U.S. Bancorp PAC Program U.S. Bancorp PAC Annual Re… · 1 | usbank.com2017 U.S. Bancorp PAC Annual Report – U.S. Bancorp Confidential 2017 Annual Report U.S. Bancorp Political

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


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


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


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)


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


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)


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


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


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


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.


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


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.


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

http://usbnetportal.us.bank-dns.com/communityandpublicaffairs/communityaffairsnet/governmentrelations/docs/USB_PAC_Contribution_Request.doc

http://usbnetportal.us.bank-dns.com/communityandpublicaffairs/communityaffairsnet/governmentrelations/docs/USB_PAC_Contribution_Request.doc

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


Questions about the U.S. Bancorp PAC Program?Contact Ashley Winfree at [email protected]

Documents

U.S. Bancorp PAC Program U.S. Bancorp PAC Annual Re… · 1 | usbank.com2017 U.S. Bancorp PAC Annual Report – U.S. Bancorp Confidential 2017 Annual Report U.S. Bancorp Political