Bank of America Corp.'s employee-funded political action committee, or PAC, is putting its allocation decisions on hold after a right-wing mob stormed the U.S. Capitol last week. Recent polls have Biden ahead of President Trump in key . [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. This statement sets forth basic principles concerning the company's stance on political contributions and activities. [] Voting is a democratic principle that equally values the voice of every citizen. [] Tensions were already running high when lawmakers gathered early Wednesday afternoon for the constitutionally mandated counting of the Electoral College results, in which Biden defeated Trump, 306-232. [AP, 1/6/21], Following The Violence At The Capitol On January 6, Four People In The Crowd Died. 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. In 2021, Bank of America made such contributions to the following 501(c)(4) organizations at the direction of the companys Public Policy Department: In 2021, Bank of America made no contributions to ballot measure committees at the direction of the companys Public Policy Department. Contributions from the PAC program support candidates, parties, or committees whose views and actions are consistent with Bank of America's priorities and values. To learn more about relationship-based ads, online behavioral advertising and our privacy practices, please review the Bank of America Online Privacy Notice and our Online Privacy FAQs. 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. 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. Statistics and metrics included in our ESG documents are estimates and may be based on assumptions or developing standards. 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. Both Goldman Sachs and JPMorgan Chase said they will likely halt political donations for six months, while Citigroup announced a first-quarter pause. The Democratic bill, known as the Freedom to Vote Act, would make it easier to register to vote, make Election Day a public holiday, ensure states have early voting for federal elections and allow all voters to request mail-in ballots. [CNN, 10/20/21], HEADLINE: Senate Republicans Block Democrats Voting And Elections Bill. [CNN, 10/20/21], The Freedom To Vote Act Followed The For The People Act, Incorporating Most Of The Critical Provisions From The For The People Act As Well As New, Much-Needed Safeguards Against Attempts To Undermine The Electoral Process. 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. 12, WY H.B. For additional information concerning Bank of America's political activities and related policies and procedures, contact Bank of America's Public Policy Department. 84 and LA H.B. We consider these best practices, which we encourage more companies to adopt. [Business Roundtable. However, regardless of our political affiliations, we believe the very foundation of our electoral process rests upon the ability of each of us to cast our ballots for the candidates of our choice. 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. 202, IA S.F. As corporations freeze political donations, banks are continuing to do business as usual with campaign committees. Republican lawmakers attempted to challenge the results of Arizona and Pennsylvania, two swing states Biden won, during and after a violent and deadly attack on the U.S. Capitol by a pro-Trump mob. The comments come just two days after more than 100 executives from major companies took out a full page ad in The New York Times defending the right to vote for all and opposing any discriminatory legislation that infringes on that right [CNN, No matter your zip code, race, ethnicity, color, who you vote for, what language you speak, or whether you are our customers, one thing is clear: we all value the right to vote, and believe that all eligible Americans should have free, fair, and safe access to this fundamental right. Something has changed palpably in the publics and shareholders understanding, Ms. Alpern said. [The New York Times. 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. 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. Observers say that the donations reflect bankers' interest in maintaining influence over the party in power. you can opt out of online behavioral advertising, Democratic Legislative Campaign Committee, Republican Legislative Campaign Committee/Republican State Leadership Committee. 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 companies that hold themselves accountable to their stakeholders by increasing transparency will be more viable and valuable in the long term. [Deloitte, 3/14/22], A March 2022 Deloitte Survey Found That Over Half Of Senior Executives Are Working To Establish An ESG Council Or Working Group In Place To Drive Strategic Attention To ESG Topics. Despite increased focus on ESG matters from stakeholders and the need to internally mobilize to create a robust ESG strategy and governance structure, less than a quarter (21% of survey respondents) currently have an ESG council or working group in place to drive strategic attention to ESG topics; however, more than half (57% of survey respondents) are actively working to establish one. Visa temporarily suspended all its political donations through its PAC as it reviews its candidate contribution guidelines, a spokesman said. Raising money and managing expenses is an critical part of the election process. Company goals are aspirational and not guarantees or promises that all goals will be met. The U.S. Chamber of Commerce urged U.S. senators to reject a voting reform bill passed by the Democratic House and the powerful business lobby warned that it might highlight where they stand on the issue. This material does not take into account your particular investment objectives, financial situations or needs and is not intended as a recommendation, offer or solicitation for the purchase or sale of any security, financial instrument, or strategy. An MIT Technology Review investigation, based on expert interviews, data analyses, and documents that were not included in the Facebook Papers, has found that Facebook and Google are paying millions of ad dollars to bankroll clickbait actors, fueling the deterioration of information ecosystems around the world. [MIT Technology Review. 1, UT H.B. 413, IA S.F. American Express and Mastercard said they had. 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. 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, 4/16/21], Bank Of America Corporation Has Not Joined The Business For Voting Rights Coalition. Though Bank of America and its affiliates don't make direct corporate contributions to candidates, total amount the various employee PACs the company runs have donated collectively to the lawmakers known to belong as of 2019 to the secretive, far-right House Freedom Caucus, whose leaders have among other things blocked Democratic efforts to . Additionally, payments to 527 organizations may not be transferred to any federal, state, or local PAC, any other form of political committee, or any other entity for the purpose of making contributions or expenditures, independent or otherwise, to support or oppose any candidates for U.S. federal, state, or local office, or to support or oppose any ballot initiatives. 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's political spending Did not donate to federal lawmakers who opposed voting rights legislation during the 2022 election cycle Did not donate to federal lawmakers who objected to certifying the 2020 presidential election Did not donate to federal lawmakers who opposed creating a Congressional January 6th investigation When it comes to competitive advantages, Bank of America ( BAC 1.35%) has a huge one. For so many Americans, voting was a hard-fought right. 523, NH S.B. For American democracy to work for any of us, we must ensure the right to vote for all of us. [Bank of America, Accessed 3/22/22], Deloitte: Companies That Hold Themselves Accountable To Their Stakeholders By Increasing Transparency [Regarding Environmental And Social Concerns] Will Be More Viable And Valuable In The Long Term. The business landscape today has been transformed by environmental and social concerns. As of December 2021, the Brennan Center reported that 19 states passed 34 restrictive laws in 2021. The final tally was 50 to 49 with GOP Sen. Lisa Murkowski of Alaska voting with Democrats in favor. [CNN, 11/3/21], Politico: HR4 Would Restore Key Provisions Of The Voting Rights Act That Were Struck Down In 2013 By The Supreme Court. The balance between the parties fluctuates for many reasons in any given election. 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 . 2016. 285, AL H.B. [] 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. [Accountable.US, Corporate Anti-Democracy Donations Database, accessed 7/14/22], In January 2021, 147 Members Of Congress Objected To Certifying The 2020 Presidential Election. The vote was 49 to 51. 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 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. The FDIC, which is undertaking a "comprehensive review," will release policy recommendations by May 1. 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. So far this election, Bank of America's PAC has spent about $734,000, according to federal elections data, with much of that going to the Republicans and Democrats who sit on the congressional. Relationship-based ads and online behavioral advertising help us do that. . 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. 1. Many Business Roundtable member companies already provide paid time off either a full or partial day to employees for voting. Together, we can have an even greater impact. Bank of America often shares interests with groups that advocate and shape public policy positions on issues that are important to our company, the financial services industry and the global business community. 319, NH H.B. 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. San Francisco The Bank of America Code of Conduct guides us in all that we do. Bank of America welcomes the informed participation of its employees in governmental, regulatory, and elective processes. The BOA PAC has been one of the top 5 contributors among commercial banks to federal candidates every year for the past decade, giving a total of $12,595,165.3 From 2002-2010 the company contributed approximately $6.7 million in corporate funds to political activity.4 Market Data copyright 2023 QuoteMedia. Business Roundtable members believe state laws must safeguard and guarantee the right to vote. [Business Roundtable. Increasingly, theyre winning. 1112, AR H.B. Investing in securities involves risks, and there is always the potential of losing money when you invest in securities. The Democratic bill, known as the Freedom to Vote Act, would make it easier to register to vote, make Election Day a public holiday, ensure states have early voting for federal elections and allow all voters to request mail-in ballots. [CNN. See employment history for Bank of America lobbyists by clicking on their RevDoor icon here. shortcomings, which could dent a companys bottom line. [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. 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. 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. [Accountable.US, Corporate Anti-Democracy Donations Database, accessed 7/12/22], All Republican Members Of The Senate Voted To Block The Freedom To Vote: John R. Lewis Act. 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. 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. In short, it would be the most significant federal expansion of voting rights in a generation. [The Hill, 9/3/21], All Republican Members Of The Senate Voted To Block The Freedom To Vote Act. Around the world, there are increasing concerns that fake news threatens democracy. 530, MT S.B. There are also regulatory, litigation and insurance risks to E.S.G. While our ballots may have been divided, our support for the democratic process and the peaceful transition of power must be unequivocal. [Business Roundtable, 1/7/21], Bank Of America Spokesperson Corporation Bill Halldin: 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. Our PAC contributes to both parties and takes a lot of factors into account.
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