JPMorgan Chase and Citigroup were among the first major financial firms to say they will pause political action committee donations after followers of President Trump laid siege on the U.S. Capitol last week.
JPMorgan, the biggest U.S. bank by assets, is pausing contributions for both Republicans and Democrats for “at least” the next six months, according to spokesman Steve O’Halloran. The New York-based bank will use that time to consider potential changes to its political-donation strategies.
Political action committees pool employee donations and can direct up to $5,000 to a candidate per election, as well as $15,000 annually to any national party committee. Since the money is raised from voluntary employee contributions, the move sidesteps federal laws that prohibit companies from giving money directly to candidates.
Citigroup is also pausing PAC donations to all lawmakers during the first quarter, the bank told employees Friday in an internal communication.