Marriott, Blue Cross and Hallmark are just some of the companies cutting Trump and the GOP
Marriott was one of the first companies to announce it would stop donations to GOP lawmakers who opposed certifying Joe Biden as president.
And dozens have followed suit. At least 50 of America’s largest corporations have publicly rethought their political donation strategy in recent days.
“It’s a reaction of the moment,” said Bruce Freed, president of the Center for Political Accountability. “The question is what stamina does he have. Is this really leading to a fundamental shift in how companies approach their political spending? »
Freed argued that companies are only just beginning to recognize that “political spending today poses a very broad risk and a deep risk that they need to manage.”
Here’s a running list of companies that have taken action to exclude specific Republican lawmakers or cease all political donations at this time.
A ban on giving to “those who voted against the certification of the election”
one hundred and forty seven republicans — including 8 senators — voted to overturn the election results despite the violence that engulfed the Capitol on Jan. 6. Many of those lawmakers have received corporate donations in recent years, but that money seems to be drying up fast.
Marriott International (MAR) “will pause political donations from our political action committee to those who voted against certifying the election,” according to a statement from a company spokesperson released Monday. During the last election cycle, the hotel chain’s PAC had gave nearly $200,000 to Republicans and Democrats, including Sen. Josh Hawley (R., Mo.) and Rep. Kevin McCarthy (R., Calif.), who both voted against certification even after violence engulfed the U.S. Capitol.
Blue Cross Blue Shield Association, the health insurance group that covers one in three Americans, also announced a pause in donations from its PAC to Republicans who had voted against certification. The association’s president and CEO, Kim Keck, announced in a press release that Blue Cross “will suspend contributions to lawmakers who voted to undermine our democracy”. The group donated $370,950 to both parties in the last election cycle, including candidates who voted against certification, such as Sen. Tommy Tuberville of Alabama and Hawley, according to the Center for Responsive Politics.
Dow Chemicals (DOW) announced on Monday that it would “immediately suspend all company and employee political action committee (PAC) contributions to any member of Congress who votes to oppose certification of the presidential election.” The move is more aggressive than most in that the company said in a statement that the ban “will remain in place for a period of one election cycle (two years for House members; until six years for senators), which specifically includes contributions to the candidate’s re-election committee and their affiliated PACs.
Punch, the company that makes greeting cards, even has an in-house PAC. In a statement, the company said that “the recent actions of Senators Josh Hawley and Roger Marshall [of Kansas] do not reflect the values of our company” and “asked the Senses. Hawley and Marshall to return all contributions to the HALLPAC campaign. HALLPAC contributed $95,500 in total last campaign cycle, including $5,000 to Marshall and $3,000 to Hawley.
Verizon Communications (VZ), the parent company of Yahoo Finance, said it “will suspend contributions to any member of Congress who votes to object to the election results,” said Rich Young, a spokesman.
Other companies took similar steps this week to cut off that group of 147 lawmakers. The list includes Airbnb, AmazonAmerican Express, AT&T, Best Buy, Cisco Systems, Commerce Bank, ComcastGeneral Electric, Intel, MasterCard and Morgan Stanley.
Prohibition of “giving to all candidates”
Other companies have announced moves to forego giving money to all lawmakers — Democrats and Republicans — at least for now.
Several of the country’s largest banks have announced plans to do so. Bank of America (BAC) told Yahoo Finance in a statement that it would “pause all PAC funding decisions in the immediate future.” Goldman Sachs (GS), Citigroup (VS), and JPMorgan Chase (JPM) would also have makes similar movements. The pause, which affects both Democrats and Republicans, appears to be temporary and could expire before fundraising for the 2022 midterm elections begins in earnest.
Three major technology companies — Facebook (Facebook), Microsoft (MSFT) and Alphabet (GOOG) — announced their intention to freeze their own political expenses. Facebook has also taken action in lock trump account at least until the end of his term and Google removed Parler – the social media network with a large base of right-wing extremists – from Google Play.
Ford (F) also announced Monday that the company’s PAC would temporarily suspend donations to accommodate “the need for a broader and ongoing discussion of other relevant considerations with respect to our PAC employees,” the company said. told the Detroit Free Press.
The list of companies announcing similar measures has grown hour by hour this week. The list, based on news reports and company announcements, also reportedly includes 3M, American Airlines, The American Investment Council, Archer-Daniels-Midland, Scientific Boston, black rockBP, Coca-Cola, ConocoPhillips, Duke Energy, Edison International, FirstEnergy, Freeport-McMorRan, Hilton, Investment Company Institute, Marathon Petroleum, Smithfield Foods, United Parcel ServiceValero Energy, the vanguard groupand Visa.
Companies have long had internal PACs that have been used to funnel money to a wide range of politicians and political causes to curry favor. The big question, according to Freed, is whether the disadvantages of these contributions now outweigh the advantages.
“Is it such a shock that it really changes the DNA or the brain structure on this, or are they going back to business as usual?” he said. “We’ll have to see.”
This story was updated on January 12.
Ben Werschkul is a writer and producer for Yahoo Finance in Washington, DC.