Bank of America and Goldman Sachs, two of the largest financial institutions in the United States, have confirmed their intention to contribute to President-elect Donald Trump’s upcoming inaugural committees. The specific amount of each bank’s contribution remains undetermined at this time, according to spokespeople from both institutions.
Historically, Bank of America and JPMorgan Chase & Co were the leading banking contributors to Trump’s 2017 inauguration. While Bank of America donated $1 million to both Trump’s and President Biden’s inaugural funds in 2017 and 2021 respectively, JPMorgan Chase contributed $500,000 to Trump’s inaugural festivities in 2017. JPMorgan Chase representatives declined to comment on their plans for the upcoming inauguration.
The primary role of the inaugural committee is to plan and fund various events associated with the presidential transition. These events typically include opening ceremonies, parades, galas, and inaugural balls. The swearing-in ceremony itself, however, is not funded by the inaugural committee, according to the Federal Election Commission. The committee’s fundraising efforts play a crucial role in ensuring the smooth execution of these traditional events. The contributions from major financial institutions like Bank of America and Goldman Sachs signify their continued involvement in the political landscape.
The final contribution amounts from Bank of America and Goldman Sachs will likely be disclosed in the coming weeks as the inaugural committee finalizes its fundraising efforts. The upcoming inauguration signifies a pivotal moment in American politics and the financial contributions from these institutions underscore the significant role of the private sector in supporting the peaceful transfer of power.
