Recently, American banks have been reluctant to make any political contributions. Thus, the three largest US banks - JPMorgan Chase, Goldman Sachs, and Citigroup - announced their decision to pause all political donations to both Republicans and Democrats. The decision came after the pro-Trump mob violently stormed the US Capitol. JPMorgan said it would halt any donations for six months, until March 30.

For a long time, American banks have been making contributions through political action committees (PACs). They are non-profit funds that raise and spend money to elect and defeat candidates. Notably, such organizations are tax-free. In the United States, any commercial or non-profit company can establish its own PAC. In fact, commercial institutions can even accept contributions from their own employees. Most commonly, these funds are used to cover specific costs and needs of candidates, such as advertising campaigns.