JPMorgan freezing donations to Republicans.

JPMorgan Chase & Co (JPM.N) released an internal memo last Friday, that stated that the company 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.

JPMorgan Chase & Co is the United State’s largest lender to pause political giving following the Jan. 6 Capitol riots.

“This was a unique and historic moment when we believe the country needed our elected officials to put aside strongly held differences and demonstrate unity,” the bank wrote of the Jan. 6 vote to certify Biden’s win.

Just hours later, 147 Republicans, the vast majority of them in the House of Representatives, voted to overturn the Electoral College results which Trump and his supporters claim were tainted by fraud.

JPMorgan stated that it will now resume giving through its Political Action Committee (PAC), but will continue its freeze on donations to a “handful” of the 147 lawmakers whom it had previously supported.

JPMorgan freezing donations through 2022 elections.

This pause in donations will last through the 2021-2022 election cycle, which includes November’s midterm elections. JPMorgan will then review whether to resume contributions to lawmakers concerned on an individual basis, it said.

Following JP Morgan’s decision, Citigroup also said that it was resuming PAC contributions, but did not specify how it would treat the lawmakers who tried to block Biden taking office.

Citigroup released a statement that said they would evaluate all lawmakers case-by-case based on a “new set of criteria” which includes “character and integrity” and “a commitment to bipartisanship and democratic institutions.”

What does this mean? Will more companies follow suit? Let us know your thoughts in the comments below!

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