Wall Street Looks to Quietly Reopen Wallets for Politicians
Wall Street firms are quietly preparing to resume political giving in the next few months, marking an end to a freeze that many corporations vowed to impose after rioters stormed the U.S. Capitol in January to disrupt congressional certification of Donald Trump’s loss to President Joe Biden.
The pause on political action committee contributions, touted by major financial companies like JPMorgan Chase & Co., Goldman Sachs Group Inc. and BlackRock Inc., alarmed lawmakers in both parties at the time, given how much of their campaigns are bankrolled by deep-pocketed corporate donors.
Yet it was never meant to be a shutdown of the Wall Street money machine, which contributed $787 million to the 2020 election, people familiar with the matter said. Instead, it was about publicly showing customers and stockholders that they were disgusted with the armed insurrection and the Republicans who directly or indirectly backed the effort.
Some of the 147 members of Congress who voted against certifying the election for Biden will remain on what’s been dubbed the “no-fly list,” a likely permanent ban on corporate PAC donations, like Missouri Senator Josh Hawley or Representative Marjorie Taylor Greene of Georgia.
Craig Engle, a political lawyer at the Arent Fox law firm in Washington, says he expects PACs to resume donations in earnest next month, but the memory of the insurrection will make it difficult to resume giving to some of the 147 senators and representatives and senators.