Because the freedom to vote is everyones business. [Business For Voting Rights, Accessed. Citigroup's contributions are evenly split for. With the 2020 election season underway, Business Roundtable welcomes efforts by governors to address barriers to voting, including new challenges raised by the pandemic. [The New York Times. 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. These numbers are extraordinary: state legislatures enacted far more restrictive voting laws in 2021 than in any year since the Brennan Center began tracking voting legislation in 2011. In general, Bank of America employees may make personal contributions, within applicable legal limits, to political candidates, political parties, political action committees, and other entities that make political expenditures. Observers say that the donations reflect bankers' interest in maintaining influence over the party in power. 84, NY S.B. 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. [The New York Times, 1/7/21], In May 2021, Only 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. The strength of our democracy depends on the integrity and fairness of our nations elections. 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. Increasingly, theyre winning. After the collapse of SVB and Signature Bank, record levels of deposits poured into Bank of America, JPMorgan Chase and Citibank from mid-size and regional banks. [Accountable.US, Corporate Anti-Democracy Donations Database, accessed 7/12/22], Following The Violence At The Capitol On January 6, Four People In The Crowd Died. Contributions to this PAC from individual donors of $200 or more ( list donors) $556,750. It passed the House, 220 to 210, last month as Republican lawmakers in several states advanced legislation that would impose new rules and restrictions on voting. [Bloomberg, 4/13/21], The Chamber Of Commerce Opposed The For The People Act, Making It A Key Vote, Saying It Would Consider Including Votes Related To This Bill In Our Annual How They Voted Scorecard. The U.S. Chamber of Commerce strongly opposes S. 1, disingenuously named the For the People Act of 2021. The Chamber will consider including votes related to this bill in our annual How They Voted scorecard. [Chamber of Commerce, 4/13/21]. The right to vote should be distributed in the broadest sense and anything that goes against that shouldnt be tolerated, said CEO Brian Moynihan in an interview with CNNs Poppy Harlow on Friday. 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. But the ProPublica-Post investigation, which analyzed millions of posts between Election Day and Jan. 6 and drew on internal company documents and interviews with former employees, provides the clearest evidence yet that Facebook played a critical role in the spread of false narratives that fomented the violence of Jan. 6. [The Washington Post, [Accountable.US, Corporate Anti-Democracy Donations Database, accessed. For so many Americans, voting was a hard-fought right. Accountable.US conducted Nexis and Google searches using Bank of Americas name combined with the terms disinformation and each of the following: election, 2020, ballot, vote, and voting. Accountable.US also ran the same searches with the term misinformation. As of August 15, 2022, Bank of America does not appear to have enabled the sharing of electoral misinformation/disinformation nor allowed its platform to be used to share electoral misinformation/disinformation since the 2020 election cycle. 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. 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. 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. 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. 2016. Bank of America and Morgan Stanley have each so far this cycle donated more to Democrats than Republicans for the first time in over a decade. 1. 643, AZ S.B. Bank of America Has One Advantage Over Other Banks That Dates - Insider 21 out of 29 Bank of America lobbyists in 2021 have previously held government jobs. Also, if you opt out of online behavioral advertising, you may still see ads when you sign in to your account, for example through Online Banking or MyMerrill. However in the next election cycle the PAC will review its decision making criteria in light of the actions that contributed to the appalling violent assault on the U.S. Capitol. [CNN, 2/5/21], On January 6, 2021, A Violent Mob Stormed The U.S. Capitol In Response To Congress Constitutionally Mandated Counting Of The Electoral College Results In A Stunning Attempt To Overturn Americas Presidential Election. A violent mob loyal to President Donald Trump stormed the U.S. Capitol on Wednesday and forced lawmakers into hiding, in a stunning attempt to overturn Americas presidential election, undercut the nations democracy and keep Democrat Joe Biden from replacing Trump in the White House. Corporate America halts donations to Republicans who voted to - CNN Using data from the Center for Responsive Politics, the following presentation reveals one of the largest sources, Bank of America ( BAC 1.58%), which is the 10th biggest corporate contributor. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., Member FDIC. The vote was 49 to 51. Other companies, including Bank of America, FedEx and Wells Fargo, said they would review their corporate contribution strategy. We call on elected officials across the country to commit to bipartisan efforts to provide greater access to voting and encourage broad voter participation. [Business Roundtable. Bank of America CEO Brian Moynihan addressed this very point at the 2016 Goldman Sachs U.S. Financial Services Conference last week: The real key is the floating rate parts [or our asset portfolio . 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. You are continuing to another website that Bank of America doesnt own or operate. 1, UT H.B. Our recent research supports this view democracy is less likely to survive in a poor informational environment. 169, MT S.B. See employment history for Bank of America lobbyists by clicking on their RevDoor icon here. Both are indirect subsidiaries of Bank of America Corporation. Bank of Americas chief executive is the latest business leader to speak out about restrictive voting legislation in states such as Georgia and Texas, calling for a federal bipartisan commission to investigate the measures. President Biden won the state by just 11,779 votes out of nearly five million cast. In 2021, 2020 and 2019, Bank of America Corporation spent $1,670,000, $1,990,000, and $1,930,000, respectively, on federal lobbying expenses which includes employee time spent on lobbying, and associated travel and overhead expenses, as well as payments to external consultants and lobbyists and that portion of trade association dues designated by the associations as used for lobbying. In light of those events, some companies are temporarily suspending any political action committee (PAC) donations to all lawmakers as they assess their policies. [The Hill, 1/12/21], During The 2022 Election Cycle, Bank Of America Does Not Appear To Have Contributed To Members Of Congress Who Did Not Support The Formation Of A January 6th Commission Or The Committee To Investigate January 6th. We often voice our differing view on significant issues to such organizations directly or in other ways and continually evaluate the overall benefit of our continued memberships. Campaign finance reform might be dead in Washington, but its making progress at the highest levels of corporate America. Recent polls have Biden ahead of President Trump in key . Are Not a Condition to Any Banking Service or Activity. While our ballots may have been divided, our support for the democratic process and the peaceful transition of power must be unequivocal. [Business Roundtable. We believe that we are better when we are connected to others as we work to bring about consensus and advocate for issues of importance to us and the clients and communities we serve. The right to vote should be distributed in the broadest sense and anything that goes against that shouldnt be tolerated, said CEO Brian Moynihan in an interview with CNNs Poppy Harlow on Friday. [CNN. Company goals are aspirational and not guarantees or promises that all goals will be met. Just six GOP senators joined with the Democrats, leaving the measure short of the 60 votes needed to proceed. [NPR, 5/28/21], On June 30, 2021, Reps. Adam Kinzinger And Liz Cheney Were The Only House Republicans Who Voted To Create A Select Committee To Investigate January 6. Minors. Market Data copyright 2023 QuoteMedia. After yet another mass shooting, the national debate over gun policy renews. [United States House of Representatives, Accessed 3/8/22], All Republican Senators, Except For Sen. Lisa Murkowski, Voted To Block The John R. Lewis Voting Rights Advancement Act. 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. 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. Bank of America: Millions in Political Donations Revealed The Public Policy Executive reports at least annually to the Corporate Governance, ESG, and Sustainability Committee, which is comprised solely of independent members of our Board of Directors, on significant policies and practices concerning political contributions, major lobbying priorities and principal trade association activities that relate to the company's public policy objectives. This survey also reveals that racial and ethnic minorities are highly susceptible to misinformation regarding voter fraud, as 38% of Latinos and 30% of African Americans think there might have been at least some fraud in 2020. BankPac operates in full compliance with the Federal Election Campaign Act (FECA) and the Bipartisan Campaign Reform Act (BCRA) and files monthly public . When Bank of America makes payments to these organizations, including membership fees and dues, we restrict the organization from using the funds for any election-related activity at the federal, state, or local level, including contributions and expenditures (independent or otherwise) in support of, or opposition to, any candidate for any office, ballot initiative campaign, political party committee, or PAC. [Time To Vote, Accessed 3/22/22]. Opening a Bank Account For Your Political Campaign - Online Candidate There are also regulatory, litigation and insurance risks to E.S.G. 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. Bank of America Political Contributions Tracker | American Democracy [] Voting is a democratic principle that equally values the voice of every citizen. Here are the companies suspending political contributions following the The balance between the parties fluctuates for many reasons in any given election. 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.). 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. 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 December 2021, the Brennan Center reported that 19 states passed 34 restrictive laws in 2021. Bank of Americas PAC is a fully voluntary program. To request permission for commercial use, please contactus. When engaging in political activities, apart from Bank of America responsibilities, employees are expected to make it clear that they are acting as an individual and not as a representative of the Company. Insurance and annuity products are offered through Merrill Lynch Life Agency Inc. (MLLA), a licensed insurance agency and wholly-owned subsidiary of BofA Corp. Investment products offered through MLPF&S and insurance and annuity products offered through MLLA: "Bank of America" is the marketing name for the global banking and global markets business of Bank of America Corporation. In the 2014 campaign cycle, people and political action committees associated with commercial banks gave more than $28.2 million to federal candidates, committees, parties and outside money groups that support them. Political Activities Archive :: Bank of America Corporation (BAC) Contributions from employees are used to support members of both political parties. [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. Why banks are steering more political donations to Democrats The Bank of America Code of Conduct guides us in all that we do. [United States Senate, 11/3/21], November 2021: Senate Republicans, Except For Sen. Murkowski, Blocked The John Lewis Voting Rights Advancement Act With A 50-49 Procedural Vote On Whether To Open Debate On The Bill. As understanding grows about the risk and value creation opportunities that ESG presents, the demand for ESG disclosure has accelerated. 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. Bank of America has identified the employees who are covered by such restrictions and requires that those employees pre-clear any contributions with designated Compliance personnel. While Brandtjens audit has stalled after Vos refused to sign subpoenas for counties election equipment, Vos investigation is moving forward, led by a former state Supreme Court justice who has expressed openness to MyPillow CEO Mike Lindells baseless claims of election fraud. [Forbes. The Code covers a range of issues from anti-bribery and anti-corruption to our risk framework and workplace safety. For American democracy to work for any of us, we must ensure the right to vote for all of us. After obtaining additional information about the way in which NV S.B. Between January 1 and December 7, at least 19 states passed 34 laws restricting access to voting. It cant be overstated how much the events of this year have put the focus on political spending, said Shelley Alpern, the director of shareholder advocacy at Rhia Ventures, a social impact investment firm. 285, AL H.B. Our principal memberships in financial industry and certain other trade associations that receive more than $25,000 from Bank of America Corporation and its subsidiaries annually are listed below. As Americans, we know that in our democracy we should not expect to agree on everything. Bank of Americas chief executive is the latest business leader to speak out about restrictive voting legislation in states such as Georgia and Texas, calling for a federal bipartisan commission to investigate the measures. 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. [The New York Times, 4/14/21]. 202, IA S.F. The bill now moves to the Senate where it faces an uncertain fate as GOP resistance is growing. [CNN. Arizonas highly controversial election audit wrapped up Friday as the GOP-backed company conducting it announced the investigation had actually increased President Joe Bidens margin of victorybut Republicans in multiple other states are already underway on other probes that could sow new doubts in the presidential vote count. [Forbes.