Friday, June 25, 2021

Major US companies scrap Republican party donations over Capitol invasion

Public backlash over the assaults is causing many corporations to reconsider their political donations.

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Republicans in the US Congress are facing a backlash from businesses over last week’s spectacular events in Washington, the BBC reports.

Many US companies have said they will cut off campaign contributions to those who voted to challenge president-elect Joe Biden’s victory.

International accounting giant Deloitte has joined a growing list including hotel giant Marriott, world finance house Citibank and major technology firms like Google.

Other donors are reportedly rethinking their strategies after Trump supporters forced their way into the Capitol and violently defiled what many Americans view as the hallowed halls of democracy.

Corporate donors often spread their money widely around Washington, donating to both parties in attempts to influence lawmakers into favouring them.

However, many now appear to be reconsidering their donations after the public backlash over the attacks.

Telecoms giant AT&T and credit card companies American Express and Mastercard have said they will withhold donations.

Property rental company Airbnb said, “We will continue to uphold our community policies by banning violent hate group members when we learn of such memberships.”

Greetings card manufacturer Hallmark, which is a major employer in Kansas, has even demanded refunds from the state’s two Republican senators who objected to the election results.

Tech giants Amazon, Facebook, Google, Microsoft and Verizon joined banks JPMorgan Chase and Goldman Sachs in temporarily suspending all political donations, as did Hilton Hotels and manufacturing conglomerate 3M.

Fundraising activity is currently in a post-election lull in Washington, giving businesses and trade groups time to figure out their approach.

On Monday, Twitter saw its shares drop by around 6% wiping US$2 billion off the company’s value on the first day of trading after it banned President Donald Trump from its messaging platform.

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