Open Secrets following the money in politics, NOTE: Organizations themselves cannot contribute to candidates and party committees, Cyber Incident Reporting for Critical Infrastructure Act of 2021, OpenSecrets Following the money in politics. We often voice our differing view on significant issues to such organizations directly or in other ways and continually evaluate the overall benefit of our continued memberships. When it comes to competitive advantages, Bank of America ( BAC 1.35%) has a huge one. Voting is the lifeblood of our democracy and we call upon all Americans to join us in taking a nonpartisan stand for this most basic and fundamental right of all Americans. Are Not Bank Guaranteed. 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. 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. [United States House of Representatives, Accessed 3/8/22], All Republican Senators, Except For Sen. Lisa Murkowski, Voted To Block The John R. Lewis Voting Rights Advancement Act. Greg Abbott on Tuesday signed into law Senate Bill 1, sweeping legislation that further tightens state election laws and constrains local control of elections by limiting counties ability to expand voting options. [The Texas Tribune. 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. At least 357 sitting Republican legislators in closely contested battleground states have used the power of their office to discredit or try to overturn the results of the 2020 presidential election, according to a review of legislative votes, records and official statements by The New York Times. The final vote Friday was 54-35, but Republicans withheld the votes necessary to bring the bill up for debate. [Govtrack, Accessed 2/7/22], Of The 212 Republican Members Of The House Of Representatives, 203 Voted To Block The Freedom To Vote: John R. Lewis Act, While Nine Did Not Vote. Unnecessary restrictions on the right to vote strike at the heart of representative government. The final vote Friday was 54-35, but Republicans withheld the votes necessary to bring the bill up for debate. 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. Statistics and metrics included in our ESG documents are estimates and may be based on assumptions or developing standards. RT=Real-Time, EOD=End of Day, PD=Previous Day. The Code covers a range of issues from anti-bribery and anti-corruption to our risk framework and workplace safety. [Bank Of America, Accessed 3/22/22], The Number Of Public Companies That Disclose Or Prohibit Political Spending Hit A Record In 2021. These ads are based on your specific account relationships with us. 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. Another provision makes it a crime to offer water to voters waiting in lines, which tend to be longer in densely populated communities. [The New York Times. 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. 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. 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. A beautifully American ideal, but a reality denied to many for much of this nations history. Any opinions expressed herein are given in good faith, are subject to change without notice, and are only correct as of the stated date of their issue. 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. This leads to the election of incompetent and perhaps corrupt or self-dealing governments. In light of those events, some companies are temporarily suspending any political action committee (PAC) donations to all lawmakers as they assess their policies. [The Hill, 1/12/21], During The 2022 Election Cycle, Bank Of America Does Not Appear To Have Contributed To Members Of Congress Who Did Not Support The Formation Of A January 6th Commission Or The Committee To Investigate January 6th. [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. Bank of America's PAC is a fully voluntary program. 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. 1485, AZ S.B. Copy Address. 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. [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. In appropriate circumstances, Bank of America may make contributions to non-candidate organizations such as political convention host committees or inaugural committees, to the extent permitted by applicable law. BankPac operates in full compliance with the Federal Election Campaign Act (FECA) and the Bipartisan Campaign Reform Act (BCRA) and files monthly public . 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. 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. Contribution refunds; Contributions from political party committees and other political committees 12, WY H.B. Are Not Insured by Any Governmental Agency. All Democratic senators voted to begin debate, while the Republicans unanimously voted to block it. [USA Today. Job Description: Job Title Anti-Bribery and Corruption, Americas Corporate Title Vice President Location New York, NY Overview Deutsche Bank benefits from having a highly experienced and dedicated Anti Financial Crime (AFC) function, which performs a crucial role in keeping Deutsche Bank's business operations and global financial services clean from financial crime while serving the interests . We do regularly communicate with government policymakers, public officials and regulators at the federal, state and local levels in order to promote and advance the long-term goals and interests of our company, customers, stockholders, and economy. 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. We are committed to complying with internal policies, all relevant state, federal, and international laws and regulations including SEC Rule 206(4)-5, MSRB Rule G-37, CFTC Rule 23.451, and applicable state and local restrictions on corporate political activity. 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. Bank of America forbids the use of its facilities, equipment, or other assets for political purposes without consent and to the extent prohibited by applicable law. When engaging in political activities, apart from Bank of America responsibilities, employees are expected to make it clear that they are acting as an individual and not as a representative of the Company. It also includes new, much-needed safeguards against attempts to undermine the electoral process. [Brennan Center. The Bank of America Code of Conduct guides us in all that we do. A call for increased disclosure around political spending from elected officials and shareholders could come to a head this spring as a number of publicly-traded companies hold their annual general meetings. [Fortune, 5/12/21], The New York Times: 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. Investors are battling with corporate boards, filing shareholder resolutions that demand more transparency and accountability about political donations. The final tally was 50 to 49 with GOP Sen. Lisa Murkowski of Alaska voting with Democrats in favor. [CNN. 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. For so many Americans, voting was a hard-fought right. [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. [] 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. 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. 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. 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, 1/20/22], All Republican Members Of The House Of Representatives Voted To Block The John R. Lewis Voting Rights Advancement Act of 2021. 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. [] 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. A beautifully American ideal, but a reality denied to many for much of this nations history. Something has changed palpably in the publics and shareholders understanding, Ms. Alpern said. [The New York Times. [Time To Vote, Accessed 3/22/22]. The researchers also looked at how CEO political preferences differ by geography, based on the. 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. The John Lewis Voting Rights Advancement Act would modernize and restore preclearance. 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. [Govtrack, 1/19/22], Bank Of America Corporation Is A Member Of The United States Chamber Of Commerce. Also, if you opt out of online behavioral advertising, you may still see ads when you sign in to your account, for example through Online Banking or MyMerrill. Citigroup's contributions are evenly split for. [Accountable.US, Corporate Anti-Democracy Donations Database, accessed 7/14/22], In January 2021, 147 Members Of Congress Objected To Certifying The 2020 Presidential Election. 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. [emailprotected] 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, 11/30/21], Shareholders Of Publicly Traded Companies Planned To Call For Increased Disclosure Around Political Spending At Annual Shareholder Meetings. More than 440 bills with provisions that restrict voting access have been introduced in 49 states in the 2021 legislative sessions. View more on Money to Congress. For permission to reprint for commercial uses, you can opt out of online behavioral advertising, Democratic Legislative Campaign Committee, Republican Legislative Campaign Committee/Republican State Leadership Committee. Market Data powered by QuoteMedia. Increasingly, theyre winning. The Senate was unable to move the For the People Act to the floor for a debate. [] 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. [] Voting is a democratic principle that equally values the voice of every citizen. Email Alerts. Garrett Parker Garrett by trade is a personal finance freelance writer and journalist. 84 and LA H.B. 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. 84, NY S.B. > Total contributions (2012-ongoing): $4,769,994 > Donations to Democratic Party: 29% > Donations to Republican Party: 71% > Spending on lobbying (2012-ongoing): $1,380,000 > Industry:. Voting is the lifeblood of our democracy and we call upon all Americans to join us in taking a nonpartisan stand for this most basic and fundamental right of all Americans. At the same time, however, the likely political impact of a widespread banking crisis if First Republic Bank was simply allowed to fail could prove even more damaging to Americans generally and to . 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. Feel free to distribute or cite this material, but please credit OpenSecrets. In April 2021, Bank Of America Corporation CEO Brian Moynihan Told CNNs Poppy Harlow The Right To Vote Should Be Distributed In The Broadest Sense And Anything That Goes Against That Shouldnt Be Tolerated. 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. It would prevent voting laws that unevenly burden voters of color. 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. 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. 1715, AR S.B. 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. Together, we can have an even greater impact. [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). 90, GA S.B. At least 18 companies have donated or pledged to donate money to the BLM Global Network Foundation, according to a list compiled by the Washington-based Capital Research Center, which monitors. Additionally, Bank of America may occasionally make contributions to groups organized under Section 501(c)(4) of the Internal Revenue Code, including but not limited to ballot measure committees and other social welfare organizations, but does not do so to support the election of any specific candidate or for the purpose of funding specific expenditures or communications. 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. A bank checking account serves several purposes. 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. Additionally, payments to 527 organizations may not be transferred to any federal, state, or local PAC, any other form of political committee, or any other entity for the purpose of making contributions or expenditures, independent or otherwise, to support or oppose any candidates for U.S. federal, state, or local office, or to support or oppose any ballot initiatives. Gov. Methodology. However, our membership in and dues paid to specific trade associations or other organizations do not mean that we endorse every position or issue that these organizations or their members may support through lobbying or otherwise. 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. Overall, roughly 57% of the CEOs were classified as Republicans, and about 19% as Democrats. 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. , California, New York City 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.). , New York, San Antonio Are Not FDIC Insured. 643, AZ S.B. These federal lobbying expenses are publicly disclosed on quarterly reports filed with the Clerk of the U.S. House of Representatives and Secretary of the U.S. Senate pursuant to the Lobbying Disclosure Act of 1995, as amended, and can be found here. [] Voting is a democratic principle that equally values the voice of every citizen. There are also regulatory, litigation and insurance risks to E.S.G. 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. After obtaining additional information about the way in which NV S.B. When you visit these sites, you are agreeing to all of their terms of use, including their privacy and security policies. 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 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. [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. Corporate political action committees have been cutting off donations to eight Republican senators since they voted on Jan. 6 to reject the results of the 2020 presidential election. 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. 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 a vote of 50-50, it fell short of the 60 needed to overcome a GOP filibuster. Be the first to know when corporations take actions that affect their scores, and get other newsworthy updates. 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. 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. 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. Opening a campaign bank account is a first step in establishing a viable political campaign. 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.
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