Charles Schwab leaves U.S. Chamber of Commerce
The U.S. Chamber of Commerce seal is displayed during restoration at the headquarters in Washington, D.C., U.S., on Tuesday, March 17, 2020.
Andrew Harrer | Bloomberg | Getty Images
Charles Schwab has left the U.S. Chamber of Commerce, a move that comes as the firm and the lobbying group alter their respective political activities.
Charles Schwab said it would shut down its political action committee in the wake of the deadly Jan. 6 Capitol riot, citing extreme partisanship in politics. The Chamber, typically seen as GOP-friendly, backed several Democrats in the 2020 election.
Charles Schwab said its move did not have anything to do with the Chamber’s recent political actions. The firm, whose millions of clients have trillions of dollars in assets, hinted that the move was linked to its own decision to shut down its PAC.
“Our decision to terminate our membership with the Chamber is unrelated to their political activities. As you will have seen from our recent decision to discontinue our PAC, we have been reconsidering how we engage with policymakers,” the company said.
Charles Schwab did not disclose when it left the Chamber.
The U.S. Chamber of Commerce is the country’s biggest business lobbying group. Headquartered in Washington, it boasts of a high retention rate among its members.
“First, The Chamber doesn’t comment on its members. We have the overwhelming support of our members and enjoy more than 95% retention rate consistently, because our members know what we stand for – harnessing the power of business to improve society and people’s lives,” the group told CNBC.
“Second, we didn’t get to be a 109-year-old institution by getting swept up in the political winds of the moment. The Chamber’s north star is and has always been to create American jobs, stimulate economic growth, and lead the business community’s response to solving the nation’s most important challenges – leading the economy recovery from pandemic is #1 priority right now,” the group said. “The Chamber represents all businesses, of all sectors and sizes, on over 300 issues in Washington, across the country and around the world. That is who we work for, period.”
News of Charles Schwab’s decision to leave the Chamber comes during a reckoning for major corporations as they reevaluate political contributions following the pro-Trump insurrection at the Capitol that led to the deaths of five people, including a police officer. Several companies froze donations after the attack.
Charles Schwab’s PAC contributed over $470,000 to a mix of Republican and Democratic lawmakers during the 2020 election, including a donation to House Minority Leader Kevin McCarthy, R-Calif., according to Federal Election Commission records and data from the nonpartisan Center for Responsive Politics.
McCarthy was one of over 135 House Republicans who objected to the Electoral College results, which showed that Joe Biden had defeated Donald Trump in the…