Comptroller Stringer Calls on Major U.S. Companies to Permanently Suspend All Political Contributions to Members of Congress That Perpetuated False, Dangerous Claims of Election Fraud
Urges eight major companies’ Boards of Directors – including Boeing, Home Depot, Raytheon and Lockheed Martin – to permanently suspend all contributions to 147 members of Congress who objected to the certification of electoral college vote, fueling domestic terrorism
Asks Boards to reassess their company’s direct and indirect corporate political spending policies and practices
Letters emphasize the need for companies to mitigate reputational and financial risks of corporate-directed political spending, risks that have never seemed more consequential in light of the violent storming of the U.S. Capitol
Companies’ PACs are among the 20 largest contributors to the 147 Election Objectors
(New York, NY) – Today, New York City Comptroller Scott M. Stringer, investment adviser to the New York City Retirement Systems, called on eight of America’s largest companies to permanently suspend all financial contributions to the 147 members of Congress who willingly propagated patently false allegations of election fraud and objected to the certification of the Electoral College vote of a free and fair election (the “Election Objectors”).
Comptroller Stringer sent letters to AT&T Inc., Comcast Corporation, Lockheed Martin Corporation, Northrop Grumman Corporation, Raytheon Technologies, The Boeing Company, The Home Depot, Inc., and the United Parcel Service, Inc. The Political Action Committees of these companies are among the 20 largest contributors to these lawmakers, according to the Center for Responsive Politics.
“The integrity of our election system is the foundation of our democracy. Relying on untrue allegations of election fraud to object to the certification of lawful election results led to a dangerous attack on our institutions and our national and economic stability,” said New York City Comptroller Scott M. Stringer. “Financial contributions by companies to these members of Congress who amplified unfounded conspiracy theories of election fraud is beyond the pale, and ultimately resulted in a violent insurrection orchestrated in part by white supremacists, domestic terrorists and neo-Nazis. It is in shareowners’ interests for portfolio companies to promote policies that align with political stability, economic growth, accountability and justice. I call on these companies to reassess their political spending practices and immediately suspend contributions to the members of Congress who so dangerously undermined our safety and national security.”
The boards of the companies have either remained silent or taken limited, unsatisfactory actions following the armed insurrection at the United States Capitol on January 6th that resulted in five deaths – including one Capitol Police Officer. Comptroller Stringer called out the financial relationships between these companies and the elected officials who perpetuated false, dangerous claims of election fraud, which pose a risk to the confidence of their long-term shareowners – notably the hundreds of thousands of New York City municipal pension system beneficiaries and retirees.
In the days since rioters attacked the fundamental foundation of our democracy, a number of major U.S. companies, including Cisco, Dow Chemical and Goldman Sachs, have announced plans to permanently suspend their political donations to the Election Objectors. Any corporate political spending must align with both the company’s values and its long-term interests and objectives – the eight companies receiving letters have yet to demonstrate a satisfactorily principled stance against lawmakers who actively encourage armed rebellion against the government of the United States and its institutions.
To read a sample letter, click here.
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