Politics

U.S. Banks Consider Halting Campaign Donations In Response To Elizabeth Warren's Call For Bank Breakup

| by Sean Kelly
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In response to Sen. Elizabeth Warren’s call to break up big Wall Street banks, some of the biggest banks in the country are reportedly considering halting campaign donations to Democrats in protest.

According to reports, reps from banks like Citigroup, JP Morgan, Bank of America and Goldman Sachs have had meetings to brainstorm ways to get Democrats like Warren and Sen. Sherrod Brown to lighten up on the attacks towards Wall Street.

While the idea of withholding donations was not discussed at big meetings between the four banks, it has reportedly come up in smaller, one-on-one discussions. Each bank would ultimately take individual action as it sees fit, as opposed to coming together and making a unified statement. Because the cap for bank donations is just $15,000, the gesture would be more symbolic than anything and have little impact on campaign funding overall.

Citigroup spokeswoman Molly Meiners declined to comment on Warren specifically, but said that the bank’s political action committee “contributes to candidates and parties across the political spectrum that share our desire for pro-business policies that promote economic growth."

Goldman Sachs already made its donation for the year, and has not yet considered withholding money.

“We will continue working cooperatively with members of Congress, regulators and the industry to foster constructive discussions around policy questions,” Goldman Sachs spokesman Andrew Williams said.

Bank of America is reportedly still deciding how it will proceed in terms of donating.

“Our decision to contribute will be driven more by the fact that many members of both parties understand the important role we play in driving the real economy and serving customers across the country,” spokesman Larry Di Rita said.

Source: Reuters

Photo Credit: wsj.com, Mike Mozart/Flickr