Bank of America (NYSE:BAC) and Goldman Sachs (NYSE:GS) are reportedly planning to contribute to President-elect Donald Trump's inaugural committees.
What Happened: Both the U.S.'s second-largest lender and the investment bank are yet to decide on the amount they intend to contribute, Reuters reported on Friday, citing spokespeople for both banks.
Bank of America contributed $1 million to Trump's 2017 inauguration. JPMorgan Chase & Co. then donated $500,000. The latter did not immediately respond to Benzinga's request for comment on whether it intends to contribute this year.
BofA also contributed a million dollars to President Joe Biden's inaugural fund in 2021.
Why It Matters: An inaugural committee is appointed by the President-elect to be in charge of the presidential inaugural ceremony and activities connected with the ceremony.
It needs to disclose the donations it received to the Federal Election Commission no later than 11:59 p.m. Eastern Time on the 90th day following the date of the presidential inaugural ceremony.
The inaugural committee will plan and finance events excluding the swearing-in ceremony such as opening ceremonies and parades.
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