JPMorgan Chase & Co (JPM.N) will resume making political donations to U.S. lawmakers but will not give to Republican members of Congress who voted to overturn President Joe Biden’s election victory, according to an internal memo released Friday by Reuters.
The bank was among many companies that suspended political donations in the wake of the deadly Capitol Riots on Jan.6 when supporters of former President Donald Trump tried to block Congress from certifying the election.
Hours later, 147 Republicans, the vast majority of them in the House of Representatives, voted to overturn the Electoral College results which Trump said were tainted with fraud.
The country’s largest lender will resume giving through its Political Action Committee (PAC) this month, after review, but will continue to freeze donations to a “handful” of the 147 lawmakers it previously had supported, the bank said.
The hiatus will last throughout the 2021-2022 electoral cycle, which includes the November midterm elections, after which JPMorgan will consider whether to resume contributions to relevant lawmakers on an individual basis, he said. .
“It was a unique and historic moment when we believe the country needed our elected officials to put aside deeply entrenched differences and show unity,” the bank wrote of the January 6 vote to certify victory by Biden.
JPMorgan noted that its PAC is an important tool for engaging in the political process in the United States. PACs are political committees organized for the purpose of raising funds to support or, in some cases, oppose election candidates.