Charlotte employers suspend political contributions after riots on Capitol Hill

Charlotte employers suspend political contributions after riots on Capitol Hill

Some large Charlotte employers are suspending political donations or reviewing their policies in the wake of the U.S. Capitol riots last week.

Bank of America, Duke Energy and Wells Fargo are suspending all political donations for the immediate future. Eight Political Action Committees (PACs) linked to Charlotte’s largest corporations had sent about $ 200,000 to Republicans who opposed the confirmation of Joe Biden’s election as president, the Charlotte Observer reported.

Why it’s important: This type of corporate response is unprecedented. Corporate America has long been a major benefactor of the GOP and the policies it supports, such as deregulation.

But companies decide they no longer want to be associated with certain candidates or ideologies. The loss of this type of financial support could weigh on the competitiveness of applicants in the future.

Overview: These movements highlight how …

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