The American Left smells blood in the water.
After the riot at the Capitol, every major institution in America is declaring its support for Democrats by lining up against President Trump.
And Wall Street made one move to punish Donald Trump that could shut down the GOP.
All the biggest banks on Wall Street announced that they would no longer make political contributions to the campaigns of Republicans in the House and Senate who voted to reject Arizona and Pennsylvania’s slate of electors, outrageously claiming that elected officials exercising a constitutionally authorized power were acting criminally.
J.P. Morgan Chase, the nation’s biggest bank by assets and market capitalization, said it is halting donations through its PAC for six months. Citigroup, the third-largest U.S. bank by assets, is reportedly pressing pause on political donations for the first quarter of 2020.
Goldman Sachs put the kibosh on donations pending a review of “how people acted during this period,” according to the New York Times, with the likely result that it will exclude Republican politicians who challenged the 2020 election results. Morgan Stanley also said it is stopping political contributions. It is considering withdrawing support for any politicians who voted against certifying Joe Biden’s electoral college win.
Bank of America and Wells Fargo are still considering their response but are likely to follow the path chosen by their competitors.
Banks can only donate a maximum of $5,600 to candidates and PACs.
But the limits are greater for party committees like the National Republican Senatorial Campaign Committee and the National Republican Congressional Campaign Committee.
And there are no limits on giving to Super PACs.
If Wall Street banks and other corporate entities have not said if their ban on donations will extend to party committees and Super PACs, but if it does, the Left will hold a significant financial advantage that could help Democrats retain control of both houses of Congress as they crush Republicans under a barrage of negative TV ads stemming from their massive money edge.
Renewed Right will keep you up-to-date on any new developments in this ongoing story.