Yes, state banks may contribute to political candidates for state and local office, subject to the dollar amount limitations in the Illinois Election Code.

The Federal Election Campaign Act (“FECA”) prohibits corporations, including all banks, from contributing to federal candidates. The FECA also prohibits national banks from making contributions to state and local candidates. However, there are no federal or Illinois laws that prohibit a state bank from contributing to a state or local candidate, provided the contribution adheres to the dollar amount limitations in the Illinois Election Code. (Note that the state contribution limits differ based on the election cycle and the candidate’s specific political office.)

For resources related to our guidance, please see:

• Federal Election Campaign Act, 52 USC 30118(a)

• Illinois Election Code, 10 ILCS 5/9-8.5 (Establishes dollar amount limitations on contributions)