Charles Schwab to stop political donations

Charles Schwab to stop political donations

FILE PHOTO: A Charles Schwab billboard is pictured in the Manhattan neighborhood of New York City on October 10, 2015. REUTERS / Eduardo Munoz / File Photo

(Reuters) – Financial services firm Charles Schwab Corp said on Wednesday it would end its Political Action Committee (PAC) and no longer accept employee contributions or make financial contributions to lawmakers.

The company, which cited a divided political climate for its decision, said it plans to donate any remaining funds to the PAC. (

Many companies have said they will cut campaign contributions to those who voted to challenge the victory of US President-elect Joe Biden.

Report by Praveen Paramasivam in Bengaluru; Edited by Shounak Dasgupta

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