Charles Schwab, billionaire chairman of The Charles Schwab Corporation, with his wife Helen, donated at least $780,000 to federal political committees between January and March this year.Corporate America took the days following the Jan. 6 riot at the U.S. Capitol to reflect on its role in politics, with many firms rethinking their positions on making political donations.
Some of the beneficiaries were lawmakers who refused to certify the election results. In March, Schwab donated $266,300 to the McCarthy Victory Fund, a joint-fundraising committee that supports House Minority Leader Kevin McCarthy of California, one ofwho voted against certifying Biden’s victory. That was the largest single contribution made to McCarthy’s PAC during the first three months of 2021.
Schwab also donated $255,500 to the National Republican Senatorial Committee, a group chaired by Senator Rick Scott of Florida, one of eight senators to vote against certifying the election results. And his wife Helen gave $266,300 to a committee supporting Republican representatives in the House, including at least two dozen lawmakers who voted against certifying President Biden’s win.
Even though those donations were inconsistent with the policies of the brokerage firm, where the tycoon made his, they were in line with Schwab’s previous personal giving. In 2019 and 2020, the mogul and his wife donated $21.2 million to federal candidates, committees and super-PACs supporting Republicans running for Congress—enough for Schwab to qualify as one of the“Every individual in our firm has a right to their own, individual political beliefs and we respect that right.
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