Corporate America Hits Republicans Who Opposed Election Certification Right Where It Hurts — in the PAC

Morgan Stanley
rblfmr / Shutterstock.com

PACS, or political action committees, have been a source of revenue for political candidates for decades. Often, big businesses and well-known brands lead PACs in support of candidates who support their interests. But when a brand no longer agrees with the actions of a political party or an individual politician, pulling that support is a powerful way to show customers they are staying true to their ideals.

See: PGA Pulls Event from Trump Golf Course, Shopify Terminates Trump’s Online Stores, Banks Cut Ties
Find: Impeachments, Firings and Stock Losses — Less Than a Week After Capitol Hill Riots, Fallout Continues

Rarely do companies speak openly about their political action committees or political donations. But in the wake of the Capitol Hill riots Wednesday, many of the country’s largest businesses have announced they are withholding political donations from members of Congress who undermined a peaceful transfer of power or voted against the certification of the election.

Amongst the major companies that withdrew support from specific Republican lawmakers were Dow Chemical, American Express, Blue Cross, Comcast, Mastercard and Commerce Bank, according to an NBC News report.

The New York Times reported that Coca-Cola, Marriott International hotel chains, Morgan Stanley and telecommunications giant AT&T would also withhold PAC contributions from those who voted against the certification of the election.

Make Your Money Work for You

See: As Trump Loses Access to Facebook and Beyond, Social Platforms Brace for Drop in Revenue
Find: Wall Street Journal Latest Financial Powerhouse to Call for Trump’s Resignation

HALLPAC, a PAC run by Hallmark, requested that Republican senators Josh Hawley and Roger Marshall return all HALLPAC campaign contributions.

Other corporations, including Ford Motor Company, JP Morgan Chase & Co. and Citigroup Inc., said they would suspend all political donations for the time being.

The decisions of these companies signify an unprecedented shift in how corporate America leaders position themselves when it comes to politics. “Corporate America is starting to understand that silence is complicity,” said Lee Newman, CEO of MullenLowe U.S., in an NBC News report.

“Most of these companies are desperate to appear to be on the right side of the culture wars,” John Weber, president of Impromptu Strategies, a reputation management company, told NBC News. “[W]hatever good the president did for business now seems to have come at an unacceptable cost, and that cost is anarchy in the streets of Washington.”

More From GOBankingRates:

Make Your Money Work for You

About the Author

Dawn Allcot is a full-time freelance writer and content marketing specialist who geeks out about finance, e-commerce, technology, and real estate. Her lengthy list of publishing credits include Bankrate, Lending Tree, and Chase Bank. She is the founder and owner of GeekTravelGuide.net, a travel, technology, and entertainment website. She lives on Long Island, New York, with a veritable menagerie that includes 2 cats, a rambunctious kitten, and three lizards of varying sizes and personalities – plus her two kids and husband. Find her on Twitter, @DawnAllcot.

Untitled design (1)
Close popup The GBR Closer icon

Sending you timely financial stories that you can bank on.

Sign up for our daily newsletter for the latest financial news and trending topics.

Loading...
Please enter an email.
Please enter a valid email address.
There was an unknown error. Please try again later.

For our full Privacy Policy, click here.