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. All Democratic senators voted to begin debate, while the Republicans unanimously voted to block it. [USA Today. View more on Money to Congress. More than 440 bills with provisions that restrict voting access have been introduced in 49 states in the 2021 legislative sessions. 202, IA S.F. In general, Bank of America employees may make personal contributions, within applicable legal limits, to political candidates, political parties, political action committees, and other entities that make political expenditures. 264, OK H.B. Many Business Roundtable member companies already provide paid time off either a full or partial day to employees for voting. [Select Committee to Investigate the January 6 Attack on the United States Capitol, Accessed 3/3/21], During The 2022 Election Cycle, Bank Of America Has Contributed At Least $2,000 To State Officials Who Voted For Anti-Voter Legislation. 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. 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 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 84, NY S.B. 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, 6/30/21], The Select Committee On January 6 Aims To Investigate The Attack At The Capitol On January 6, 2021. [] 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. Just six GOP senators joined with the Democrats, leaving the measure short of the 60 votes needed to proceed. [NPR. Insurance Products are offered through Merrill Lynch Life Agency Inc. (MLLA) and/or Banc of America Insurance Services, Inc., both of which are licensed insurance agencies and wholly-owned subsidiaries of Bank of America Corporation. 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). With the 2020 election season underway, Business Roundtable welcomes efforts by governors to address barriers to voting, including new challenges raised by the pandemic. 22 out of 29 Bank of America lobbyists in 2022 have previously held government jobs. 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. Minors. It would prevent voting laws that unevenly burden voters of color. Recent polls have Biden ahead of President Trump in key . 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. Bank of America's political spending Did not donate to federal lawmakers who opposed voting rights legislation during the 2022 election cycle Did not donate to federal lawmakers who objected to certifying the 2020 presidential election Did not donate to federal lawmakers who opposed creating a Congressional January 6th investigation 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. Contributions from employees are used to support members of both political parties. 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. Top Affiliates: Unnecessary restrictions on the right to vote strike at the heart of representative government. Were led by CEOs who are interested in increasing voter participation and represent the following companies. [Time To Vote, Accessed, One of the most common reasons people give for not voting is that theyre too busy with the demands of work and life. 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. 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. Bank Of America Corporation Is Not A Member Of The Civic Alliance. It is in this spirit that we encourage our employees to be active in our democratic society and provide them opportunities to do so through the PAC program, when legally permissible, and other voluntary activities benefiting their communities. 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 . 12, WY H.B. See employment history for Bank of America lobbyists by clicking on their RevDoor icon here. Gov. 568, ID H.B. [Bank Of America, accessed 3/22/22], The Chamber Of Commerce Is A Political Donor, Having Given Millions To Political Candidates In Recent Elections. Percentage donated to Republicans: 34.8%. 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. Contribution refunds; Contributions from political party committees and other political committees Sources of Funds Individuals: 84.86% From Organization: 15.14% Recipients of Funds Candidates: 58.65% Party Committees: 29.89% [Accountable.US, Corporate Anti-Democracy Donations Database, accessed 7/12/22], All Republican Members Of The Senate Voted To Block The Freedom To Vote: John R. Lewis Act. RT=Real-Time, EOD=End of Day, PD=Previous Day. Senate Republicans blocked the John Lewis Voting Rights Act from advancing on Wednesday when the Senate took a procedural vote on whether to open debate on the legislation. 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. 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. Other companies, including Bank of America, General Motors and FedEx, stopped short of suspending all campaign contributions, saying they will evaluate donations on a case-by-case basis. 20005. 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. 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. 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, 1/5/22], 147 Members Of Congress Objected To Certifying The 2020 Presidential Election. The final vote Friday was 54-35, but Republicans withheld the votes necessary to bring the bill up for debate. 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, CEO is a member of the Business Roundtable, which has released pro-democracy statements in recent years, Released a statement opposing the events of January 6th, 2021, Published an annual corporate responsibility disclosure/report, Published a public political spending disclosure, Took a major action in support of voting rights or democracy, Has not enabled or allowed its platform to be used to share electoral mis/disinformation, Did not donate to federal lawmakers who opposed voting rights legislation during the 2022 election cycle, Did not donate to federal lawmakers who objected to certifying the 2020 presidential election, Did not donate to federal lawmakers who opposed creating a Congressional January 6th investigation, Donated to state officials who voted for anti-voter legislation during the 2022 election cycle, Did not donate to state officials who supported 2020 election audits, Key company staff made large donations to anti-democracy federal legislators during the 2022 election cycle, Is a member of the U.S. Chamber of Commerce, which opposed recent federal voting legislation. Furthermore, in a 2021 survey by Howard University Digital Informers, a slim majority (51.5%) of respondents believe that Black Americans are targets of fake news. [The Brookings Institution. 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, 1/5/22], Following January 6, Several Corporations Suspended Donations To The 147 Lawmakers Who Objected To Certifying The Results Of The 2020 Presidential Election And Some Temporarily Paused Donations To Assess Their Political Giving Policies. The balance between the parties fluctuates for many reasons in any given election. Feel free to distribute or cite this material, but please credit OpenSecrets. 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. Total donations : $1,943,348. [Govtrack, 10/20/22], In November 2021, All Republican Senators, Except For Sen. Lisa Murkowski, Voted To Block The John R. Lewis Voting Rights Advancement Act. [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. These ads are based on your specific account relationships with us. Additionally, Bank of America employees are welcome to participate in political activities on their own time and in accordance with their individual desires and political preferences. The Senate was unable to move the For the People Act to the floor for a debate. 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, 8/24/21], The Hill: The John Lewis Voting Rights Advancement Act Would Modernize And Restore Preclearance, Prevent Laws That Unevenly Burden Voters Of Color, Limit Gerrymandering, And Ensure Politicians Cant Handpick Their Voters And Entrench Their Power. The John Lewis Voting Rights Advancement Act would modernize and restore preclearance. 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.
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