Under pressure to limits its roll in elections, investment bank Goldman Sachs has decided not to use corporate reserves for political advertising.
A Supreme Court ruling this year gave corporations the power to spend unlimited amounts on advertisements supporting or opposing candidates running for federal office.
The decision came after weeks of talks with the New York City public advocate, Bill de Blasio, who has lobbied for greater transparency from companies seeking to sway the outcome of elections.
The investment bank last week revised its statement on political activities on its website, saying does not spend corporate funds directly on electioneering communications.
“This could be one of those moments that determines whether we are going to have a political system literally dominated by corporate money, or some ability by the people at the grass roots to determine the outcome of elections,” said de Blasio, according to the New York Times.
Goldman declined to comment on the change.
Federal law prohibits corporations from donating directly to candidates for federal office, but, the court decision said, they may pay for advertisements supporting or opposing them. Goldman employees may make personal contributions, but the firm requires that they first submit them for approval.
