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Coca-Cola is the latest corporation to make a corporate contribution to Joe Biden’s inaugural committee, the company confirmed to Insider.
The contribution will total $110,000: $50,000 in cash and $60,000 worth of commemorative Coca-Cola bottles “donated in recognition of the historic election of Biden and Vice President-elect Kamala Harris,” the company said in a statement.
The soft drink giant joins the likes of Boeing, Google, Microsoft, and Comcast who are financially supporting the Biden-Harris inauguration at a moment when corporations — in the aftermath of last week’s attack on the US Capitol — are rethinking whether to contribute money to political interests at all.
Coca-Cola is among them.
“While it was important to us to continue with the tradition of contributing to the President’s inauguration, we have now suspended other political giving in light of the unlawful and violent events in our nation’s capital last week,” Coca-Cola said in a statement, noting that it has supported presidential inaugurations since the 1890s. “These events will long be remembered and will factor into our future contribution decisions.”
Aside from direct contributions to politicians through its corporate political action committee, Coca-Cola has also spent between $6 million and $10 million annually in recent years on federal-level lobbying efforts, ranking it among the more powerful lobbies in Washington, DC.
Other big corporations giving to Biden inaugural
Boeing in December confirmed to Insider that it is giving the Biden inauguration $1 million.
This weekend, the Biden inaugural committee voluntarily disclosed the names and cities of its current donors — although it withheld information about how much money they gave. Federal law doesn’t require presidential inaugural committees release full information about their donors until 90 days after an inauguration.
Among other corporations making contributions: health insurance company Anthem Inc., medical management company MedPoint Management, health device manufacturer Masimo Corporation, cable company Charter Communications, and semiconducter giant Qualcomm.
Several labor unions also have contributed, including the American Federation of Teachers, the International Brotherhood of Electrical Workers, and the United Food and Commercial Workers International Union.
Biden’s inauguration on January 20 will be a largely virtual affair, with made-for-television activities and ceremonies overriding what in non-pandemic times would have been a roster of brunches, dinner, balls, and other in-person events.
Nevertheless, Biden’s inauguration committee chose to accept large contributions despite the scaled-down affair. Individuals may contribute up to $500,000 while corporations, unions, and nonprofits may give up to $1 million.
That stands in stark contrast to the 2009 Obama-Biden inauguration, which banned corporate contributions altogether and limited individual contributions to $50,000.
At least one large company to donate money to recent inaugural affairs — JPMorgan Chase — has previously told Insider it would not give to Biden’s inauguration, choosing instead to give money to food banks in Washington, DC; Oakland, California; and Wilmington, Delaware.
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Source:: Businessinsider – Politics