOFT, AMAZON, INTEL
In large-cap tech, Facebook is suspending all political donations through the first quarter, at least, while it reviews its policies, according to a company spokesperson. Google also confirmed to FOX Business that it has "frozen all NetPAC political contributions" while the tech giant reviews and reassesses its policies following "last week's deeply troubling events."
A Microsoft spokesperson said the company's political action committee will not make any political donations until after it "assesses the implications of last week’s events."
"The PAC regularly pauses its donations in the first quarter of a new Congress, but it will take additional steps this year to consider these recent events and consult with employees,” the spokesperson added.
Amazon will also suspend PAC donations for any lawmakers who voted to override the results of the U.S. presidential election.
"We intend to discuss our concerns directly with those Members we have previously supported and will evaluate their responses as we consider future PAC contributions,” the company added.
As for Intel, the company said it will continue to give bipartisan contributions, but will not contribute to those who voted against the certification of the Electoral College, citing the move being counter to the chipmaker's values.
In the airline industry, Delta also clarified its position, telling FOX Business the company constantly reviews and updates policies.
|DAL||DELTA AIR LINES INC.||39.98||-1.49||-3.59%|
“Previous contributions do not mean DeltaPAC will contribute to a candidate in the future," Delta said. "Our PAC has robust processes for reviewing candidates before every contribution to ensure they align with both Delta’s position on priority aviation and business issues and importantly, our values."
Delta does not disclose which members of Congress are on its "no giving" list.
|AAL||AMERICAN AIRLINES GROUP INC.||15.76||-0.68||-4.14%|
Meanwhile, American Airlines said it would take a three-month pause from political giving to review its contributions.
"When we resume, we will ensure we focus on a bipartisan array of lawmakers who support U.S. aviation, airline workers and our values, including bringing people together," a company spokesperson said.
EXXON MOBIL, CHEVRON
Oil giants ExxonMobil and Chevron shared a similar process as Delta.
"We continually review all PAC contributions," ExxonMobil told FOX Business. "Previous contributions to a candidate do not indicate that the ExxonMobil PAC will contribute again in the future. Before giving to any political candidate, the ExxonMobil PAC has a robust process to assess the candidate’s platform, prior voting record, and consistency with the company’s priorities."
|XOM||EXXON MOBIL CORPORATION||47.88||-2.44||-4.85%|
Chevron, which regularly reviews its policies, procedures and expenditures for political activities, including political contributions, said last week's events will be part of its review process going forward.
As for General Electric, the GEPAC board voted to suspend donations to those who voted to oppose the Electoral College results for the duration of the 117th Congress.
|GE||GENERAL ELECTRIC COMPANY||11.33||-0.33||-2.83%|
"This is not a decision we made lightly, but is one we believe is important to ensure that our future contributions continue to reflect our company’s values and commitment to democracy,” the company said in a statement.
Any requests to support members after the period is over will be reviewed and considered by the GEPAC Board at that time on a case-by-case basis.
GOLDMAN SACHS, BLACKROCK, COMMERCE BANK
In the financial sector, Goldman Sachs confirmed to FOX Business in a statement Monday: "Last week we decided to pause our PAC giving while we work through details of a new policy."
|GS||GOLDMAN SACHS GROUP INC.||301.01||-6.86||-2.23%|
The firm joined Citigroup in announcing its decision to temporarily pause all federal PAC donations through the first quarter of 2021 in an internal memo to employees on Friday.
"We want you to be assured that we will not support candidates who do not respect the rule of law," wrote Citigroup managing director and head of global government affairs, Candida Wolff. "We intend to pause our contributions during the quarter as the country goes through the Presidential transition and hopefully emerges from these events stronger and more united."
According to the memo, the Citi Political Action Committee contributes to candidates sharing a commitment to "a strong financial services sector that enables widespread economic growth." The PAC donated $1,000 in 2019 to Sen. Josh Hawley's campaign, citing his representation of a state with "significant employee presence." The Missouri Republican was one of eight lawmakers to lead the objections to the Electoral College's certification of Biden.
Citigroup's CEO Michael Corbat was among the long list of business leaders who condemned the violence Wednesday, saying in a statement that he was "disgusted by the actions of those who have stormed the U.S. Capitol in an effort to disrupt the certification of the Electoral College."
Investment firm BlackRock said in a memo to employees that it will pause "any further donations to campaigns of public officials" while the company conducts a "thorough review" of the events at the Capitol and evaluates how it will focus its political activity going forward.
"Ideological differences are an important part of our political system; however, candidates who seek to undermine the foundations of democracy do not share our values, and we will not support them, BlackRock's head of U.S. policy, Kate Fulton wrote. "We believe in the importance of open dialogue and transparency, and we believe that BlackRock and other companies have an important role to play in supporting our democratic system, which of course has been a key reason the U.S. has played a leading role in the global capital markets."
|CBSH||COMMERCE BANCSHARES INC.||70.50||-1.01||-1.41%|
Commerce Bancshares, which donated $2,500 to Roger Marshall, R-Kan., during the 2020 cycle, has also suspended PAC contributions to "officials who have impeded the peaceful transfer of power."
"Commerce Bank condemns violence in any form and believes the actions witnessed this week are abhorrent, anti-democratic and entirely contrary to supporting goodwill for Americans and businesses," a spokesperson told FOX Business.
The employee-funded PAC contributes campaign donations to elected officials of both parties because of their "pro-business records" and because they are "interested in helping to ensure the banking industry can serve both individuals and businesses."
In the defense sector, Northrop Grumman told FOX Business it would pause its political action committee's giving as it continues to be "evaluating the way forward.”
|NOC||NORTHROP GRUMMAN CORPORATION||300.75||-2.27||-0.75%|
BLUE CROSS BLUE SHIELD, TRAVELERS, ROCKET MORTGAGE
The insurance and lending industries are also taking a variety of actions.
The Blue Cross Blue Shield Association, which represents 36 health insurance companies providing coverage to over 106 million people said it would suspend contributions to all 147 lawmakers who voted against the certification of the Electoral College to "undermine our democracy."
"While a contrast of ideas, ideological differences and partisanship are all part of our politics, weakening our political system and eroding public confidence in it must never be," Blue Cross Blue Shield said. "We will continue to support lawmakers and candidates in both political parties who will work with us to build a stronger, healthier nation.”
Blue Cross Blue Shield’s PAC, known as BLUEPAC, donated to three senators during the 2020 cycle who objected to the Electoral College vote, including $10,000 to Tommy Tuberville, R-Ala., $1,000 to Marshall, and $500 to Hawley.
|TRV||THE TRAVELERS COMPANIES INC.||143.24||+0.92||+0.65%|
Travelers said it will not make any PAC donations in the near term and will "continue to assess how we approach future donations"
As for Rocket Mortage, CEO Jay Farner said the lending company would contribute $750,000 to President-elect Joe Biden's Presidential Inauguration Committee, but would pause and reviews its political giving going forward.
AIRBNB, MARRIOTT, HILTON
In the hospitality industry, Airbnb said in a statement on Monday that its PAC will "update its framework and withhold support from those who voted against the certification of the presidential election results.”
In addition, Airbnb said it will continue to uphold its community policies by banning violent hate group members from its platform.
|MAR||MARRIOTT INTERNATIONAL INC.||126.80||-2.13||-1.65%|
Marriott International said Sunday it also would pause donations to lawmakers who voted against the certification after taking the "destructive events at the Capitol to undermine a legitimate and fair election into consideration."
Marriott’s PAC donated $1,000 to Hawley's campaign during the 2020 cycle and another $1,000 to Hawley’s leadership PAC.
Hilton said it will not make political donations and will keep its PAC suspended indefinitely as a result of recent events.
"We commit to any future donations being shared equally across the major parties and only after careful assessment of the recipient’s voting record,” a spokesperson told FOX Business.
The Hilton Political Action Committee was already suspended in March 2020 due to the coronavirus pandemic and has historically made PAC donations equally across the two major political parties.
AMEX, JPMORGAN, BANK OF AMERICA
American Express has also joined calls to suspend donations to lawmakers who did not support the certification of Biden’s win last week.
Amex Chairman and Chief Executive Officer Stephen J. Squeri said in a memo to employees that “last week’s attempts by some congressional members to subvert the presidential election results and disrupt the peaceful transition of power do not align with our” values and said its political action committee will not support them.
American Express said it has not contributed to senators who backed Electoral College objections but previously made contributions to 22 of the 139 House members who voted for the objections.
|AXP||AMERICAN EXPRESS COMPANY||122.15||-1.63||-1.32%|
|JPM||JP MORGAN CHASE & CO.||138.64||-2.53||-1.79%|
Meanwhile, JPMorgan Chase, whose PAC donated $1,000 to Marshall, confirmed to FOX Business that it would pause PAC donations for both parties for at least the next six months.
“The country is facing unprecedented health, economic and political crises," said Peter Scher, JPMorgan Chase's head of corporate responsibility and chair of the Mid-Atlantic region. "The focus of business leaders, political leaders, civic leaders right now should be on governing and getting help to those who desperately need it most right now. There will be plenty of time for campaigning later.”
CEO Jamie Dimon said in a statement obtained by FOX Business on Wednesday that the violence on Capitol Hill does not represent the people of the United States.
"I strongly condemn the violence taking place in our nation's capital. This is not who we are as a people our country," Dimon said. "We are better than this."
He argued that elected officials have "a responsibility to call for an end to the violence, accept the results, and as our democracy has for hundreds of years, support the peaceful transition of power." "Now is the time to come together to strengthen our exceptional union," the statement concluded.
|BAC||BANK OF AMERICA CORP.||33.01||-0.98||-2.88%|
In addition, Bank of America, whose PAC donated $5,000 to Marshall, told FOX Business in a statement that it plans to "review its decision-making criteria" in the next election cycle "in light of the actions that contributed to the appalling violent assault on the U.S. Capitol."
"We also will halt all PAC funding decisions for the immediate future while the new Congress and incoming Administration establish their priorities and help the country unite and move forward from the lows we all experienced on January 6," Bank of America said in a memo to its PAC contributors.
Bank of America CEO Brian Moynihan said Wednesday's "appalling" events "underscore the urgent need for all Americans to unite behind one of our most cherished principles: the peaceful transition of power that has happened without interruption since our country's founding."
"We must move forward together peacefully, respectfully, and with a singular shared focus of American ideals," Moynihan added.
Soda giant Coca-Cola said the events at the Capitol will "long be remembered" and factor into future political considerations.
"In light of these events, The Coca-Cola Company and the Coca-Cola Political Action Committee have suspended political giving," Coca-Cola said. "We have always taken a bi-partisan approach to political contributions and evaluate our giving based on our political engagement criteria, which we share publicly."
FORD, GENERAL MOTORS
Ford Motor Company, whose PAC "contributes to candidates who support policies critical to Ford’s employees, communities and jobs," is also among the companies reviewing its political contributions.
"Events over the past year have underscored the need for a broader, ongoing discussion about other relevant considerations,” a spokesperson told FOX Business.
The automaker condemned the violent actions at the Capitol, which it says "contradict the ideals of a free and fair election and a peaceful transition of power."
Ford’s PAC donated $15,500 to four senators — $7,000 to Marshall, $5,000 to Mississippi Republican Sen. Cindy Hyde-Smith, $2,500 to Lummis, and $1,000 to Hawley.
|F||FORD MOTOR COMPANY||9.83||-0.34||-3.34%|
|GM||GENERAL MOTORS COMPANY||49.97||-1.56||-3.03%|
General Motors, on the other hand, said it has made no decisions about its 2020 poltiical giving yet, but will evaluate its PAC contributions to ensure candidates align with the company's core values based on their character and public integrity.
FedEx, whose PAC donated $10,000 to Marshall, $1,000 to Texas Republican Sen. Ted Cruz, $2,500 to Lummis, and $2,000 to Hawley, told FOX Business that "multiple factors impact its decisions to support candidates" and that it will review "all future political contributions."
"We condemn the violence that occurred in Washington, D.C., and fully support the results of the U.S. general election," a spokesperson for FedEx added. "We congratulate and look forward to working with the Biden administration on policy issues important to our company and our customers.”
|UPS||UNITED PARCEL SERVICE INC.||158.90||-4.57||-2.80%|
As for the United Parcel Service, all PAC contributions will be suspended for the time being.
BUFFETT'S BERKSHIRE HATHAWAY
|BRK.B||BERKSHIRE HATHAWAY INC.||233.74||-1.24||-0.53%|
A spokesperson for Berkshire Hathaway Energy also told FOX Business its employee-driven political action committees "weigh several factors when determining where to make contributions" and that "any future donations will be carefully evaluated by the employees who serve on the political action committees in light of current events."
Berkshire Hathaway Energy’s PAC donated $2,500 to Marshall.
|CVS||CVS HEALTH CORPORATION||76.26||+1.17||+1.56%|
CVS Health Corp. told FOX Business that its future PAC giving is "under review based on the events of the past few weeks." CVS Health’s PAC donated $1,000 to Hawley.
Another healthcare company temporarily suspending its PAC donations "in light of recent events and the polarized political environment" and reviewing its approach to future contributions is medical device manufacturer Boston Scientific.
"As we shared last week, we believe in respecting the integrity of the democratic process, the election outcome and the peaceful transition of power," a Boston Scientific spokesperson told FOX Business. "We remain committed to our values—including diversity and caring—in our work to bring meaningful medical innovations to physicians and patients who need them."
Boston Scientific's PAC previously donated $7,000 to three senators who objected to the Electoral College certification — $3,000 to Marshall, $3,000 to Scott, and $1,000 to Wyoming Republican Sen. Cynthia Lummis.
*The original story, published on 1/10/2021, has been updated.