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1 | 2017 U.S. Bancorp PAC Annual Report – U.S. Bancorp Confidential usbank.com
2017 Annual ReportU.S. Bancorp Political Participation Program PAC
U.S. Bancorp Federal PAC
U.S. Bancorp PAC Program
2017
2 | 2017 U.S. Bancorp PAC Annual Report – U.S. Bancorp Confidential
Dear U.S. Bancorp PAC contributors,
Thank you for your support of the U.S. Bancorp Political Action Committee (PAC) Program.
Lawmakers in Congress and the states and communities we serve develop and influence legislation
and policies that directly impact our business, employees, communities, shareholders and customers.
Your participation in the PAC Program is critical to achieving our goal of electing candidates who
understand the issues important to our organization and share our public policy objectives.
Our 2017 PAC Annual Report includes lists of the federal candidates and political committees that received
support from our two nonpartisan PACs last year. Overall, the PACs contributed $412,000 to federal and state
candidates, party committees, leadership PACs and trade association PACs that support policies that are
important to our company. The report also outlines our membership benefits and the major public policy
issues in Washington, D.C., and statehouses nationwide that impact our business.
I am also pleased to report the success of the 2017 PAC Membership Campaign. We grew our membership
to 1,338 employees, an 8.3 percent increase, and our PACs boosted receipts by 15 percent, with a total
of $72,662 in additional dollars pledged. We will launch our annual PAC Membership Campaign in May and
look forward to further expanding our outreach and participation.
Thank you for your continued support and leadership. Please let us know if you have suggestions or insights
on how we can continue to make our PACs even more successful and provide value to you as a member.
Sincerely,
Kevin MacMillan
Managing Director, Federal Government Relations
3 | 2017 U.S. Bancorp PAC Annual Report – U.S. Bancorp Confidential
2017 U.S. Bancorp Federal PAC Board of Directors
U.S. Bancorp Government Relations Team
Pat Burchill 2017 Chair2015-2017 termRegional PresidentRapid City, South Dakota
Mark Januschka 2016-2018 termDivision Manager North Central Division
Mark Jorgenson 2015-2017 termGroup Head Community Banking
Jeff Lewis 2017-2019 termMetro Region Manager So-Cal – Las Vegas
Phil Trier2017-2019 termMarket PresidentTwin Cities
Linda Underwood 2017 Vice Chair 2016-2018 termRegional President North Idaho/Eastern Washington
David Wombwell2017-2019 termLouisville Market President
Alan Zang2016-2018 termRegional President Northeast and Central Ohio
Jeff BlochVice PresidentDeputy DirectorRegulatory Affairs
Kelly DixonAdministrative AssistantGovernment Relations andCommunity Development
Dasha EngelkingManager, Grassroots InitiativesGovernment Relations Rob GrinerVice PresidentFederal Government Relations
Stacie HoldenVice PresidentState Government Relations
Kevin MacMillanSenior Vice PresidentManaging DirectorFederal Government Relations
Jim NikolaiVice PresidentState Government Relations
Dave Swartley*Senior Vice PresidentManaging DirectorState Government Relations
Ashley WinfreePAC Director andCommunications SpecialistGovernment Relations
*U.S. Bancorp Political Participation Program (PPP) PAC Administrator
4 | 2017 U.S. Bancorp PAC Annual Report – U.S. Bancorp Confidential
PAC member benefits
Capitol Club
Jim Nikolai | Vice President State Government Relations, Rep. Ed Perlmutter (D-CO) and Hassan Salem | Regional President
Colorado-Arizona-Utah-Nevada-Northern California
The U.S. Bancorp PAC Program provides value to contributors by communicating political and legislative
activities occurring in Washington and across the country. Members receive benefits, including:
• U.S. Bancorp PAC Program Annual Report
• Quarterly Policy and Politics Calls. 2017 speaker events included:
- Outlook of the new Congress and administration with National Journal Political Editor Josh Kraushaar
- A discussion of key issues before Congress with Senator Jon Tester (D-MT)
- Overview of the regulatory and political environment in Washington with Consumer Bankers
Association President and CEO Richard Hunt
- Update on legislative issues at the federal and state levels as well as a preview of the 2018
midterm elections with the U.S. Bancorp Government Relations team
The U.S. Bancorp PAC Program has
a recognition program for members
who contribute $1,000 or more annually.
Capitol Club members receive
the following benefits in addition to
general membership benefits:
• Extra Policy and Politics calls and
communications, such as The Cook
Political Report
• Annual gift
• Special invitations to political events
5 | 2017 U.S. Bancorp PAC Annual Report - U.S. Bancorp Confidential
Todd Ackerman
Mary J. Baker
Christopher Baucom
John Benevides
Steve Bennett
Dean Beresford
Thomas Bergstrom
Jeff Bloch
Rick Bollin
Wayne Brander
Jeffrey Buell
Pat Burchill
Elizabeth Cadwallader
Ross Carey
Jennie Carlson
Steve Caves
Andy Cecere
Jim Chosy
Cheri Colbus
William R. Collins
Nathan Cox
Tony Cracchiolo
Debra Cyborski
Erik Daniels
Richard Davis
Paul Dipaola
Stacey Dodson
Terry Dolan
Reba Dominski
Mike Donohue
Jack Ellis
John Elmore
Bob Erickson
Bill Fanter
Jean Fichtel
Doug Fink
Roger Foy
David Friedman
Ryan Gage
Cheryl Garcia
Sherry Garmon
Hans Getty
Carol Gilstrap
Leslie Godridge
Brian Goins
Jen Goldstein
Shanna Graykowski
Jim Grigsby
Rob Griner
Gary Guthrie
Lynn Heitman
Jesse Hemann
Tim Hennessy
Mark Herman
David Heyson
Christopher Higgins
Wayne Hirsch
Christine Hobrough
Bill Hoffman
Brian Hogan
Stacie Holden
Lee Hord
Pamela Jacobson
Elliot Jaffee
Ann Marie Janke
Mark Januschka
Bill Jones
Mark Jordahl
Chris Jordan
Mark Jorgenson
Deborah Julian
Eve Kaplan
Mike Katz
Gregory Kaye
Gunjan Kedia
Jim Kelligrew
Jeff Kerr
Ryan Killgore
Carolyn Krall
John Lam
John Lambert
Jeff Lara
Katie Lawler
Cheryl Leamon
Joe Ledbetter
Chris Lenhart
Jeff D. Lewis
Judi Long
Scott Long
Thomas Lueke
Kevin MacMillan
Tim Maloney
Charlotte Manison
Mary Martuscelli
Rudy Medina
Joe M. Miller
Kevin D. Miller
David Mook
Mic Mount
Sally Mullen
Joe Murphy
Shanks Muthuswmi
Mike Narusiewicz
Jim Nikolai
Dee O’Dell
Erica Opstad
Michael Orzechowski
Michael Ott
Larry Otto
Don Pafford
Bill Parker
J.P. Perfili
Tim Petty
Samuel Philbrick
Stephen Philipson
Matt Philpott
Scott Powell
Gary Quinn
Kate Quinn
Kenneth Rector
Mike Richardson
Ron Richter
Dana Ripley
Thomas Roberts
Kathy Rogers
Rex Rudy
Kyle Rulau
Mark Runkel
Kai Sakstrup
Hassan Salem
Steve SaLoutos
Matt Sargent
Brian Schwallie
Brett Scribner
Dale Smith
Jeffrey Spetrino
Daniel Spiller
Bill Stafford
John Stern
Lee Strom
Jeff Stuart
Dave Swartley
Jen A. Thompson
Phil Trier
Jacob Trimble
John Turpen
Glen Ulrich
Linda Underwood
Darren Van’t Hof
Dominic Venturo
Judie Verb
Jeff von Gillern
Mike Ward
Tim Welsh
Ward Wilson
Tom Wind
Ashley Winfree
Jason Witty
David Wombwell
Clark Wood
Carl Wynja
Michael Yeatts
Jonathan York
Roy Young
Alan Zang
Tom Zirbs
Thank you 2017 U.S. Bancorp PAC Program Capitol Club members
6 | 2017 U.S. Bancorp PAC Annual Report – U.S. Bancorp Confidential
2017 Federal legislative and regulatory year in review
Bank Legislation Banking legislation moved at a deliberate pace in 2017, with both the House Financial Services Committee
and the Senate Banking Committee advancing legislation that would reform the Dodd-Frank Act. In
December, the House passed bipartisan legislation that would replace the current $50 billion threshold
for designation of a bank holding company as a Systemically Important Financial Institution (SIFI) with a
test of complexity, interconnectedness, substitutability and size. That same month, the Senate Banking
Committee approved a bipartisan bill that is aimed at easing regulations on smaller banks but also provides
significant benefits for many large financial institutions. The Senate bill includes a proposal that would
boost the $50 billion SIFI threshold to $250 billion. In 2018, we expect that the Senate will approve some
measure of regulatory reform, which will trigger an effort to reconcile legislative differences between the
two chambers early in the year. It is also likely that this could be the first year that Congress approves
substantive financial reform since the Dodd-Frank Act became law in 2010. We also anticipate efforts in
Congress to pursue housing finance reform and approve infrastructure development proposals.
Tax and Budget Policy Last year, Congress passed one of the largest tax reform and tax cut packages in decades. The
tax reform legislation reduced rates for corporations and individuals, while limiting deductions and
encouraging investment. In addition, Congress maintained Low Income Housing Tax Credits and New
Markets Tax Credits. The new provisions went into effect in January, and as implementation takes place
throughout the year, there may be some technical corrections legislation considered to address any
unintended consequences. While there were no financial industry taxes included in the reform legislation,
as Congress moves to consider infrastructure legislation, possible risks of such industry fees remain. On
the budget, Congress passed a stopgap spending measure, known as a continuing resolution, at year’s
end to keep the government operating and push final activity on a budget deal until early January 2018.
Bank Regulation Change in leadership at the federal banking agencies was the significant development in 2017. In
November, former U.S. Bank executive Joseph Otting was sworn in as the new Comptroller of the
Currency, taking the reins from Keith Noreika, who served as the Acting Comptroller for much of 2017.
Jerome Powell was nominated as Chair of the Federal Reserve Board to replace Janet Yellen, while
Randal Quarles was nominated and confirmed as the Fed’s Vice Chair for Supervision, a new position
created under the Dodd-Frank Act. President Trump recently nominated Jelena McWilliams to replace
Martin Gruenberg to lead the Federal Deposit Insurance Corporation.
The most controversial change in leadership occurred at the Consumer Financial Protection Bureau (CFPB).
In late November, Richard Cordray resigned and on the same day, under the Federal Vacancies Reform
Act, President Trump named Mick Mulvaney, Director of the Office of Management and Budget, to serve
as the Acting CFPB Director until a new Director is nominated and confirmed.
In the very early days of the new Administration, President Trump issued a series of executive orders
requiring agencies to review their regulations. Under one of these orders, the Treasury Department
wastasked with reviewing all federal banking regulations and issued several reports that included
recommendations for regulations that should be streamlined or eliminated. As part of this process,
U.S. Bank participated in meetings with the Treasury Department and others in the industry to advocate
for specific recommendations. (continued next page)
7 | 2017 U.S. Bancorp PAC Annual Report – U.S. Bancorp Confidential
Rep. James Comer (R-KY) and Bill Jones | Community Banking Division Manager East Central/Lower Midwest
U.S. Bank was increasingly active in the regulatory process throughout 2017. In addition to the
meetings with the Treasury Department, U.S. Bank met with the CFPB on a number of occasions
to discuss issues such as small business lending data collection, overdraft protection, and
changes to the CFPB’s prepaid rule, and met with the Securities and Exchange Commission to
discuss the negative impacts of the new pay ratio rule. U.S. Bank also submitted comment letters
in response to a number of regulatory proposals, both on its own and jointly with our peer banks.
With new leadership in place, we expect 2018 to be very active as the federal agencies focus on
implementing the recommendations outlined in the Treasury reports and take other actions to
streamline and improve regulations.
2017 Federal legislative and regulatory year in review
8 | 2017 U.S. Bancorp PAC Annual Report – U.S. Bancorp Confidential
2017 State legislative issues
Though state legislatures focused on adopting their operating budgets in 2017, many policy issues
impacting the banking industry were also considered. A number of states faced fiscal challenges
despite an improved economic climate. As a result, some states increased tax rates and considered
other changes to allow more investment in education and transportation. The banking industry
worked to minimize the effects of potential tax increases and protect tax credit programs. The
industry also worked to streamline consumer privacy standards, limit burdensome employer
mandates, and improve financial offerings for state and municipal customers. In 2018, we anticipate
legislators will balance their state budgets and continue to pursue stricter privacy standards,
employer mandates and new requirements for banks that serve government entities.
Revenue and TaxGiven the slow economic growth in 2017, most states kept tax rates flat and limited expense growth.
However, the Illinois and Kansas legislatures overrode gubernatorial vetoes to increase income
tax rates. Oregon and Washington considered corporate tax increases to eliminate budgetary
shortfalls. Several states looked to tax credit programs to stimulate economic activity including the
Illinois legislature which increased funding for new markets tax credits by 250 percent. Six states
considered establishing tax credits for rural economic development. However, Iowa and Missouri
legislators introduced bills to reduce or eliminate certain tax credit programs. Policy discussions
on the vitality of tax credit programs will continue in 2018.
Now that federal tax reform has been signed into law, most legislatures will study how the revised
federal tax code will impact state revenues and the tax liabilities of their residents. States that conform
to the federal code may experience higher revenues because the tax base will be broader, but
legislators may adjust their tax rates to reduce the likelihood of significant revenue swings.
PrivacyLawmakers continued to focus on protecting consumer data in multiple forms in 2017. Montana
and Washington sought to regulate the use of biometric data. New Mexico set requirements for
disposal of records with personal information and California attempted to establish privacy and
disclosure standards related to the use of connected devices.
The Equifax breach, announced in September 2017, has re-energized policy debates on data security.
State attorneys general have urged Equifax to not charge consumers for credit freezes and credit
monitoring services. Legal action is taking place in Massachusetts, Texas, Chicago and San Francisco.
In 2018, most state legislatures will consider legislation to tighten breach notification periods, prohibit
charging consumers for credit freezes, provide additional legal remedies, regulate the use of biometric
data, and manage third party risk.
Employer MandatesIn recent years, some states and cities have adopted laws to regulate employer-employee relationships
and this trend continued in 2017. The most common regulations included minimum wage increases,
earned sick and safe time requirements, paid parental leave policies and predictive work schedules.
More than 10 states and many cities attempted to require employers to provide some of these benefits
(continued next page)
9 | 2017 U.S. Bancorp PAC Annual Report – U.S. Bancorp Confidential
in 2017. This patchwork of state and local laws creates substantial compliance burdens for large
employers, because these laws do not account for the effect on business, applicability outside of
urban areas or other economic impacts. In response to these challenges, the Iowa, Missouri and Ohio
legislatures approved legislation to preempt municipalities from implementing employer mandates.
We anticipate advocacy groups will continue to promote employer mandates in state and local
governments or seek voter approval of these measures via statewide ballot measures in 2018.
Public Sector BankingU.S. Bank has continually worked to improve financial offerings for state and local governments.
In 2017, we worked to modernize collateral pledging requirements to help reduce costs and improve
investment options for government entities in California, Ohio and Missouri. We will continue this
work in 2018.
Simultaneously, advocacy groups have sought to influence social policy by restricting the types
of companies a local government may contract with. We expect several municipal governments
to consider requiring local governments to divest from banks that have sales practices that are
deemed unacceptable, serve the fossil fuel industry or finance the proposed border wall.
Paul DiPaola | Region President New Mexico, Rep. Michelle Lujan Grisham (D-NM) and Dana Ripley | Chief Communications Officer Public Affairs & Communications
2017 State legislative issues
10 | 2017 U.S. Bancorp PAC Annual Report – U.S. Bancorp Confidential
U.S. Bancorp Federal PAC contributions
U.S. HOUSE OF REPRESENTATIVES
January 1 – December 31, 2017The U.S. Bancorp Federal Political Action Committee makes contributions to federal candidates, provided
those candidates are not state or local officeholders at the time of their candidacy. The Federal PAC may
also make contributions to national party committees and certain other federal political committees, such
as national trade association PACs.
Andy Barr R KY $2,500
Joyce Beatty D OH $2,500
Susan Brooks R IN $1,000
Ted Budd R NC $1,000
Tony Cardenas D CA $2,000
Emanuel Cleaver D MO $1,000
Doug Collins R GA $1,000
Charlie Crist D FL $1,000
Joe Crowley D NY $5,000
Warren Davidson R OH $2,000
Sean Duffy R WI $4,000
Tom Emmer R MN $3,500
Tom Graves R GA $1,000
Jeb Hensarling R TX $5,000
French Hill R AR $2,500
Jim Himes D CT $4,000
Trey Hollingsworth R IN $2,000
Steny Hoyer D MD $2,500
Richard Hudson R NC $1,000
Bill Huizenga R MI $2,500
Randy Hultgren R IL $1,000
Mike Kelly R PA $1,000
David Kustoff R TN $1,000
Jason Lewis R MN $1,000
Barry Loudermilk R GA $2,000
Mia Love R UT $2,000
Blaine Luetkemeyer R MO $5,000
Carolyn Maloney D NY $1,500
Kevin McCarthy R CA $2,500
Patrick McHenry R NC $5,000
Gregory Meeks D NY $1,000
Luke Messer R IN $1,000
Stephanie Murphy D FL $2,000
Richard Neal D MA $2,500
Erik Paulsen R MN $3,500
Ed Perlmutter D CO $5,000
Scott Peters D CA $2,000
Bill Posey R FL $1,000
Tom Reed R NY $2,000
Lisa Blunt Rochester D DE $2,000
Cathy McMorris Rodgers R WA $1,000
Keith Rothfus R PA $2,000
Paul Ryan R WI $5,000
Linda Sanchez D CA $1,000
Steve Scalise R LA $1,000
David Schweikert R AZ $1,000
David Scott D GA $2,500
Pete Sessions R TX $5,000
Kyrsten Sinema D AZ $5,000
Adrian Smith R NE $1,000
Steve Stivers R OH $3,500
Claudia Tenney R NY $1,000
Pat Tiberi R OH $2,500
Scott Tipton R CO $2,000
Dave Trott R MI $1,000
Ann Wagner R MO $7,500
Steve Womack R AR $2,000
Kevin Yoder R KS $2,000
Lee Zeldin R NY $1,000
Total $138,000
11 | 2017 U.S. Bancorp PAC Annual Report – U.S. Bancorp Confidential
U.S. Bancorp Federal PAC contributions
U.S. SENATE
NATIONAL TR ADE ASSOCIATION PACS
American Bankers Association PAC $5,000
Commercial Real Estate Finance Council PAC $2,500
Consumer Bankers Association PAC $5,000
Equipment Leasing and Finance Association PAC $2,500
Financial Services Roundtable PAC $5,000
Investment Company Institute PAC $2,500
Mortgage Bankers Association PAC $2,500
Securities Industry and Financial Markets Association PAC $2,500
Total $27,500
Bill Fanter | Senior Vice President Metro Region Manager, Marsha Cruzan | Regional President Commercial Banking, Rep. Bill Foster (D-IL),
Betsy Cadwallader | Market President Puget Sound and Cheryl Leamon | Senior Vice President Corporate Strategic Planning Manager
John Barrasso R WI $2,000
John Boozman R AR $1,000
Shelley Moore Capito R WV $1,000
Tom Carper D DE $1,000
Tom Cotton R AR $1,000
Mike Crapo R ID $5,000
Joe Donnelly D IN $2,500
Deb Fischer R NE $1,000
Heidi Heitkamp D ND $2,500
Dean Heller R NV $3,000
John Hoeven R ND $1,000
Ron Johnson R WI $1,000
Claire McCaskill D MO $2,500
Mitch McConnell R KY $1,000
David Perdue R GA $2,000
Jim Risch R ID $2,500
Mike Rounds R SD $2,000
Ben Sasse R NE $3,000
Tim Scott R SC $1,000
Jon Tester D MT $1,000
Thom Tillis R NC $1,000
Total $38,000
12 | 2017 U.S. Bancorp PAC Annual Report – U.S. Bancorp Confidential
Ameripac: The Fund for a Greater America Rep. Steny Hoyer D MD $5,000
AX PAC Rep. Sean Duffy R WI $5,000
Bluegrass Committee Sen. Mitch McConnell R KY $5,000
Building Relationships in Diverse Geographic Environments PAC (BRIDGE PAC)
Rep. James Clyburn D SC $2,500
Building Leadership and Inspiring New Enterprise PAC Rep. Blaine Luetkemeyer R MO $5,000
Citizens for Prosperity in America Today PAC Sen. Pat Toomey R PA $5,000
Common Sense Colorado Sen. Michael Bennet D CO $5,000
Dakota Prairie PAC Sen. Heidi Heitkamp D ND $5,000
Democratic Senatorial Campaign Committee (DSCC) D $15,000
Freedom Fund Sen. Mike Crapo R ID $5,000
Heartland Values PAC Sen. John Thune R SD $1,000
House Conservatives Fund R $2,500
ICE PAC Rep. Erik Paulsen R MN $5,000
Jobs and Innovation Matter PAC (JIM PAC) Rep. Jim Himes D CT $5,000
Jobs, Economy and Budget Fund (JebFund) Rep. Jeb Hensarling R TX $5,000
Jobs, Opportunities, and Education PAC (JOE-PAC) Rep. Joe Crowley D NY $5,000
Majority Committee PAC--MC PAC Rep. Kevin McCarthy R CA $5,000
Moderate Democrats PAC D $5,000
More Conservatives PAC (MCPAC) Rep. Patrick McHenry R NC $5,000
National Republican Congressional Committee (NRCC) R $15,000
National Republican Senatorial Committee (NRSC) R $15,000
New Democrat Coalition PAC D $5,000
Project West Political Action Committee Sen. Cory Gardner R CO $5,000
Prosperity Action Inc. Rep. Paul Ryan R WI $5,000
The Madison PAC Rep. Richard Neal D MA $5,000
Together Holding Our Majority PAC Sen. Thom Tillis R NC $5,000
Treasure State PAC Sen. Jon Tester D MT $5,000
Upper Hand Fund Rep. Bill Huizenga R MI $1,000
Total $157,000
U.S. Bancorp Political Participation Program PAC contributions
NATIONAL PART Y COMMIT TEES, LEADERSHIP PACS AND OTHER FEDERAL PACS
January 1 – December 31, 2017The U.S. Bancorp Political Participation Program (PPP) PAC makes contributions to state and
local candidates, political parties and PACs. The PPP PAC may also make contributions to federal
candidates, national party committees and federal PACs, including leadership PACs. Leadership
PACs are PACs established by former and current members of Congress. Funds from a leadership
PAC may not be contributed to that official’s own campaign but can be used for contributions to
other candidates and committees, along with various other expenses.
13 | 2017 U.S. Bancorp PAC Annual Report – U.S. Bancorp Confidential
U.S. Bancorp Political Participation Program PAC contributions.
NATIONAL PART Y COMMIT TEES, LEADERSHIP PACS AND OTHER FEDERAL PACS
State trade association PACs $35,800
Contributions to other state candidates
and committees
$19,000
2017 At a glance
14 | 2017 U.S. Bancorp PAC Annual Report – U.S. Bancorp Confidential
About the U.S. Bancorp PACs
What is a PAC and why does U.S. Bancorp need one?A political action committee (PAC) is a group of individuals with a common purpose who join together
to financially support political candidates. U.S. Bancorp sponsors two nonpartisan political action
committees – the U.S. Bancorp Political Participation Program PAC (PPP PAC) and the U.S. Bancorp
Federal PAC (Federal PAC) – that provide an opportunity for employees to participate in the political
process. Through the PACs, we stay a step ahead and help elect candidates who agree with us on
critical issues affecting our company, communities, employees and shareholders, as well as the
financial services industry.
How are PAC funds used?The PACs collect voluntary contributions from eligible employees, and use those funds to support
candidates running for elective office, political parties, and political action committees that share
the company’s public policy goals. Our PACs do not make any contributions in support of or
opposition to initiatives or referenda, nor do they contribute to political entities organized under
Section 527 of the Internal Revenue Code to support election-related activities. However, the PPP
PAC may support the following Section 527 organizations through contributions to their general
operating accounts exclusively for non-election-related purposes: the Republican Governors
Association, the Democratic Governors Association, the Republican Attorneys General Association,
the Democratic Attorneys General Association, the Republican State Leadership Committee, and
the Democratic Legislative Campaign Committee.
• The Federal PAC makes contributions to federal candidates, provided those candidates are
not state or local officeholders at the time of their candidacy. The Federal PAC may also make
contributions to certain other federal political committees, including national trade association
PACs, leadership PACs and national party committees.
• The PPP PAC makes contributions to state and local candidates, political parties, and PACs. The PPP
PAC may also make contributions to federal candidates, national party committees and federal PACs.
Why does U.S. Bancorp have two PACs?
U.S. Bancorp has two PACs in order to accommodate employees who are subject to various pay-to-
play regulations. Generally, an employee’s contributions may fund either PAC unless he or she is a
“Covered Person” subject to certain regulations that restrict contributions to state or local candidates.
An employee is a “Covered Person” if he or she is subject to:
1. MSRB Rule G-37 relating to municipal securities and municipal advisory business;
2. SEC Rule 206(4)-5 relating to investment advisory business; or
3. CFTC Rule 23.451 relating to derivatives business.
Contributions from Covered Persons can only fund the Federal PAC. Government Relations works
with Compliance to ensure employees’ contributions are directed to the appropriate PAC.
15 | 2017 U.S. Bancorp PAC Annual Report – U.S. Bancorp Confidential
About the U.S. Bancorp PACs
Who manages and has oversight of the U.S. Bancorp PAC Program?The U.S. Bancorp Government Relations team is responsible for the day-to-day management of both
PACs. These officers are responsible for the solicitation of contributions to and the disbursement of
funds from the PACs consistent with state and federal law, the PPP PAC Bylaws and the Federal PAC
Bylaws. The Federal PAC is governed by the Federal PAC Board of Directors, made up of no fewer than
three company leaders drawn from U.S. Bank and its affiliates. The PPP PAC is administered by the
Managing Director of U.S. Bancorp State Government Relations.
The Community Reinvestment and Public Policy Committee of the U.S. Bancorp Board of Directors
semiannually reviews the U.S. Bancorp Political and Legislative Activities Policy, in addition to the
contribution activity of the PACs for the previous period. The U.S. Bancorp PAC Program also
undergoes periodic evaluation by U.S. Bancorp Corporate Audit Services.
May I request that a PAC make a contribution to a certain candidate or committee?To ensure compliance with state and federal regulations, it is the policy of Government Relations to
accept only contribution requests for candidates for federal office (not including the President) who
are not state or local officials at the time of their candidacy. If you are a member of either PAC, you
may request that the Federal PAC contribute to a candidate for federal office by completing a contribution
request form detailing the amount and nature of the contribution request. All Federal PAC contributions
must have Federal PAC Board approval.
Due to federal regulations, employees cannot make recommendations for contributions at the state
or local level. Contributions to candidates, officials, political parties or other political committees at
the state or local level are made solely at the discretion of the Government Relations staff.
What factors are considered when making a contribution?Candidates and committees are evaluated on a case-by-case basis by the Government Relations
team, and in the case of contributions from the Federal PAC, also by the Federal PAC Board.
A number of criteria are considered when making contribution decisions, including:
• The organization’s or candidate’s understanding of and support for the banking and financial services
industry and the issues affecting the industry
• The presence of U.S. Bancorp employees, branches and facilities in the candidate’s district or state
• The candidate’s demonstrated leadership or potential for leadership
• The candidate’s committee assignments and seniority within Congress or state government
• The likelihood of the candidate’s election success
• The candidate’s need for financial assistance
• Recommendations by U.S. Bancorp PAC Program members
Participation in the U.S. Bancorp PAC Program is completely voluntary. You have the right to refuse to contribute without reprisal. Any guidelines for contributing are merely suggestions. You may contribute more or less than the guidelines suggest or nothing at all and will not be favored or disadvantaged by reason of the amount of your contribution or your decision not to contribute. Contributions to the U.S. Bancorp Political Participation Program PAC will be used in connection with federal, state and local elections and are subject to the prohibitions and limitations of the Federal Election Campaign Act and applicable state and local laws. The U.S. Bancorp Federal PAC does not contribute to candidates for state or local office or those holding state or local office at the time of their candidacy. You must be a U.S. citizen or Permanent Resident Alien (i.e., Green Card holder residing in the U.S.) to be solicited or make a contribution to the PACs. Contributions to the PACs are not deductible for federal income tax purposes. Member FDIC. ©2018 U.S. Bancorp. All rights reserved. 170439E - 7572
2017
16 | 2017 U.S. Bancorp PAC Annual Report – U.S. Bancorp Confidential
Questions about the U.S. Bancorp PAC Program?Contact Ashley Winfree at [email protected]