Goldman Sachs employees are now prohibited from both engaging in political activities and contributing to local, state, or federal campaigns, according to a firm-wide email released to Politico.
The American multinational financial firm told employees they are considered “Restricted Persons,” under the bank’s “Policy on Personal Political Activities.”
Employees are “prohibited from engaging in political activities and/or making campaign contributions” to any local, state, or federal official running for office. Furthermore, employees are restricted from donating to any “federal candidate who is a sitting state or local official.”
These new rules are not a positive for the Trump campaign, as his running mate Mike Pence is a sitting governor which conflicts with the Goldman policy. The Hillary camp, however, does not have to worry about these rules as Senator Tim Kaine is not considered a local official under these rules.
The firm itself has given some $912,609 to Democratic presidential nominee Hillary Clinton since 1989.
Goldman added that these measures were to “minimize potential reputational damage caused by any false perception that the firm is attempting to circumvent pay-to-play rules, particularly given partners’ seniority and visibility.”
The firm has suffered in the past from pay-to-play scandals.
Former Vice President Neil M.M. Morrison of the Goldman Boston branch was charged by the SEC with participating in pay-to-play through funding former Massachusetts State Treasurer Tim Cahill’s run for governor. Goldman settled the case by paying $12 million in penalties.
Goldman also warned that any employee who violates these rules could suffer sever penalties, including “fines and a ban on the firm from doing business with government clients in a particular jurisdiction for a period of at least two years.”
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