Financial services company Charles Schwab terminated its membership with the U.S. Chamber of Commerce, the company said on Tuesday.
The move aligns with Charles Schwab’s decision to officially discontinue its political action committee earlier this year.
“Our decision to terminate our membership with the Chamber is unrelated to their political activities. As you will have seen from our recent decision to discontinue our PAC, we have been reconsidering how we engage with policymakers,” a Schwab spokesperson said.
The company did not align the membership termination to the Chamber’s recent political moves, like endorsing House Democrats in the 2020 election cycle.
Following the Jan. 6 deadly riot at the U.S. Capitol, Charles Schwab said its PAC will halt all contributions to any lawmakers for the remainder of 2021.
Its later decision to no longer accept contributions from employees or make financial contributions to lawmakers was an effort to be apolitical.
“In light of a divided political climate and an increase in attacks on those participating in the political process, we believe a clear and apolitical position is in the best interest of our clients, employees, stockholders and the communities in which we operate,” the company said in an announcement at the time.
The Chamber earlier this month announced it will not base decisions to support members of Congress solely on their votes against certifying the Electoral College results. The lobbying group clarified its original criticism following the Jan. 6 deadly riot at the U.S. Capitol, saying casting a vote is different than being part of pushing conspiracy theories.
The group told CNBC that it doesn’t comment on its membership.
“We have the overwhelming support of our members and enjoy more than 95 percent retention rate consistently, because our members know what we stand for – harnessing the power of business to improve society and people’s lives,” the Chamber said.