bank of america political contributions

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. 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. 285, AL H.B. Percentage donated 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. There are also regulatory, litigation and insurance risks to E.S.G. $659,500. 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. 21 out of 29 Bank of America lobbyists in 2021 have previously held government jobs. 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. More than a third of all restrictive voting laws enacted since then were passed this year. [Brennan Center for Justice. 167 will operate in Nevada and Louisiana, respectively, we have removed the two laws from the list of restrictive laws passed in 2021. [Brennan Center for Justice, 5/26/22], During The 2022 Election Cycle, Bank Of America Does Not Appear To Have Contributed To Elected Officials Who Continue To Peddle The Big Lie Via Election Audits Since The 2020 Election. [Govtrack, Accessed 2/7/22], October 2021: Senate Republicans Blocked The Freedom To Vote Acts Passage. Terms of Use (QuoteMedia). 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. 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. 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. It would prevent voting laws that unevenly burden voters of color. Data delayed 15 minutes unless otherwise indicated (view delay times for all exchanges). On January 13, the House passed the two bills, now combined into one, titled Freedom to Vote: John R. Lewis Act. Democrats used an unrelated NASA bill as a legislative vehicle to fast-track consideration of the measure in the Senate. 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. With the 2020 election season underway, Business Roundtable welcomes efforts by governors to address barriers to voting, including new challenges raised by the pandemic. It allows you to accept political donations and contributions from supporters, and to make campaign purchases. Bank of America executive emerges as big Republican donor | Charlotte 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. 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. The tally accounts for 44 percent of the Republican legislators in the nine states where the presidential race was most narrowly decided. Where permitted by applicable law, Bank of America underwrites the costs of administering the PAC program, but is prohibited from directly contributing to the PACs. 20005. Figures on this page include contributions and spending by affiliates. Sources of Funds Individuals: 84.86% From Organization: 15.14% Recipients of Funds Candidates: 58.65% Party Committees: 29.89% 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 America, Accessed 3/22/22], The Number Of Public Companies That Disclose Or Prohibit Political Spending Hit A Record In 2021. Increasingly, theyre winning. 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, [United States House of Representatives, Accessed. Any opinions expressed herein are given in good faith, are subject to change without notice, and are only correct as of the stated date of their issue. 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. [] 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. As Americans, we know that in our democracy we should not expect to agree on everything. 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. Both are indirect subsidiaries of Bank of America Corporation. The business landscape today has been transformed by environmental and social concerns. 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.). 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. 167, MT H.B. Are Not FDIC Insured. Provisions are categorized as restrictive if they would make it harder for Americans to register, stay on the rolls, and/or vote as compared to existing state law. [Brennan Center for Justice. [] 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. These charts include contributions to members' presidential committees. . 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. Based on the information reported to us by these organizations for 2021, the amount of our dues designated by the organizations as attributable to Bank of America Corporation and its subsidiaries for lobbying was approximately $2.5 million. 12, WY H.B. 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. All contributions made and disclosed by Bank of America are in compliance with Bank of America's internal policies. In April 2021, Bank Of America Corporation CEO Brian Moynihan Told CNNs Poppy Harlow The Right To Vote Should Be Distributed In The Broadest Sense And Anything That Goes Against That Shouldnt Be Tolerated. 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. 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. U.S. banks cut donations to federal candidates, up Democrats' share Let your friends and followers know how Bank of America is performing in supporting our democracy, and encourage them to take action. JPMorgan Chase CEO Jamie Dimon Gets Political In Letter To - Forbes Touch device users, explore by touch or with swipe gestures. 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. We all should feel a responsibility to defend the right to vote and to oppose any discriminatory legislation or measures that restrict or prevent any eligible voter from having an equal and fair opportunity to cast a ballot. We also monitor legislative activities, analyze policy and regulatory trends, comment on policy and regulatory proposals and support and promote advancement of public policies. Additionally, Bank of America may occasionally make contributions to groups organized under Section 501(c)(4) of the Internal Revenue Code, including but not limited to ballot measure committees and other social welfare organizations, but does not do so to support the election of any specific candidate or for the purpose of funding specific expenditures or communications. 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. Bank of America has identified the employees who are covered by such restrictions and requires that those employees pre-clear any contributions with designated Compliance personnel. Bank of America's PAC is a fully voluntary program. 1, UT H.B. Between January 1 and December 7, at least 19 states passed 34 laws restricting access to voting. [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. Bank of America does not assume liability for any loss or damage resulting from anyone's reliance on the information provided. 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. The companies that hold themselves accountable to their stakeholders by increasing transparency will be more viable and valuable in the long term. [Deloitte. The vote was 49 to 51. 1. The firms that are temporarily halting or rethinking how they donate money to politicians via PACs, or political action committees, are some of the most prominent platforms for financial advisers. 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. As a global financial services company, Bank of America must be - and is - committed to participation in the political process in a manner that is consistent with solid corporate governance practices and in compliance with legal requirements. 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. Join BankPac | American Bankers Association It would take important steps to limit gerrymandering and make sure that politicians dont get to handpick their voters and entrench their power. Consideration is given to entities that support policies and initiatives that are important to the Company. Bank of America forbids the use of its facilities, equipment, or other assets for political purposes without consent and to the extent prohibited by applicable law. A Bank of America spokesman said it will. After obtaining additional information about the way in which NV S.B. A call for increased disclosure around political spending from elected officials and shareholders could come to a head this spring as a number of publicly-traded companies hold their annual general meetings. [Fortune. These materials are for informational purposes only. 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. The final tally was 50 to 49 with GOP Sen. Lisa Murkowski of Alaska voting with Democrats in favor. [CNN. 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. 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. Bank of America and Morgan Stanley have each so far this cycle donated more to Democrats than Republicans for the first time in over a decade. Also, if you opt out of online behavioral advertising, you may still see ads when you sign in to your account, for example through Online Banking or MyMerrill. The Reviews Have Been Used To Justify New Voting Laws And Efforts To Decertify The 2020 Election. 24 percent of the Republican lawmakers voted for an outside, partisan review of the 2020 election (often referred to as an audit). Here are the companies suspending political contributions following the San Francisco The strength of our democracy depends on the integrity and fairness of our nations elections. Bank of America Profile: Summary OpenSecrets When autocomplete results are available use up and down arrows to review and enter to select. 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. The Strategy and Public Policy Executive is responsible for the department's policies, activities and legal compliance with the advice of the Compliance Department and legal counsel. Bank of America CEO Brian Moynihan addressed this very point at the 2016 Goldman Sachs U.S. Financial Services Conference last week: The real key is the floating rate parts [or our asset portfolio . Gov. If you opt out, though, you may still receive generic advertising. 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.

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