bank of america political contributions
The vote was 49 to 51. And while bankers are giving more overall to Republicans, as they did in 2016 and 2018, donations for 2020 congressional races appear to be spread more evenly between the parties. Political Action Committee ("PAC") Contributions. 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 employees are used to support members of both political parties. You are continuing to another website that Bank of America doesnt own or operate. Other companies, including Bank of America, General Motors and FedEx, stopped short of suspending all campaign contributions, saying they will evaluate donations on a case-by-case basis. 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. 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. 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. 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. 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. Facebook executives have played down the companys role in the Jan. 6 attack and have resisted calls, including from its own Oversight Board, for a comprehensive internal investigation. Countering long lines and related discriminatory practices: The bill creates protections for individuals subjected to excessive lines on Election Day most often Black and Latino voters by requiring states to ensure that lines last no longer than 30 minutes and restricting states from prohibiting donations of food or water to voters waiting in line. [Brennan Center for Justice. 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. 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. 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. 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. [Accountable.US, Corporate Anti-Democracy Donations Database, accessed 7/12/22], The New York Times: 24 Percent Of Republican Lawmakers In Closely Contested Battleground States Voted For An Outside, Partisan Review Of The 2020 Election (Often Referred To As An Audit). [Govtrack, Accessed 2/7/22], October 2021: Senate Republicans Blocked The Freedom To Vote Acts Passage. Contributions 2022 Total for 2022 Cycle: $2,128,309 NOTE: Organizations themselves cannot contribute to candidates and party committees. Business Roundtable members believe state laws must safeguard and guarantee the right to vote. [Business Roundtable, 3/31/21], Business Roundtable CEOs: Paid Time Off And Flexibility For Voting Are Best Practices. [Business Roundtable, 7/21/20], The Business Roundtable Released A Statement Saying The Strength Of Our Democracy Depends On The Integrity And Fairness Of Our Nations Elections, Welcoming Efforts To Address Barriers To Voting At The State Level. PAC program contributions are made without regard to the private political preferences of the company's Executive Management Team or any other company executive. Visa temporarily suspended all its political donations through its PAC as it reviews its candidate contribution guidelines, a spokesman said. There are also regulatory, litigation and insurance risks to E.S.G. Relationship-based ads and online behavioral advertising help us do that. Percentage donated to Republicans: 34.8%. Banking, credit card, automobile loans, mortgage . For American democracy to work for any of us, we must ensure the right to vote for all of us. The FDIC, which is undertaking a "comprehensive review," will release policy recommendations by May 1. 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. 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. These contributions are reported to relevant federal, state, and local campaign finance agencies as required by law, and are available here: To fulfill their mandate for leadership, integrity, and effectiveness, Bank of America's PAC program administrators adhere to established governance and compliance procedures that ensure consistent funding decisions and compliance with all applicable campaign finance laws and regulations. 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. Our Recent Research Supports This View Democracy Is Less Likely To Survive In A Poor Informational Environment. Around the world, there are increasing concerns that fake news threatens democracy. The companies that hold themselves accountable to their stakeholders by increasing transparency will be more viable and valuable in the long term. [Deloitte. 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. 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. Bank Of America Corporation Is Not A Member Of The Civic Alliance. The researchers also looked at how CEO political preferences differ by geography, based on the. 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. Campaign finance reform might be dead in Washington, but its making progress at the highest levels of corporate America. 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. Investing in securities involves risks, and there is always the potential of losing money when you invest in securities. The final vote Friday was 54-35, but Republicans withheld the votes necessary to bring the bill up for debate. Percentage donated to . More than a third of all restrictive voting laws enacted since then were passed this year. [Brennan Center for Justice. Are Not a Condition to Any Banking Service or Activity. Overall, roughly 57% of the CEOs were classified as Republicans, and about 19% as Democrats. [] The legislation would make it significantly easier to vote, limit gerrymandering of congressional districts, require third-party groups to reveal secret donors and reform an election watchdog, among other changes. 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. More than a third of all restrictive voting laws enacted since then were passed this year. [Brennan Center for Justice, 12/21/21], In May 2022, The Brennan Center Reported That, After Obtaining Additional Information About The Way In Which NV S.B. 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. 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. 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. Election and democracy experts say they see the rise of anti-democratic impulses in statehouses as a clear, new threat to the health of American democracy. Top Affiliates: Opinions or ideas expressed are not necessarily those of Bank of America nor do they reflect their views or endorsement. 3920, TX S.B. However, a review of campaign finance records . 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. Send an email to Bank of America: Copy Address. 413, IA S.F. [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. 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, 04/21/21], The For The People Act Would Make It Easier To Vote, Limit Gerrymandering Of Congressional Districts, Require Third-Party Groups To Reveal Secret Donors and Reform An Election Watchdog. 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. 84, NY S.B. The Collaborative Multi-Racial Political Study reveals that a robust 57% of white Americans believes there was voter fraud in the 2020 presidential election, including 26% of whom believe there was definitely fraud in 2020. Corporate political action committees have been cutting off donations to eight Republican senators since they voted on Jan. 6 to reject the results of the 2020 presidential election. 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, 3/14/22], The New York Times: Political Donations Fall Within The Purview Of The Burgeoning Environmental, Social And Governance Investing Movement, Known As E.S.G. And By Not Being Forthcoming About Donations, Or By Waving Away Inconsistencies Between Statements And Spending Investors Could Shun A Stock Or Organize Public Rebukes Of Directors. Political donations fall within the purview of the burgeoning environmental, social and governance investing movement, known as E.S.G. As businesses who operate in and employ millions of people in all 50 states, we represent Americans of all political backgrounds who cast their votes on Election Day. 1819, FL S.B. 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. 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. The Bank of America Code of Conduct guides us in all that we do. This includes rigorous due diligence of any candidate at the state or federal level before a PAC contribution is considered and made. Bank of America welcomes the informed participation of its employees in governmental, regulatory, and elective processes. 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. [Govtrack, 1/19/22], Bank Of America Corporation Is A Member Of The United States Chamber Of Commerce. Bank of America discloses an itemized list of the recipients and amounts of such contributions as required by law. [] Voting is a democratic principle that equally values the voice of every citizen. [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. 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. Just six GOP senators joined with the Democrats, leaving the measure short of the 60 votes needed to proceed. [NPR, 5/28/21], In June 2021, Reps. Adam Kinzinger And Liz Cheney Were The Only House Republicans Who Voted To Create A Select Committee To Investigate January 6. [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. [Business For Voting Rights, Accessed 3/22/22], Bank Of America Corporation Signed On To The April 2021 New York Times Ad Of Corporations Claiming To Stand For Democracy And Against Restrictive Voting Bills. At least 357 sitting Republican legislators in closely contested battleground states have used the power of their office to discredit or try to overturn the results of the 2020 presidential election, according to a review of legislative votes, records and official statements by The New York Times. 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. 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. The Center for Responsive Politics says the financial sector is "far and away the largest source of campaign contributions to federal candidates and parties." It also spent $536.3 million on. This data includes Forms 3, 3P, and 3X. 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. [Bank Of America, Accessed 3/22/22], The Number Of Public Companies That Disclose Or Prohibit Political Spending Hit A Record In 2021. All contributions made and disclosed by Bank of America are in compliance with Bank of America's internal policies. 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. As of the third quarter of this year, it had $439 billion worth of seemingly free money that it can (and. As businesses who operate in and employ millions of people in all 50 states, we represent Americans of all political backgrounds who cast their votes on Election Day. A beautifully American ideal, but a reality denied to many for much of this nations history. After obtaining additional information about the way in which NV S.B. The final tally was 50 to 49 with GOP Sen. Lisa Murkowski of Alaska voting with Democrats in favor. [CNN. 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 . It also includes new, much-needed safeguards against attempts to undermine the electoral process. [Brennan Center. New Deloitte survey of 300 senior finance, legal and sustainability leaders shows companies are working toward more reliable and timely data, with investments in technology, controls design and implementation resources, and a robust, integrated strategy to meet the growing expectation for high quality ESG reporting information. [Deloitte.
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