The Democratic National Committee is withdrawing its funds from the Bank of America to Amalgamated Bank, a union-0wned bank. What do they know that we don’t?
WASHINGTON—Some prominent Democratic and progressive organizations are scaling back financial ties with Bank of America Corp. and switching accounts to the nation’s largest union-owned financial-services firm.
The latest convert is the Democratic National Committee, which is set to announce in the next few days that it is moving some of its banking business to union-owned Amalgamated Bank after years of working with Bank of America, a Democratic Party official said.
People involved in the switch said that the DNC intends to move all its business to Amalgamated but that the process wouldn’t be completed until after the election. The party official declined to discuss reasons for the move. …
Asked about the DNC’s action, a Bank of America spokesman said Friday, “We’ve had a longstanding business relationship with the party and that continues.”