33 Blue Chip Companies That Are Suspending Campaign Donations After Capitol Insurrection
The riots at the U.S. Capitol have prompted a number of high-profile companies to suspend or review their political donations. Some companies have specifically said they would no longer be financially supporting Republican politicians who protested the certification of President-elect Joe Biden’s November victory.
The Republican Party has long been known as the party of big business, but some businesses appear to be growing increasingly leery of the direction in which the GOP is headed.
Prior to the Capitol riots, some Republican politicians have adopted increasingly populist stances on issues such as international trade and immigration that aren’t necessarily aligned with the best interests of their corporate donors.
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Cutting Off The Cash Flow: In the 2020 election season, corporate PACs donated an estimated $205 million to Republican candidates and committees compared to $155 million for Democratic candidates.
Telecom giant AT&T Inc. (NYSE: T) is so far the largest political donor to change or suspend its political contributions. AT&T donated $2.65 million in the 2020 election cycle but recently announced changes to its political donation strategy in the wake of the riots.
“Employees on our Federal PAC board convened a call today and decided to suspend contributions to members of Congress who voted to object to the certification of Electoral College votes last week,” AT&T said in a statement.
Other companies, like United Parcel Service, Inc. (NYSE: UPS), are temporarily scrapping political donations altogether, at least until the political climate calms down. UPS reportedly donated $1.7 million to PACs in 2020.
“We are appalled by the lawlessness and violence that unfolded at the U.S. Capitol and strongly condemn the actions of those individuals who participated in the illegal activities that destroyed property and cost lives,” UPS said.
Companies Taking A Stand: Here is a list of some of the other companies that have adjusted their political donation strategy following the riots — along with an annotation of whether they have suspended political donations entirely or are simply withholding donations to election certification objectors.
AT&T: objectors only.
UPS: all donations.
Comcast Corporation (NASDAQ: CMCSA): objectors only.
Deloitte: all donations.
Verizon Communications Inc. (NYSE: VZ): objectors only.
Amazon.com, Inc. (NASDAQ: AMZN): objectors only.
General Electric Company (NYSE: GE): objectors only.
Union Pacific Corporation (NYSE: UNP): all donations.
Microsoft Corporation (NASDAQ: MSFT): all donations.
Citigroup Inc (NYSE: C): all donations.
Valero Energy Corporation (NYSE: VLO): all donations.
JPMorgan Chase & Co. (NYSE: JPM): all donations.
American Airlines Group Inc (NASDAQ: AAL): all donations.
American Express Company (NYSE: AXP): objectors only.
Charles Schwab Corporation (NYSE: SCHW): all donations.
Blue Cross Blue Shield: objectors only.
BlackRock, Inc. (NYSE: BLK): all donations.
Boston Scientific Corporation (NYSE: BSX): all donations.
Facebook, Inc. (NASDAQ: FB): all donations.
ConocoPhillips (NYSE: COP): all donations.
Archer Daniels Midland: all donations.
BP plc (NYSE: BP): all donations.
Mastercard Inc (NYSE: MA): objectors only.
Marriott International Inc (NASDAQ: MAR): objectors only.
Dow Inc (NYSE: DOW): objectors only.
Kroger Co (NYSE: KR): all donations.
Hallmark Cards: all donations.
Smithfield Foods: all donations.
Marathon Oil Corporation (NYSE: MRO): all donations.
Commerce Bancshares, Inc. (NASDAQ: CBSH): objectors only.
U.S. Bancorp (NYSE: USB): all donations.
Airbnb Inc (NASDAQ: ABNB): objectors only.
Benzinga’s Take: These companies deserve credit for standing up for peace and democracy following a deadly tragedy at the Capitol last week. Yet it’s also certainly in the best interest of these companies’ bottom lines to promote political stability and keep their brands far away from any politicians whose reputations may have been permanently sullied.
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