Household HSBC Watch

Among UK firms, HSBC states that in keeping with its longstanding policy it made no political contributions in 2005. HSBC, however, has inherited what is now the HSBC North America Political Action Committee (H-PAC) following its purchase of Household International.

H-PAC has contributed $1,833,526 to federal election campaigns and other PACs during the 2006 election cycle. Next year’s corporate responsibility report ought to explain whether HSBC Bank USA’s contributions to the congressional campaign of David Yassky, a New York City councilman, represents a change of policy or just a control lapse.

HSBC and others also need to account for political contributions channelled through trade groups. HSBC is a member of the Financial Services Roundtable, a group that includes Citigroup and Barclays among its members.