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Are national banks able to make congressional campaign contributions?

My bank is a national bank. The bank’s chief executive officer (CEO) wants to make a campaign contribution to one of the bank’s customers who is running for U.S. Congress. I recall reading that national banks may not make campaign contributions. Is that correct?

You are correct. According to Federal Election Commission campaigns may not accept contributions from the treasury funds of corporations, labor organizations, or national banks. This prohibition applies to any incorporated organization, including nonstock corporations, trade associations, incorporated membership organizations, and incorporated cooperatives.

However, a campaign may accept contributions from Political Action Committees (PACs) established by corporations, labor organizations, incorporated membership organizations, trade associations and national banks. Moreover, the Federal Election Campaign Act permits corporations, labor organizations, incorporated membership organizations, trade associations and national banks to use their treasury funds for certain election-related activities that benefit candidates. (December 2019)

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