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[Time To Vote, Accessed 3/22/22]. Because the freedom to vote is everyones business. [Business For Voting Rights, Accessed. 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. Calls for Bank of America boycott grow after data given to FBI Bank of America has not reported any outside spending in the 2022 election cycle. The John Lewis Voting Rights Advancement Act would modernize and restore preclearance. 290, IN S.B. Contributions to this PAC from individual donors of $200 or more ( list donors) $556,750. This listing may not include contributions made during the past several weeks. The FDIC, which is undertaking a "comprehensive review," will release policy recommendations by May 1. 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. [emailprotected] With the 2020 election season underway, Business Roundtable welcomes efforts by governors to address barriers to voting, including new challenges raised by the pandemic. [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. Click on the arrows below to learn more about how Bank of America supports democratic ideals and details about their political spending. 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. Something has changed palpably in the publics and shareholders understanding, Ms. Alpern said. [The New York Times. 1485, AZ S.B. Figures on this page include contributions and spending by affiliates. Market Data powered by QuoteMedia. 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. Raising money and managing expenses is an critical part of the election process. 75. 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.). 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. Send an email to Bank of America: 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. Bank of America discloses an itemized list of the recipients and amounts of such contributions as required by law. 1003, AZ S.B. 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. 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. 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 As Americans, we know that in our democracy we should not expect to agree on everything. 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. President Biden won the state by just 11,779 votes out of nearly five million cast. The final vote Friday was 54-35, but Republicans withheld the votes necessary to bring the bill up for debate. 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. Contributions from employees are used to support members of both political parties. 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. 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. Campaign finance reform might be dead in Washington, but its making progress at the highest levels of corporate America. Contributions by commercial banks to U.S. political parties - Statista 319, NH H.B. 1715, AR S.B. Why banks are steering more political donations to Democrats 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. Commercial Banks | OpenSecrets 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. RT=Real-Time, EOD=End of Day, PD=Previous Day. 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. Banks 'aren't out of the woods' after the collapse of SVB and - CNN We consider these best practices, which we encourage more companies to adopt. [Business Roundtable. 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. You are continuing to another website that Bank of America doesnt own or operate. 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. Garrett Parker Garrett by trade is a personal finance freelance writer and journalist. 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. [Accountable.US, Corporate Anti-Democracy Donations Database, accessed 7/12/22], On May 19, 2021, 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. 22 out of 29 Bank of America lobbyists in 2022 have previously held government jobs. 2332, KY H.B. 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. 538, AR H.B. This statement sets forth basic principles concerning the company's stance on political contributions and activities. Email Alerts. [] 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. Are Not Bank Guaranteed. 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. Employee contributions are not reimbursed by Bank of America. Data delayed 15 minutes unless otherwise indicated (view delay times for all exchanges). Spicemas Launch 28th April, 2023 - Facebook 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, 5/22/22], The New York Times: Election And Democracy Experts Say They See The Rise Of Anti-Democratic Impulses In Statehouses As A Clear, New Threat To The Health Of American Democracy. Election and democracy experts say they see the rise of anti-democratic impulses in statehouses as a clear, new threat to the health of American democracy. It would prevent voting laws that unevenly burden voters of color. Join BankPac | American Bankers Association 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. It allows you to accept political donations and contributions from supporters, and to make campaign purchases. 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. 1, UT H.B. JPMorgan Chase CEO Jamie Dimon Gets Political In Letter To - Forbes This leads to the election of incompetent and perhaps corrupt or self-dealing governments. The balance between the parties fluctuates for many reasons in any given election. Gov. 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. Terms of Use (QuoteMedia). 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. 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. 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. 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. Methodology overview. 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. 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. 3920, TX S.B. In addition, companies should consider supporting employees by providing information on voter registration and alternatives such as voting by mail or early voting. Company goals are aspirational and not guarantees or promises that all goals will be met. Contributions take into consideration the whole candidate whether the candidate represents the communities we serve and supports policies and positions that are important to and/or impact our company, industry and our employees. 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. 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. 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, [Select Committee to Investigate the January 6 Attack on the United States Capitol, Accessed. Big business may very well be enabling America's very own version of the Chinese social-credit system in which political dissent is flagged, shunned, punished, and eradicated. 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 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. shortcomings, which could dent a companys bottom line. [The New York Times. 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. Follow the money on gun rights and gun control groups. Minors. Other companies, including Bank of America, FedEx and Wells Fargo, said they would review their corporate contribution strategy. Certain links may direct you away from Bank of America to an unaffiliated site. 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. 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. 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. BankPac operates in full compliance with the Federal Election Campaign Act (FECA) and the Bipartisan Campaign Reform Act (BCRA) and files monthly public . The bill would require each state to ensure that individuals with disabilities have the same access to absentee ballots and applications as other voters, as well as making them electronically accessible to voters with disabilities, among other safeguards. [Brennan Center for Justice. There are also regulatory, litigation and insurance risks to E.S.G. 24 percent of the Republican lawmakers voted for an outside, partisan review of the 2020 election (often referred to as an audit). 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. 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. Political Activities :: Bank of America Corporation (BAC) Are Not a Condition to Any Banking Service or Activity. The new law will, in particular, curtail ballot access for voters in booming urban and suburban counties, home to many Democrats. Besides trade groups such as the American Bankers Association, the industry includes financial institutions such as Quicken Loans, Bank of America, Wells Fargo and JPMorgan Chase. 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. Bank of America's PAC is a fully voluntary program. The tally accounts for 44 percent of the Republican legislators in the nine states where the presidential race was most narrowly decided. For so many Americans, voting was a hard-fought right. How we help people, companies and institutions realize their financial goals. i Campaign finance totals for the current election cycle were released by the FEC on March 20, 2023 and by the IRS on April 03, 2019, lobbying data was released by the Senate Office of Public Records on March 19, 2019, outside spending data was released by the FEC on May 01, 2023, and personal finances data was released by the House, Senate, and US Office of Government Ethics starting in June 2011. JPMorgan and Goldman Sachs join U.S. corporations halting political donations after Capitol riot Published Sun, Jan 10 2021 6:44 PM EST Updated Wed, Jan 13 2021 10:43 AM EST Hugh Son @hugh_son 10 Things You Didn't Know about Bank of America CEO Brian Moynihan 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. 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 Public Policy Executive reports at least annually to the Corporate Governance, ESG, and Sustainability Committee, which is comprised solely of independent members of our Board of Directors, on significant policies and practices concerning political contributions, major lobbying priorities and principal trade association activities that relate to the company's public policy objectives. 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. [] 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. There are also regulatory, litigation and insurance risks to E.S.G. Bank of America - Banking, Credit Cards, Loans and Merrill Investing While Brandtjens audit has stalled after Vos refused to sign subpoenas for counties election equipment, Vos investigation is moving forward, led by a former state Supreme Court justice who has expressed openness to MyPillow CEO Mike Lindells baseless claims of election fraud. [Forbes, 9/26/21], HEADLINE: Audit Idiocy And Peddling Of The Big Lie Persist In Pennsylvania, With Help From Lancaster County State Rep. Dave Zimmerman. [LancasterOnline, 9/5/21], Election Lies Have Provided The Foundation For New Laws That Make It Harder To Vote And Easier To Insert Partisanship In The Vote Count. 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. Campaign finance reform might be dead in Washington, but its making progress at the highest levels of corporate America. 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. 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. 643, AZ S.B. 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. Increasingly, theyre winning. The Senate was unable to move the For the People Act to the floor for a debate. 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. 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. 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. While Brandtjens audit has stalled after Vos refused to sign subpoenas for counties election equipment, Vos investigation is moving forward, led by a former state Supreme Court justice who has expressed openness to MyPillow CEO Mike Lindells baseless claims of election fraud. [Forbes. The researchers also looked at how CEO political preferences differ by geography, based on the. 2183, KS H.B. 176, MT H.B. Political donations by US CEOs show strong Republican leanings - Quartz [Govtrack, 1/19/22], Bank Of America Corporation Is A Member Of The United States Chamber Of Commerce. The strength of our democracy depends on the integrity and fairness of our nations elections. 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. 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. 84 and LA H.B. 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. Comcast yanks political contributions to Republican objectors, citing 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. Political Activities Archive :: Bank of America Corporation (BAC) 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. Statistics and metrics included in our ESG documents are estimates and may be based on assumptions or developing standards. As understanding grows about the risk and value creation opportunities that ESG presents, the demand for ESG disclosure has accelerated.