With more money being invested according to these principles, falling short in these areas by not being forthcoming about donations, or by waving away inconsistencies between statements and spending could lead investors to shun a stock or, as we have seen, organize public rebukes of directors. INSTITUTE INDEX: Bank of America's disconnect on racial inequality 20005. Bank of Americas chief executive is the latest business leader to speak out about restrictive voting legislation in states such as Georgia and Texas, calling for a federal bipartisan commission to investigate the measures. [Bank Of America, accessed 3/22/22], The Chamber Of Commerce Is A Political Donor, Having Given Millions To Political Candidates In Recent Elections. Three different election investigations are underway in Wisconsin: an investigation initiated by Republican Assembly Speaker Robin Vos, a separate so-called forensic audit modeled after Arizona by GOP Rep. Janel Brandtjen and an investigation by the states nonpartisan Legislative Audit Bureau, which the Republican-led legislature asked it to conduct. The National Infrastructure Campaign, Inc. American Bankers Association (and affiliate state bankers associations), International Swaps and Derivatives Association, National Business Coalition on E-Commerce & Privacy, National Association of Affordable Housing Lenders, Securities Industry and Financial Markets Association, U.S. Chamber of Commerce (and affiliate state chambers of commerce). 574, LA H.B. May Lose Value. But the ProPublica-Post investigation, which analyzed millions of posts between Election Day and Jan. 6 and drew on internal company documents and interviews with former employees, provides the clearest evidence yet that Facebook played a critical role in the spread of false narratives that fomented the violence of Jan. 6. [The Washington Post, [Accountable.US, Corporate Anti-Democracy Donations Database, accessed. > Total contributions (2012-ongoing): $4,769,994 > Donations to Democratic Party: 29% > Donations to Republican Party: 71% > Spending on lobbying (2012-ongoing): $1,380,000 > Industry:. Yesterdays inexcusable violence and chaos at the Capitol makes clear that elected officials perpetuation of the fiction of a fraudulent 2020 presidential election is not only reprehensible, but also a danger to our democracy, our society and our economy. We strive to provide you with information about products and services you might find interesting and useful. [United States House of Representatives, 8/24/21], In October 2021, All Republican Members Of The Senate Voted To Block The Freedom To Vote Act. Looking at Dimon's political donations, they don't tell much of a story of a partisan bent, with marginal contributions in the 2020 election cycle to groups supporting Republicans in the Senate. 1003, AZ S.B. Facebook executives have played down the companys role in the Jan. 6 attack and have resisted calls, including from its own Oversight Board, for a comprehensive internal investigation. 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. Our Recent Research Supports This View Democracy Is Less Likely To Survive In A Poor Informational Environment. Around the world, there are increasing concerns that fake news threatens democracy. The number of public companies that disclose or prohibit political spending hit a record this year and more corporations are assigning directors the responsibility of decision-making amid an era of hyper-partisanship. [Politico, 11/30/21], Shareholders Of Publicly Traded Companies Planned To Call For Increased Disclosure Around Political Spending At Annual Shareholder Meetings. Adjusted receipts for PACs, parties, congressional filers and presidential filers; Adjusted receipts are the total receipts minus the following:. But most Republicans also oppose the more targeted Lewis-named legislation, which would restore key provisions of the Voting Rights Act that were struck down by the Supreme Court in 2013. [Politico. The American Bankers Association's Political Action Committee, is the largest PAC representing the banking industry and consistently one of the largest trade association PACs in the nation. Both GOP lawmakers, who are frequent critics of former President Donald Trump, were among the 35 House Republicans who voted to establish an independent commission, which was blocked by Senate Republicans. [CNN, [Select Committee to Investigate the January 6 Attack on the United States Capitol, Accessed. 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. 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. 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]. All contributions made and disclosed by Bank of America are in compliance with Bank of America's internal policies. Citigroup's contributions are evenly split for. BofA Securities, Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Merrill Lynch Professional Clearing Corp. are registered as futures commission merchants with the CFTC and are members of the NFA. [] Congress has the legal and constitutional power to ward off these attacks by passing the Freedom to Vote Act, which would set national standards to protect the freedom to vote, counter election sabotage, end partisan redistricting, and fix our broken campaign finance system. [Brennan Center for Justice, 9/20/21], The Freedom To Vote Act Would Restore Federal Voting Rights To Formerly Incarcerated Citizens Upon Their Release And Removes The Vestiges Of Restrictions Born Out Of Jim Crow. The Freedom to Vote Act [] Voting rights restoration: The bill restores federal voting rights to formerly incarcerated citizens upon their release, establishing a bright-line standard to replace the confusing patchwork of state laws and removing the vestiges of restrictions born out of Jim Crow. [Brennan Center for Justice, 9/20/21], The Freedom To Vote Act Would Require Each State To Ensure That Individuals With Disabilities Have The Same Access To Absentee Ballots And Applications As Other Voters, As Well As Making Them Electronically Accessible To Voters With Disabilities. The Freedom to Vote Act [] Protections for individuals with disabilities: The bill would address some of the biggest challenges to voting access that Americans with disabilities face. Banks are sticking with Senate Republicans who tried to overturn election It cant be overstated how much the events of this year have put the focus on political spending, said Shelley Alpern, the director of shareholder advocacy at Rhia Ventures, a social impact investment firm. [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. [United States Senate, 11/3/21], November 2021: Senate Republicans, Except For Sen. Murkowski, Blocked The John Lewis Voting Rights Advancement Act With A 50-49 Procedural Vote On Whether To Open Debate On The Bill. MLPF&S is a registered broker-dealer, registered investment adviser, Member SIPC and a wholly owned subsidiary of BofA Corp. Trust and fiduciary services are provided by Bank of America Private Bank, a division of Bank of America, N.A., Member FDIC, and a wholly-owned subsidiary of Bank of America Corporation (BofA Corp.). After the Capitol riot and a Republican push to pass restrictive voting laws that disproportionately affect racial minorities, investors want to know more about where a companys political donations end up. [The New York Times, 6/5/21], The New York Times: Investors Are On Alert For Companies That Take One Position And Make Donations That Support Another. Investors are on alert for companies that take one position and make donations that support another. [The New York Times, 6/5/21], Bank Of America Corporation Is Represented By An Executive At Time To Vote. Today, dozens of leading companies announced a commitment to participate in the Civic Alliance, Americas premier nonpartisan coalition of businesses working together to build a future where everyone can vote, volunteer, and take action to shape our country. [Democracy Works. Voting is the lifeblood of our democracy and we call upon all Americans to join us in taking a nonpartisan stand for this most basic and fundamental right of all Americans. Something has changed palpably in the publics and shareholders understanding, Ms. Alpern said. [The New York Times. Figures on this page include contributions and spending by affiliates. Voting rights restoration: The bill restores federal voting rights to formerly incarcerated citizens upon their release, establishing a bright-line standard to replace the confusing patchwork of state laws and removing the vestiges of restrictions born out of Jim Crow. [Brennan Center for Justice. In 2021, Bank of America made contributions to the following groups organized under Section 527 of the Internal Revenue Code: It is the policy of Bank of America that any payments made to 527 organizations shall only be used for operational and administrative purposes and not to be used to support or oppose any candidate for U.S. federal, state, or local office, or to support or oppose any ballot initiatives. The balance between the parties fluctuates for many reasons in any given election. Protections for individuals with disabilities: The bill would address some of the biggest challenges to voting access that Americans with disabilities face. 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. PAC Contributions from Bank Of America Corporation Pac (Fka Mbna Corporation Federal Political Committee) to Connecticut Democratic State Central Committee FEC data from 1987 through 2018. These 18 Corporations Gave Money to Radical Black Lives Matter Group Besides trade groups such as the American Bankers Association, the industry includes financial institutions such as Quicken Loans, Bank of America, Wells Fargo and JPMorgan Chase. If you opt out, though, you may still receive generic advertising. The Collaborative Multi-Racial Political Study reveals that a robust 57% of white Americans believes there was voter fraud in the 2020 presidential election, including 26% of whom believe there was definitely fraud in 2020. [The New York Times, 1/7/21], In May 2021, Only 35 House Republicans Joined The Majority Of House Members In Voting For An Independent Commission To Investigate The January 6 Insurrection. 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. Market Data copyright 2023 QuoteMedia. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., Member FDIC. Before acting on any information in this material, you should consider whether it is suitable for your particular circumstances and, if necessary, seek professional advice. Bank of America PAC Contributions to Federal Candidates Contributions by commercial banks to U.S. political parties in election cycle 2020 Published by Statista Research Department , Sep 30, 2022 This statistic illustrates the amount donated to. As understanding grows about the risk and value creation opportunities that ESG presents, the demand for ESG disclosure has accelerated. Corporate America halts donations to Republicans who voted to - CNN Our Code specifically covers how our employees may engage in the political process and how we interact with representatives of all levels of government on behalf of Bank of America. [United States Senate, 11/3/21], In January 2022, 203 Republican Members Of The House Of Representatives Voted To Block The Freedom To Vote: John R. Lewis Act, While Nine House Republicans Did Not Vote. The Bank of America Code of Conduct guides us in all that we do. An individual who is under 18 years old may make contributions to candidates and political committees, subject to limitations, if: The decision to contribute is made knowingly and voluntarily by the minor; The funds, goods or services contributed are owned or controlled by the minor, proceeds from a trust for which he or she is a . Voting is the lifeblood of our democracy and we call upon all Americans to join us in taking a nonpartisan stand for this most basic and fundamental right of all Americans. In other fallout, the P.G.A. Our book shows that when voters are poorly informed, enough voters are more likely to make mistakes at the polls. Financial Sector Donations to 2020 Presidential Candidates - Investopedia It would prevent voting laws that unevenly burden voters of color. These charts include contributions to members' presidential committees. This information may be used to deliver advertising on our Sites and offline (for example, by phone, email and direct mail) that's customized to meet specific interests you may have. When you visit these sites, you are agreeing to all of their terms of use, including their privacy and security policies. 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. The reviews have been used to justify new voting laws and efforts to decertify the 2020 election. [The New York Times. And while bankers are giving more overall to Republicans, as they did in 2016 and 2018, donations for 2020 congressional races appear to be spread more evenly between the parties.

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