Something has changed palpably in the publics and shareholders understanding, Ms. Alpern said. [The New York Times. Email Alerts. 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. Though Bank of America and its affiliates don't make direct corporate contributions to candidates, total amount the various employee PACs the company runs have donated collectively to the lawmakers known to belong as of 2019 to the secretive, far-right House Freedom Caucus, whose leaders have among other things blocked Democratic efforts to . 1003, AZ S.B. , Texas, 2023 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. 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. BankPac operates in full compliance with the Federal Election Campaign Act (FECA) and the Bipartisan Campaign Reform Act (BCRA) and files monthly public . 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.). 84 and LA H.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. 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. Are Not FDIC Insured. When it comes to competitive advantages, Bank of America ( BAC 1.35%) has a huge one. Raising money and managing expenses is an critical part of the election process. 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. This listing may not include contributions made during the past several weeks. Securities, strategic advisory, and other investment banking activities are performed globally by investment banking affiliates of Bank of America Corporation ("Investment Banking Affiliates"), including, in the United States, BofA Securities, Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, and Merrill Lynch Professional Clearing Corp., all of which are registered broker-dealers and Members of SIPC, and, in other jurisdictions, by locally registered entities. These ads are based on your specific account relationships with us. 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. Our PAC contributes to both parties and takes a lot of factors into account. A bank checking account serves several purposes. [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. New Deloitte survey of 300 senior finance, legal and sustainability leaders shows companies are working toward more reliable and timely data, with investments in technology, controls design and implementation resources, and a robust, integrated strategy to meet the growing expectation for high quality ESG reporting information. [Deloitte. 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. [] 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. 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. 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. Our principal memberships in financial industry and certain other trade associations that receive more than $25,000 from Bank of America Corporation and its subsidiaries annually are listed below. If you prefer that we not use this information, you can opt out of online behavioral advertising. Send an email to Bank of America: Between January 1 and December 7, at least 19 states passed 34 laws restricting access to voting. Essentially, Sanders was displeased that Bank of America didn't just pay no income tax but also received $1.9 billion in a tax refund for 2010 even though said corporation had made $4.4 billion in profit in that same year. The Senates recently introduced Freedom to Vote Act (FTVA) incorporates most of the critical provisions from the For the People Act (FTPA), landmark voting rights and anticorruption legislation that passed the House of Representatives in March 2021. Opening a campaign bank account is a first step in establishing a viable political campaign. This includes rigorous due diligence of any candidate at the state or federal level before a PAC contribution is considered and made. These numbers are extraordinary: state legislatures enacted far more restrictive voting laws in 2021 than in any year since the Brennan Center began tracking voting legislation in 2011. Unnecessary restrictions on the right to vote strike at the heart of representative government. 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. 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. 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. 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. 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. 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. These fictions about rigged elections and widespread fraud have provided the foundation for new laws that make it harder to vote and easier to insert partisanship in the vote count. 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. As businesses who operate in and employ millions of people in all 50 states, we represent Americans of all political backgrounds who cast their votes on Election Day. Both are indirect subsidiaries of Bank of America Corporation. The new law will, in particular, curtail ballot access for voters in booming urban and suburban counties, home to many Democrats. [] Voting is a democratic principle that equally values the voice of every citizen. 1485, AZ S.B. 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 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. 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. 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. To address this barrier and increase voter participation, a diverse coalition of companies came together in the summer of 2018 to launch Time To Vote. The company also has yet to turn over all the information requested by the congressional committee studying the Jan. 6 attack, though it says it is negotiating with the committee. [The Washington Post. [] 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. Money raised includes each of the following:. [Govtrack, Accessed 2/7/22], The Freedom To Vote: John R. Lewis Act, A Combination Of The Freedom To Vote Act And The John Lewis Voting Rights Advancement Act, Failed In The Senate After It Was Tacked On To A NASA Bill That Required A Simple Majority To Proceed To Debate. 1. Methodology overview. 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. We do not engage in grassroots lobbying, which means we do not directly communicate with the general public advocating that it take action with respect to specific legislation. 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. 167, MT H.B. 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. 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. This leads to the election of incompetent and perhaps corrupt or self-dealing governments. Using data from the Center for Responsive Politics, the following presentation reveals one of the largest sources, Bank of America ( BAC 1.58%), which is the 10th biggest corporate contributor. 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. More than a third of all restrictive voting laws enacted since then were passed this year. [Brennan Center for Justice, 12/21/21], In May 2022, The Brennan Center Reported That, After Obtaining Additional Information About The Way In Which NV S.B. Are Not a Condition to Any Banking Service or Activity. 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. 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. Just six GOP senators joined with the Democrats, leaving the measure short of the 60 votes needed to proceed. [NPR, 5/28/21], In June 2021, Reps. Adam Kinzinger And Liz Cheney Were The Only House Republicans Who Voted To Create A Select Committee To Investigate January 6. Adjusted receipts for PACs, parties, congressional filers and presidential filers; Adjusted receipts are the total receipts minus the following:. Contributions from employees are used to support members of both political parties. 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. 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], 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). Sources of Funds Individuals: 84.86% From Organization: 15.14% Recipients of Funds Candidates: 58.65% Party Committees: 29.89% Over the course of our nations history, the right to vote was hard fought for so many Americans, particularly women and people of color. President Biden won the state by just 11,779 votes out of nearly five million cast. Other companies, including Bank of America, FedEx and Wells Fargo, said they would review their corporate contribution strategy. 202, IA S.F. Are Not Bank Guaranteed. Elections in the United States fall on workdays for millions of Americans, making it difficult for some to participate in a civic process that is core to our democracy. 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. . 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. [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. As understanding grows about the risk and value creation opportunities that ESG presents, the demand for ESG disclosure has accelerated. 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. 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. Sign up for our newsletter to track moneys influence on U.S. elections and public policy. [Business Roundtable, Accessed 3/22/22], The Business Roundtable Released A Statement Condemning Unnecessary Restrictions On The Right To Vote, Which It Said Strikes At The Heart Of Representative Government. As changes to voting laws are under consideration in multiple state legislatures, Business Roundtable today issued the following statement on principles that should guide policymakers: The right to vote is the essence of a democratic society, and the voice of every voter should be heard in fair elections that are conducted with integrity. Contribution refunds; Contributions from political party committees and other political committees 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. 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. Banking, credit card, automobile loans, mortgage . Percentage donated to Republicans: 34.8%. 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. 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). 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. Together with our other policies and procedures, included in our Code of Conduct and Political Action Committee (PAC) governance documents, it guides our company's and employees approach to political involvement. The final vote Friday was 54-35, but Republicans withheld the votes necessary to bring the bill up for debate. Political donations fall within the purview of the burgeoning environmental, social and governance investing movement, known as E.S.G. [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. The researchers also looked at how CEO political preferences differ by geography, based on the. This is why 250 companies and business organizations of all sizes and sectors from across the country have come together to urge Congress to introduce and pass the John Lewis Voting Rights Advancement Act, to make fair and safe access to voting real for all. 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. The vote was 49 to 51. Employee contributions are not reimbursed by Bank of America. After yet another mass shooting, the national debate over gun policy renews. It would take important steps to limit gerrymandering and make sure that politicians dont get to handpick their voters and entrench their power. 1715, AR S.B. The Freedom to Vote Act is historic legislation to strengthen American democracy, promote racial justice and equity for all Americans, and thwart the assault on voting rights taking place in the states. 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. [Govtrack, Accessed 2/7/22], October 2021: Senate Republicans Blocked The Freedom To Vote Acts Passage. shortcomings, which could dent a companys bottom line. [The New York Times. 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. Bank of America PAC Contributions to Federal Candidates Summary Candidate Recipients Donors Expenditures PAC/Party Contributions Select a cycle: 2020 $659,500 Total contributions from Bank of America PAC to federal candidates, 2019-2020 $283,500 (42.99%) To Democrats $376,000 (57.01%) To Republicans House Candidates, 2019-2020 i Republicans: 55.23% 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. 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. 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 bank said that its PAC will no longer support members of Congress who attempted to "subvert the presidential election results and disrupt the peaceful transition of power." Verizon The. This website uses cookies to ensure you get the best experience on our website.View our privacy policy. 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. To learn more about relationship-based ads, online behavioral advertising and our privacy practices, please review the Bank of America Online Privacy Notice and our Online Privacy FAQs. Campaign finance reform might be dead in Washington, but its making progress at the highest levels of corporate America. The comments come just two days after more than 100 executives from major companies took out a full page ad in The New York Times defending the right to vote for all and opposing any discriminatory legislation that infringes on that right [CNN, No matter your zip code, race, ethnicity, color, who you vote for, what language you speak, or whether you are our customers, one thing is clear: we all value the right to vote, and believe that all eligible Americans should have free, fair, and safe access to this fundamental right. [Time To Vote, Accessed 3/22/22]. 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. A beautifully American ideal, but a reality denied to many for much of this nations history. In each of those states, the election was conducted without any evidence of widespread fraud, leaving election officials from both parties in agreement on the victory of Joseph R. Biden Jr. [The New York Times. The bill now moves to the Senate where it faces an uncertain fate as GOP resistance is growing. [CNN. The U.S. Chamber of Commerce urged U.S. senators to reject a voting reform bill passed by the Democratic House and the powerful business lobby warned that it might highlight where they stand on the issue. In the 2014 campaign cycle, people and political action committees associated with commercial banks gave more than $28.2 million to federal candidates, committees, parties and outside money groups that support them. All Americans who qualify should be able to exercise this right free from unnecessary hurdles. [Business Roundtable. Just six GOP senators joined with the Democrats, leaving the measure short of the 60 votes needed to proceed. [NPR. [Bank of America, Accessed 3/22/22], Deloitte: Companies That Hold Themselves Accountable To Their Stakeholders By Increasing Transparency [Regarding Environmental And Social Concerns] Will Be More Viable And Valuable In The Long Term. The business landscape today has been transformed by environmental and social concerns. Its owner is solely responsible for the websites content, offerings and level of security, so please refer to the websites posted privacy policy and terms of use. Garrett Parker Garrett by trade is a personal finance freelance writer and journalist. 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].
