Giant US firms lower donations to politicians after Trump's election marketing campaign

© Reuters. FILE PHOTO: Supporters of US President Donald Trump gather in Washington

WASHINGTON (Reuters) – Ten U.S. companies cut donations to federal office candidates by more than 90% in January after promising to cut donations to Republicans who opposed former President Donald Trump's attempt helped to overcome his electoral defeat.

None of the political action committees of 10 major corporations audited by Reuters, including Microsoft Corp. (NASDAQ :), Walmart (NYSE 🙂 Inc, AT&T Inc (NYSE :), and Comcast Corp (NASDAQ :)) donated to one of the 147 Republican Congressmen who agreed to it just hours after his supporters fatally attacked Trump's claims US Capitol.

Disclosure to the Bundestag Election Commission prior to the filing deadline on Saturday showed that the group of PACs affiliated with these 10 companies had made new donations of $ 13,000 to candidates in January. The reports were the first of the PACs to detail the contributions made since the January 6 attack on the Capitol.

The money donated during the month was less than a tenth of the roughly $ 190,000 that the company's 10 PACs made available to candidates in January 2017, and tiny compared to the roughly $ 10 million donated to candidates during the 2019-2020 election season. The 147 lawmakers who voted to overturn President Joe Biden's victory had received more than $ 2 million from these 10 PACs during the past two-year political cycle.

Only committees tied to two of the companies – General Electric (NYSE 🙂 Co and American Express Co (NYSE 🙂 – reported new federal candidate donations in January.

American Express's PAC gave $ 5,000 to Republican Senator John Thune of South Dakota, while GE gave $ 5,000 to Illinois Representative Adam Kinzinger, a prominent Trump critic, and Washington to $ 1,000 to Democrat Rick Larsen .

Political giving usually slows down in the months following the US general election, and corporate political action committee money is a small fraction of the funds raised through political campaigning.

However, the lack of corporate donations in January suggests a slower start in a corner of political finance ahead of the 2022 midterm elections.

Corporate PACs cannot donate money from the corporate coffers, but they generally serve as a channel for input from managers and shareholders.

Best Buy affiliated committees, Federal road Corp (NYSE :), Dow Inc and Nike Inc (NYSE 🙂 reported no new candidate donations in January.

While more than a thousand PACs have been linked to the American company, the ten companies Reuters audited include large corporations that publicly announced that they would cut donations in the wake of the Jan 6th Capitol attack.

Disclaimer: Fusion Media would like to remind you that the information contained on this website is not necessarily real-time or accurate. All CFDs (stocks, indices, futures) and forex prices are not provided by exchanges, but by market makers. As a result, prices may not be accurate and may differ from actual market prices. This means that the prices are indicative and not suitable for trading purposes. Therefore, Fusion Media is not responsible for any trading loss you may incur as a result of using this information.

Fusion Media or anyone involved with Fusion Media assumes no liability for any loss or damage caused by reliance on the information contained on this website, such as data, offers, charts and buy / sell signals. Please be fully informed about the risks and costs associated with trading in the financial markets. This is one of the riskiest forms of investment possible.

Related Articles