bank of america political contributions

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. 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. 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. After the collapse of SVB and Signature Bank, record levels of deposits poured into Bank of America, JPMorgan Chase and Citibank from mid-size and regional banks. When engaging in political activities, apart from Bank of America responsibilities, employees are expected to make it clear that they are acting as an individual and not as a representative of the Company. [Govtrack, Accessed 2/7/22], Of The 212 Republican Members Of The House Of Representatives, 203 Voted To Block The Freedom To Vote: John R. Lewis Act, While Nine Did Not Vote. Are Not FDIC Insured. Bank of America respects the rights of its employees to support issues and candidates of their choosing, and employees may elect to make personal political contributions, either directly or through company-sponsored or other political committees as permitted by applicable local, state, and federal laws, as well as the laws of any applicable jurisdiction outside of the United States. 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. Citigroup's contributions are evenly split for. 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. A bank checking account serves several purposes. The final vote Friday was 54-35, but Republicans withheld the votes necessary to bring the bill up for debate. 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. The Code covers a range of issues from anti-bribery and anti-corruption to our risk framework and workplace safety. Just six GOP senators joined with the Democrats, leaving the measure short of the 60 votes needed to proceed. [NPR. 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. Email Alerts. Because the NASA bill had already been considered by both chambers, it proceeded to debate with a simple majority instead of the usual 60 votes required to advance to debate. [Business Insider, 1/20/22], All Republican Members Of The House Of Representatives Voted To Block The John R. Lewis Voting Rights Advancement Act of 2021. Bank of Americas PAC is a fully voluntary program. Employee contributions are not reimbursed by Bank of America. It would prevent voting laws that unevenly burden voters of color. Increasingly, theyre winning. [The New York Times, 1/7/21], Bank Of America Corporations Most Recent Corporate Responsibility Disclosure (CSR, ESG, And Comparable Reports) Was Released For 2020. [Business For Voting Rights, Accessed 3/22/22], Bank Of America Corporation Signed On To The April 2021 New York Times Ad Of Corporations Claiming To Stand For Democracy And Against Restrictive Voting Bills. View more on Money to Congress. Copy Address. In 2021, 2020 and 2019, Bank of America Corporation spent $1,670,000, $1,990,000, and $1,930,000, respectively, on federal lobbying expenses which includes employee time spent on lobbying, and associated travel and overhead expenses, as well as payments to external consultants and lobbyists and that portion of trade association dues designated by the associations as used for lobbying. A beautifully American ideal, but a reality denied to many for much of this nations history. 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. 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. Our book shows that when voters are poorly informed, enough voters are more likely to make mistakes at the polls. This survey also reveals that racial and ethnic minorities are highly susceptible to misinformation regarding voter fraud, as 38% of Latinos and 30% of African Americans think there might have been at least some fraud in 2020. It would prevent voting laws that unevenly burden voters of color. As Americans, we know that in our democracy we should not expect to agree on everything. Opening a campaign bank account is a first step in establishing a viable political campaign. 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. Financial industry regulations and state or local laws prohibit employees of particular lines of business or employees with certain coverage responsibilities from making certain political contributions or engaging in certain political activities. In three states, Arizona, Pennsylvania and Wisconsin, state lawmakers successfully pushed for investigations that sowed doubt about the results and tested the boundaries of their oversight. [The New York Times. 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. The Senate on Wednesday voted against the Freedom to Vote Act and The John Lewis Voting Rights Advancement Act, striking the fatal blow into Senate Democrats effort to pass major voting rights legislation. RT=Real-Time, EOD=End of Day, PD=Previous Day. [] 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. 22 out of 29 Bank of America lobbyists in 2022 have previously held government jobs. Sign up for our newsletter to track moneys influence on U.S. elections and public policy. 568, ID H.B. you can opt out of online behavioral advertising, Democratic Legislative Campaign Committee, Republican Legislative Campaign Committee/Republican State Leadership Committee. After obtaining additional information about the way in which NV S.B. 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. 1003, AZ S.B. 290, IN S.B. 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. Political Action Committees (PACs) have been in place for more than 40 years as a tool for companies to come together, pool voluntary contributions and engage in the political process. The companies that hold themselves accountable to their stakeholders by increasing transparency will be more viable and valuable in the long term. [Deloitte. 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. As of December 2021, the Brennan Center reported that 19 states passed 34 restrictive laws in 2021. Business Roundtable CEOs agree on the fundamental principle of supporting our employees in exercising their right to vote, by allowing flexibility and paid time off to vote that fits with their employment. Money raised includes each of the following:. We are committed to complying with internal policies, all relevant state, federal, and international laws and regulations including SEC Rule 206(4)-5, MSRB Rule G-37, CFTC Rule 23.451, and applicable state and local restrictions on corporate political activity. 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 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. Here's how it works: We gather information about your online activities, such as the searches you conduct on our Sites and the pages you visit. Merrill Lynch, Pierce, Fenner & Smith Incorporated (also referred to as MLPF&S or Merrill) makes available certain investment products sponsored, managed, distributed or provided by companies that are affiliates of Bank of America Corporation (BofA Corp.). 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. Progressive activists are calling on Ford, Target, Google, Bank of America and other major companies that have pledged to support voting rights to cut ties with the US Chamber of Commerce, CNN Business has learned. Click on the arrows below to learn more about how Bank of America supports democratic ideals and details about their political spending. Bank of America and its affiliates do not make corporate contributions to candidates for public office or political parties, and do not use corporate funds to make independent political expenditures. Raising money and managing expenses is an critical part of the election process. 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. The bill now moves to the Senate where it faces an uncertain fate as GOP resistance is growing. [CNN, 5/19/21], On May 28, 2021, Senate Republicans Filibustered Bipartisan legislation to establish an independent commission to investigate the Jan. 6 attack on the U.S. Capitol. Bipartisan legislation to establish an independent commission to investigate the Jan. 6 attack on the U.S. Capitol has failed in the Senate, as Republicans staged their first filibuster since President Biden took office to block the plan. Pfizer is one of the largest pharmaceutical companies in the world, and based in Groton, Connecticut. After obtaining additional information about the way in which NV S.B. Misinformation And Disinformation Negatively Affect Election Outcomes And Ultimately Erode Confidence In Democracy, Generating Support For Emergent Anti-Democratic Forces., The Washington Post: Around The World, There Are Increasing Concerns That Fake News Threatens Democracy. 167 Will Operate In Nevada And Louisiana, Respectively, [The Brennan Center Has] Removed The Two Laws From The List Of Restrictive Laws Passed In 2021. As of December 2021, the Brennan Center reported that 19 states passed 34 restrictive laws in 2021. 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. All Americans who qualify should be able to exercise this right free from unnecessary hurdles. [Business Roundtable, 7/21/20], Business Roundtable Released A Statement Calling The January 6 Capitol Attack Inexcusable Violence And Said That Elected Officials Perpetuation Of The Fiction Of A Fraudulent 2020 Presidential Election Is Not Only Reprehensible, But Also A Danger To Our Democracy. 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. 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. Unnecessary restrictions on the right to vote strike at the heart of representative government. A 501(c)(3) tax-exempt, charitable organization, 1100 13th Street, NW, Suite 800 This data includes Forms 3, 3P, and 3X. State legislatures hold a unique position in the countrys democratic apparatus, wielding a constitutionally mandated power to set the times, places and manner of holding elections. Cheered on by Mr. Trump as he eyes another run for the White House in 2024, many state legislators have shown they see that power as license to exert greater control over the outcome of elections. [The New York Times, 5/22/22], During The 2022 Election Cycle, Key Bank Of America Staff Have Made Large Contributions Totaling $95,820 To Anti-Democracy Federal Legislators. These contributions are reported to relevant federal, state, and local campaign finance agencies as required by law, and are available here: To fulfill their mandate for leadership, integrity, and effectiveness, Bank of America's PAC program administrators adhere to established governance and compliance procedures that ensure consistent funding decisions and compliance with all applicable campaign finance laws and regulations. These federal lobbying expenses are publicly disclosed on quarterly reports filed with the Clerk of the U.S. House of Representatives and Secretary of the U.S. Senate pursuant to the Lobbying Disclosure Act of 1995, as amended, and can be found here. [Open Secrets, Accessed 3/11/22], April 2021: The U.S. Chamber Of Commerce Faced Controversy Over Its Fierce Opposition To The Sweeping Voting Bill Known As The For The People Act, Which Would Have Countered Voting Restrictions That Were Advancing In Georgia And Other States. When Bank of America makes payments to these organizations, including membership fees and dues, we restrict the organization from using the funds for any election-related activity at the federal, state, or local level, including contributions and expenditures (independent or otherwise) in support of, or opposition to, any candidate for any office, ballot initiative campaign, political party committee, or PAC. Contribution refunds; Contributions from political party committees and other political committees A strong majority of senior executives (82% of survey respondents) also believe they will need additional resources to generate ESG disclosures that meet the information needs of critical stakeholders. [Deloitte, 3/14/22], The New York Times: Political Donations Fall Within The Purview Of The Burgeoning Environmental, Social And Governance Investing Movement, Known As E.S.G. And By Not Being Forthcoming About Donations, Or By Waving Away Inconsistencies Between Statements And Spending Investors Could Shun A Stock Or Organize Public Rebukes Of Directors. Political donations fall within the purview of the burgeoning environmental, social and governance investing movement, known as E.S.G. This leads to the election of incompetent and perhaps corrupt or self-dealing governments. AL H.B. Contributions to this PAC from individual donors of $200 or more ( list donors) $556,750. PAC Contribution Data, 2019-2020. These materials are for informational purposes only. Republicans passed and signed the 98-page voting law last week following the first Democratic victories in presidential and Senate elections in Georgia in a generation. As a pro-Trump protest turned into a violent attack on the Capitol on Jan. 6 last year, four people in the crowd died. [The New York Times. [Time To Vote, Accessed 3/22/22]. The strength of our democracy depends on the integrity and fairness of our nations elections. > 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:. [Accountable.US, Corporate Anti-Democracy Donations Database, accessed 7/12/22], The New York Times: 24 Percent Of Republican Lawmakers In Closely Contested Battleground States Voted For An Outside, Partisan Review Of The 2020 Election (Often Referred To As An Audit). Are Not Bank Guaranteed. 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. This website uses cookies to ensure you get the best experience on our website.View our privacy policy. The Code, which is grounded in our company's values, provides basic guidelines of business practice, as well as professional and personal conduct, that all employees are expected to adopt and uphold. 12, WY H.B. Our PAC contributes to both parties and takes a lot of factors into account. Contributions from the PAC program support candidates, parties, or committees whose views and actions are consistent with Bank of America's priorities and values. [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. After yet another mass shooting, the national debate over gun policy renews. [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. As a pro-Trump protest turned into a violent attack on the Capitol on Jan. 6 last year, four people in the crowd died. [New York Times. When you visit these sites, you are agreeing to all of their terms of use, including their privacy and security policies. 2016. 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. Protections for individuals with disabilities: The bill would address some of the biggest challenges to voting access that Americans with disabilities face. 264, OK H.B. Campaign finance reform might be dead in Washington, but its making progress at the highest levels of corporate America. Countering long lines and related discriminatory practices: The bill creates protections for individuals subjected to excessive lines on Election Day most often Black and Latino voters by requiring states to ensure that lines last no longer than 30 minutes and restricting states from prohibiting donations of food or water to voters waiting in line. [Brennan Center for Justice. Other companies, including Bank of America, FedEx and Wells Fargo, said they would review their corporate contribution strategy. With the 2020 election season underway, Business Roundtable welcomes efforts by governors to address barriers to voting, including new challenges raised by the pandemic. There are also regulatory, litigation and insurance risks to E.S.G. Political Action Committee ("PAC") Contributions. 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.

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