BofA to disclose political donations on Web site

Fri Mar 12, 2010 6:54pm EST

* BofA agrees to disclose political donations

* Accord struck with New York City comptroller

CHARLOTTE, N.C., March 12 (Reuters) - Bank of America Corp (BAC.N) will publish details of its political donations on the company's Web site, the New York City comptroller announced on Friday.

The largest U.S. bank by assets will annually disclose any corporate donations to political parties, committees or other entities, and release a list of bank-sponsored political action committees and their activities.

The new publications comes after negotiations between Comptroller John Liu and the bank.

The accord comes as the U.S. Supreme Court removed many of the restrictions on corporate political donations in a January ruling, reversing decades of restrictions.

Liu serves as the custodian for New York City Pension Funds, which holds 36 million bank shares valued at more than $600 million.

A bank spokesman was not immediately available for comment. (Reporting by Joe Rauch, editing by Leslie Gevirtz)

Related Quotes and News

Company
Price
Related News
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.