Charles Schwab to stop political donations

FILE PHOTO: A Charles Schwab sign is pictured in the Manhattan borough of New York, October 10, 2015. REUTERS/Eduardo Munoz/File Photo

(Reuters) - Financial services firm Charles Schwab Corp said on Wednesday it will discontinue its political action committee (PAC) and no longer accept contributions from employees or make financial contributions to lawmakers.

The company, which cited a divided political climate for its decision, said it plans to donate all remaining funds in the PAC. (

A host of businesses have said they would cut off campaign contributions to those who voted to challenge U.S. President-elect Joe Biden’s victory.

Reporting by Praveen Paramasivam in Bengaluru; Editing by Shounak Dasgupta