U.S. Bank Suspends Political Action Committee Contributions
Minneapolis-based U.S. Bancorp has announced it will take a break in making any contributions from its political action committee as the result of mobs breaching the U.S. Capitol last week.
“U.S. Bank has announced that as a result of the recent violence at the U.S. Capitol that it has immediately paused all giving from its political action committee,” said Susan Beatty, vice president of public affairs and communications for U.S. Bank. “The bank will review its approach to future contributions and ensure that our involvement in the political and policy process helps advance, improve, and do what is right for the country, our customers, and our employees.”
U.S. Bank is a major corporate leader in Minnesota. The company is the sixth largest public company in the state and ranked 113th on the most recent Fortune 500 list.
Some of America’s largest financial companies have already announced similar moves. JPMorgan Chase, Goldman Sachs, and Citigroup all announced suspending political giving in recent days. JPMorgan is the largest bank in the U.S. The trend appears to be picking up speed as more and more companies add themselves to the list.
“The focus of business leaders, political leaders, civic leaders right now should be on governing and getting help to those who desperately need it most right now,” Peter Scher, JPMorgan’s head of corporate responsibility, told The Wall Street Journal. “There will be plenty of time for campaigning later.”
The mob that breached the U.S. Capitol was composed of supporters of President Donald Trump, who had addressed the assembled crowd shortly before many members of the group stormed the building.
Some organizations, including Marriott International Inc. and the Blue Cross Blue Shield Associations, specifically indicated a halt to giving to any Republican lawmakers who had challenged the electoral college victory of President-Elect Joe Biden.