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Aesop perhaps said it best: “You are known by the company you keep.” It appears many organizations are learning the true meaning of that phrase in the wake of the Republican vote against certification of the Electoral College results and the January 6 U.S. Capitol riots.
In a mere week’s time, corporate giants including Marriott International, Dow, JPMorgan, American Express, Nike, Google, Facebook and Microsoft have publicly declared they are pausing contributions from their political action committees (PACS).
They are joined by a growing chorus that contains some of the world’s most well-known brands. While most of these organizations have targeted the members of Congress who voted against certification, many are making larger declarations, including Charles Schwab, which announced it is shutting down its PAC and donating the money to charity and to historically Black colleges and universities.
Since the first PAC was established in 1943 by the Congress of Industrial Organizations after Congress prohibited unions from donating directly to political candidates, PACs have been a strategic tool to help law firms, corporations, banks, unions, trade associations and others achieve strategic business objectives affected by the laws and regulations that govern – or hinder – their growth.
Corporate PACs, […]