After the attack on the Capitol, companies vowed to reconsider their political donations. Did they?

After a violent mob stormed the U.S. Capitol on January 6, 2021, many companies and trade groups took action condemned the attack And promised to revise and shift their approach political givingincluding halting donations to candidates who voted against certifying the 2020 presidential election.

Three years later, the day still looms large in politics. President Biden has portrayed the 2024 presidential election as a battle for American democracy, suggesting in a speech on Friday that it will test whether democracy is still a “sacred cause.” The same day, the Supreme Court agreed to hear an appeal by former Donald Trump, the Republican front-runner, against a Colorado court decision removing him from the state’s Republican primary for his actions surrounding the riot.

But the business community has not put the enormous financial pressure on candidates and groups who refuse to run as the initial flurry of condemnations and pledges in 2021 might have suggested, new data shows.

Corporate political action committees still give millions to election refusers. Hundreds of business and trade association PACs have contributed more than $108 million to campaigns and committees linked to members of Congress who insisted the election was stolen from Trump, according to an analysis of Federal Election Commission data from Jan. 6, 2021 to and September by Open Secrets, a nonprofit campaign finance organization. “Companies promised to pull out, but we haven’t seen that happen yet,” Anna Massoglia, research manager at Open Secrets, told DealBook.

The political watchdog Accountable.US found that donations total from Fortune 500 companies and about 700 trade associations to election objectors in Congress fell only about 10 percent — or about $3.7 million — in the 2022 election cycle compared to 2020. And more than 250 companies and industry groups increased the donations to those lawmakers after they tried to subvert the election.

The corporate PAC numbers show what the companies openly disclose — so while they don’t reveal the whole donation picture, they are meaningful, Massoglia said. “Companies also route their money through trade associations, super PACs and even dark money groups, which can ultimately be used to benefit election deniers,” she said. Many companies also donate to state-level efforts.

Some companies that do resumes giving to several groups that tried to undermine the 2020 presidential election have defended the move, saying they are giving on a bipartisan basis. “Support for these organizations does not constitute endorsement of all of the issues the organization supports,” General Motors said in 2021 when it gave notice to the Republican State Leadership Committee after signing a statement objecting to restrictions on voting rights.

Money is not the only political instrument that companies have at their disposal. “Some may have thought January 6 was a one-off, but it is an ongoing reckoning,” said Jen Stark, co-director of the Center for Business and Social Justice, which works to mobilize the private sector to participate on social and policy issues. . She recommends that companies show that social involvement, as well as election and opinion polls, are important. For example, companies could make it easy for employees to get involved by giving them information and time to participate.

The nonprofit Leadership Now has worked with companies on initiatives at the state and federal levels, including filing amicus briefs, lobbying for voting rights legislation and supporting reforms to strengthen the electoral process. Daniella Ballou-Aares, the group’s founder and CEO, said companies should be concerned about the potential for violence and social unrest in the future. “The post-election risk suggests that companies need to be proactive,” she said.

Paul Tagliabue, an attorney and former NFL commissioner who has worked with Leadership Now and other groups to involve business leaders in election efforts, said he tried not to be too prescriptive, but he explained the formula he shares: “Education, empower and engage.” – Efrat Livni

IN CASE YOU MISSED IT

More jobs were created in the past month than expected. The latest jobs report published yesterday shows that 216,000 jobs were created in December, easily exceeding economists’ expectations. The data also showed that wages were still rising, potentially complicating the Federal Reserve’s decision-making on when to cut rates.

The Food and Drug Administration has approved the mass import of drugs from Canada for the first time. The regulator allowed Florida to purchase millions of dollars worth of drugs at much lower prices than the state would have to pay in the United States. The decision upends a policy that critics say has kept drug prices high and ignores long-held concerns from the pharmaceutical industry.

Claudine Gay resigned as president of Harvard. The scholar has faced intense pressure from some donors and politicians over her response to anti-Semitism on campus following the October 7 Hamas attacks on Israel and accusations of plagiarism. The controversy has raised broader questions about the role of diversity, equity and inclusion programs in business and the role of donors in determining university policy.

Early Mickey Mouse and thousands of other copyrighted works entered the public domain. The Steamboat Willie character can now appear in non-Disney works after the copyright expired on January 1. Some new projects have already been announced: two horror films and a video game.

In numbers: the attacks on the Red Sea are rippling through the global economy

As Iran-backed Houthi rebels continue to attack commercial ships transiting the Red Sea, some of the world’s largest logistics companies have stopped using the crucial transit route.

The attacks have already reverberated across the global supply chain – and have the potential to cause more disruptions and price increases. Here are some of the big numbers behind the disruption:

Shipments are diverted at high costs. In normal times approximately 12 percent of world trade passes through the Suez Canal. The number of passages through the canal during the 10 days ending on Tuesday was down 28 percent from a year earlier, according to the The International Monetary Fund’s PortWatch platform. Avoiding the Suez Canal requires a diversion around the southern tip of Africa, which adds even more value two weeks for each stage of the journey and approximately $1 million in fuel costs for any return journey between Asia and Europe.

Shipping costs have increased. The costs of shipping a container from Asia to Northern Europe have increased 173 percent since just before the attacks began following the outbreak of war in Gaza, according to shipping platform Freightos. Prices from Asia to the Mediterranean have more than doubled. The cost of insuring ships transiting the Red Sea has also increased to approx 0.5 percent of the value of a ship’s hull, a strong increase from 0.1 to 0.2 percent last month, according to Bloomberg.

But oil prices have remained stable. The supply of oil and refined products such as diesel and gasoline via the Suez Canal fell about 40 percent in December compared to October, an analyst told The New York Times. This has not yet translated into major price spikes, thanks to a combination of factors, including declining oil demand and high oil and gas inventories. The price of Brent oil is approx $79 per barrelslightly lower than before the attacks increased.

The Red Sea attacks are not the only threat to supply chains. The Panama Canal, through which about 5 percent of world trade passes, has limited the number of ships that can use it due to the severe drought. Continued disruptions could cause a spike in shipping costs passed on to consumers just as inflation begins to ease.

On our radar: the ‘Follow-up’ auction

“Succession,” the hit HBO drama about fictional media mogul Logan Roy, his dysfunctional family and the battle to take over his company, ended in 2023. Now the family’s assets are available to the highest bidder. Hundreds of props, costumes and furniture used in the series will be auctioned this Saturday by Heritage Auctions. Items include Kendall Roy’s Forbes cover (“The Heir With the Flair”); Tom Wambsgans’ Waystar ID card; “boar, on the floor” props; Shiv Roy’s hair clip; Logan Roy funeral pamphlets; and lots of suits. Even if you’re not willing to spend, say, at least $2,700 to win Greg Hirsch’s dog mascot costume, browse the lot is very nice.

Thank you for reading! We’ll see you Monday.

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