After The Capitol Riots This Company Closed Its PAC. But Its Billionaire Founder Is Still Spending Big - 2021-05-05
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. AP Photo/Richard Drew
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. Brokerage business Charles Schwab took one of the boldest steps, announcing it would shutter its corporate political action committee, through which the company had donated to various federal campaigns. "A clear and apolitical position is in the best interests of our clients, employees, stockholders and the communities in which we operate," the company said in a statement.
But Charles Schwab, the man, had another idea. A dedicated Republican donor, who remains chairman of the firm he founded, Schwab has for years given more money out of his own pocket than his company gives out of its PAC. So while the company dropped its donations from $69,000 during the first quarter of 2020 to $0 this year, Schwab and his wife Helen donated even more this year, handing out at least $780,000 between January and March.