Contributions from the PAC program support candidates, parties, or committees whose views and actions are consistent with Bank of America's priorities and values. Heres why this matters: Such outcomes at the polls lower public confidence in democracy and generate support for emergent anti-democratic forces. [Washington Post. We all should feel a responsibility to defend the right to vote and to oppose any discriminatory legislation or measures that restrict or prevent any eligible voter from having an equal and fair opportunity to cast a ballot. 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. Investing in securities involves risks, and there is always the potential of losing money when you invest in securities. [Govtrack, 1/19/22], Bank Of America Corporation Is A Member Of The United States Chamber Of Commerce. 538, AR H.B. It would take important steps to limit gerrymandering and make sure that politicians dont get to handpick their voters and entrench their power. We all should feel a responsibility to defend the right to vote and to oppose any discriminatory legislation or measures that restrict or prevent any eligible voter from having an equal and fair opportunity to cast a ballot. This leads to the election of incompetent and perhaps corrupt or self-dealing governments.
The Ten Companies Making The Biggest Political Donations - Yahoo News 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. Our PAC contributes to both parties and takes a lot of factors into account. However, a review of campaign finance records . [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. The business landscape today has been transformed by environmental and social concerns. BankPac operates in full compliance with the Federal Election Campaign Act (FECA) and the Bipartisan Campaign Reform Act (BCRA) and files monthly public . In short, it would be the most significant federal expansion of voting rights in a generation. [The Hill. 523, NH S.B.
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.). The Bank of America Code of Conduct guides us in all that we do. 167, MT H.B. 1244, AR H.B. These materials are for informational purposes only. When autocomplete results are available use up and down arrows to review and enter to select. 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. 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. Content contained herein may have been produced by an outside party that is not affiliated with Bank of America or any of its affiliates (Bank of America). 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. 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. Methodology. [Govtrack, Accessed 2/7/22], The Freedom To Vote: John R. Lewis Act, A Combination Of The Freedom To Vote Act And The John Lewis Voting Rights Advancement Act, Failed In The Senate After It Was Tacked On To A NASA Bill That Required A Simple Majority To Proceed To Debate. Our book shows that when voters are poorly informed, enough voters are more likely to make mistakes at the polls. Massachusetts Competitive Partnership, Inc. Bank of America discloses an itemized list of the recipients and amounts of such contributions as required by law. Investors are on alert for companies that take one position and make donations that support another. [The New York Times, Time To Vote is a nonpartisan effort for companies that want to contribute to the culture shift needed to increase voter participation in our countrys elections. 24 percent of the Republican lawmakers voted for an outside, partisan review of the 2020 election (often referred to as an audit). 1112, AR H.B. When Bank of America makes payments to these organizations, including membership fees and dues, we restrict the organization from using the funds for any election-related activity at the federal, state, or local level, including contributions and expenditures (independent or otherwise) in support of, or opposition to, any candidate for any office, ballot initiative campaign, political party committee, or PAC. Methodology overview. 398, KS H.B.
Big companies pause their political contributions. - New York Times An individual who is under 18 years old may make contributions to candidates and political committees, subject to limitations, if: The decision to contribute is made knowingly and voluntarily by the minor; The funds, goods or services contributed are owned or controlled by the minor, proceeds from a trust for which he or she is a . For American democracy to work for any of us, we must ensure the right to vote for all of us.
Campaign finance data | FEC Financial industry regulations and state or local laws prohibit employees of particular lines of business or employees with certain coverage responsibilities from making certain political contributions or engaging in certain political activities. Banking, credit card, automobile loans, mortgage . Our book shows that when voters are poorly informed, enough voters are more likely to make mistakes at the polls. It would take important steps to limit gerrymandering and make sure that politicians dont get to handpick their voters and entrench their power.
Bank of America Halts Political Action Committee Spending Decisions For 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. 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. Contributions 2022 Total for 2022 Cycle: $2,128,309 NOTE: Organizations themselves cannot contribute to candidates and party committees. 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 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. [Bank Of America, Accessed 3/22/22], The Number Of Public Companies That Disclose Or Prohibit Political Spending Hit A Record In 2021. 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. For so many Americans, voting was a hard-fought right. The companies that hold themselves accountable to their stakeholders by increasing transparency will be more viable and valuable in the long term. [Deloitte, 3/14/22], A March 2022 Deloitte Survey Found That Over Half Of Senior Executives Are Working To Establish An ESG Council Or Working Group In Place To Drive Strategic Attention To ESG Topics. Despite increased focus on ESG matters from stakeholders and the need to internally mobilize to create a robust ESG strategy and governance structure, less than a quarter (21% of survey respondents) currently have an ESG council or working group in place to drive strategic attention to ESG topics; however, more than half (57% of survey respondents) are actively working to establish one. 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. With the 2020 election season underway, Business Roundtable welcomes efforts by governors to address barriers to voting, including new challenges raised by the pandemic. As Americans, we know that in our democracy we should not expect to agree on everything. Business Roundtable members believe state laws must safeguard and guarantee the right to vote. [Business Roundtable, 3/31/21], Business Roundtable CEOs: Paid Time Off And Flexibility For Voting Are Best Practices. [Business Roundtable, 7/21/20], The Business Roundtable Released A Statement Saying The Strength Of Our Democracy Depends On The Integrity And Fairness Of Our Nations Elections, Welcoming Efforts To Address Barriers To Voting At The State Level. 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, 11/3/21], Politico: HR4 Would Restore Key Provisions Of The Voting Rights Act That Were Struck Down In 2013 By The Supreme Court. 90, GA S.B. Market Data copyright 2023 QuoteMedia. 3920, TX S.B. 84 And LA H.B. FleetBoston Financial, Did not previously hold government jobs: 27.59%, Did not previously hold government jobs: 24.14%. 643, AZ S.B. 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. Political donations fall within the purview of the burgeoning environmental, social and governance investing movement, known as E.S.G. All political activities carried out on behalf of Bank of America are managed by the leaders within the Public Policy Department, who report to the Strategy and Public Policy Executive. [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. [] 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, 9/20/21], The Freedom To Vote Act Would Restore Federal Voting Rights To Formerly Incarcerated Citizens Upon Their Release And Removes The Vestiges Of Restrictions Born Out Of Jim Crow. The Freedom to Vote Act [] Voting rights restoration: The bill restores federal voting rights to formerly incarcerated citizens upon their release, establishing a bright-line standard to replace the confusing patchwork of state laws and removing the vestiges of restrictions born out of Jim Crow. [Brennan Center for Justice, 9/20/21], The Freedom To Vote Act 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. The Freedom to Vote Act [] Protections for individuals with disabilities: The bill would address some of the biggest challenges to voting access that Americans with disabilities face. [Govtrack, Accessed 2/7/22], October 2021: Senate Republicans Blocked The Freedom To Vote Acts Passage. The bill now moves to the Senate where it faces an uncertain fate as GOP resistance is growing. [CNN.
PAC Contributions from Bank Of America Corporation Pac (Fka Mbna 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 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. Statistics and metrics included in our ESG documents are estimates and may be based on assumptions or developing standards.
Spicemas Launch 28th April, 2023 - Facebook 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. And while bankers are giving more overall to Republicans, as they did in 2016 and 2018, donations for 2020 congressional races appear to be spread more evenly between the parties. 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. Something has changed palpably in the publics and shareholders understanding, Ms. Alpern said. [The New York Times. This includes rigorous due diligence of any candidate at the state or federal level before a PAC contribution is considered and made. Elections in the United States fall on workdays for millions of Americans, making it difficult for some to participate in a civic process that is core to our democracy. The firms that are temporarily halting or rethinking how they donate money to politicians via PACs, or political action committees, are some of the most prominent platforms for financial advisers. 1111, TX S.B. First Republic Bank reported that . The strength of our democracy depends on the integrity and fairness of our nations elections. All contributions made and disclosed by Bank of America are in compliance with Bank of America's internal policies. 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. The Senate was unable to move the For the People Act to the floor for a debate. 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. Copy Address. The vote was 49 to 51. A violent mob loyal to President Donald Trump stormed the U.S. Capitol on Wednesday and forced lawmakers into hiding, in a stunning attempt to overturn Americas presidential election, undercut the nations democracy and keep Democrat Joe Biden from replacing Trump in the White House. [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. such as textbooks, contact OpenSecrets: info[at]crp.org.
Bank of America Profile: Summary OpenSecrets As understanding grows about the risk and value creation opportunities that ESG presents, the demand for ESG disclosure has accelerated. [Open Secrets, Accessed 3/11/22], April 2021: The U.S. Chamber Of Commerce Faced Controversy Over Its Fierce Opposition To The Sweeping Voting Bill Known As The For The People Act, Which Would Have Countered Voting Restrictions That Were Advancing In Georgia And Other States.
Chase Bank Shuts Down Prominent Conservatives | National Review Because the freedom to vote is everyones business. [Business For Voting Rights, Accessed. In each of those states, the election was conducted without any evidence of widespread fraud, leaving election officials from both parties in agreement on the victory of Joseph R. Biden Jr. [The New York Times. 2332, KY H.B.
Bank of America - Banking, Credit Cards, Loans and Merrill Investing [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. 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. Bank of America does not assume liability for any loss or damage resulting from anyone's reliance on the information provided. Insurance and annuity products are offered through Merrill Lynch Life Agency Inc. (MLLA), a licensed insurance agency and wholly-owned subsidiary of BofA Corp. Investment products offered through MLPF&S and insurance and annuity products offered through MLLA: "Bank of America" is the marketing name for the global banking and global markets business of Bank of America Corporation. 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. 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. To learn more about relationship-based ads, online behavioral advertising and our privacy practices, please review the Bank of America Online Privacy Notice and our Online Privacy FAQs. Email Alerts. A beautifully American ideal, but a reality denied to many for much of this nations history. The companies that hold themselves accountable to their stakeholders by increasing transparency will be more viable and valuable in the long term. [Deloitte. 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. It would prevent voting laws that unevenly burden voters of color. Sources of Funds Individuals: 84.86% From Organization: 15.14% Recipients of Funds Candidates: 58.65% Party Committees: 29.89% 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. After yet another mass shooting, the national debate over gun policy renews. 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. Washington, Market Data powered by QuoteMedia. 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. , Texas, 2023 PAC program contributions are made without regard to the private political preferences of the company's Executive Management Team or any other company executive. Let your friends and followers know how Bank of America is performing in supporting our democracy, and encourage them to take action. 176, MT H.B. 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. 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. [The New York Times, 6/5/21], The New York Times: Investors Are On Alert For Companies That Take One Position And Make Donations That Support Another. Investors are on alert for companies that take one position and make donations that support another. [The New York Times, 6/5/21], Bank Of America Corporation Is Represented By An Executive At Time To Vote. 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. It passed the House, 220 to 210, last month as Republican lawmakers in several states advanced legislation that would impose new rules and restrictions on voting. [Bloomberg, 4/13/21], The Chamber Of Commerce Opposed The For The People Act, Making It A Key Vote, Saying It Would Consider Including Votes Related To This Bill In Our Annual How They Voted Scorecard. 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, 4/13/21]. 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.
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