Diving brief:

  • Goldman Sachs and JPMorgan Chase consider covering travel costs for employees seeking out-of-state abortions, Bloomberg reported Thursday, citing anonymous sources.
  • Bank of America is also considering such a policy, CEO Brian Moynihan told CBS Wednesday, adding that his company will have a discussion on the “difficult question.”
  • Internal discussions of abortion policies at the country’s largest banks are presenting themselves as a Supreme Court draft opinion leaked who would overthrow Roe vs. Wade unleashed a political storm.

Overview of the dive:

The Supreme Court’s draft, which was obtained and posted by Politics on Monday prompted some companies to discuss coverage of abortion-related travel costs in the event that Roe vs. Wade is overruled, leaving each state to decide its own laws regarding the procedure.

Goldman fears the decision to implement a travel policy for employees seeking abortions could upset conservative politicians, Bloomberg reported.

Both JPMorgan and Goldman declined Bloomberg’s requests for comment.

Bank of America assembled a team of employees to discuss what it can do if Roe vs. Wade is shot down, Moynihan said on “CBS Mornings”.

“It is the established law of the land. We believe people should have that access,” he said, adding that his opinion did not reflect that of all Bank of America employees. “With all these things, we look at what our team expects from us. I could have a personal view, but that’s not what we do.”

Moynihan also noted that the Supreme Court’s draft is subject to change.

“First of all, the decision has to fall,” he said. “And the leak and everything you covered is tragic, in a way.”

Some companies, including New York-based Citi, already cover travel costs for employees seeking out-of-state abortions, policies put in place as some states instituted stricter abortion laws. abortion in recent months.

The bank announced in March that it will cover travel costs, including airfare and hotel costs for employees wishing to have an abortion, saying the move is “in response to changes in reproductive health laws in some states in the United States.” United”

The policy drew backlash from Republican House and Senate lawmakers, who called on their respective chambers to end their contractual relationships with the bank.

“This is an unfortunate decision by Citi that will lead to the circumvention of state laws and unfettered access to elective abortions,” House Republicans said. written in a letter to the chamber’s chief administrator last month. “It has long been the policy of our legislative branch of government that taxpayers’ money not be used to fund abortion.”

Senate Republicans made similar requests last week, calling the bank’s policy “abortion tourism.”

The problem has spread to Citi annual general meetingwhere the bank received 13 questions related to the travel policy.

Responding to a shareholder who called the policy a “gross embezzlement,” Fraser said the bank’s decision to cover abortion travel costs is a long-standing company policy and not a political statement.

“We know this is a subject that people are passionate about,” she said. “This benefit is not intended to be a statement on a very sensitive issue. What we have done here is follow our past practices. We’ve covered reproductive health care benefits for more than 20 years, and it’s also our practice to make sure our employees have the same health coverage no matter where they live in the United States.