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January 11, 2021 at 05:31 PM
Wall Street firms are voting with their wallets following last week’s storming of the U.S. Capitol by a mob of Trump supporters, suspending contributions from their political action committees to members of Congress.
Some like Citigroup, JPMorgan Chase and Goldman Sachs are pausing contributions to Republicans and Democrats alike for a time. Morgan Stanley, though, is suspending its contributions to members of Congress who did not vote to certify the results of the Electoral College, according to a spokesperson.
Goldman is in the process of reviewing the details and expects the impact will then fall on those who obstructed the results of the presidential election when contributions resume.
Citigroup similarly did not name either party, but a statement by Candi Wolff, head of global government affairs, said the bank intends “to pause our contributions during the quarter as the country goes through the presidential transition and hopefully emerges from these events stronger and more united.”
Wolff added that Citigroup “will not support candidates who do not respect the rule of law.”
She also highlighted a $1,000 donation the bank had given to the campaign of Sen. Josh Hawley, R-Mo., who was among the congressional leaders opposing certification of Biden’s presidential win.
