Charles Schwab Corporation (TD Ameritrade)

Texas
Diversified Financials

Risk Level:

Rating - Caution
Medium Risk

Summary:

Personal reports describe Schwab Charitable as (under Charles Schwab Corporation) preventing donations through donor-advised funds to specific nonprofits. These nonprofits are on the Southern Poverty Law Center's (SPLC) "Hate Group" list, despite being legitimate charities, such as the Family Research Council. Additionally, a Christian money manager was kicked off the platform for his beliefs. The company also will not work with vendors that lack LGBTQ nondiscrimination protections. It has largely stayed away from using its corporate reputation and funds to advance leftist ideological agendas or groups hostile to freedom of expression, though, and the company shut down all political giving to avoid being manipulated by bad actors. However, it does not provide viewpoint protections for employees. For these reasons, Charles Schwab receives a "Medium Risk" rating overall.

Criteria
Risk Level
Rationale
Corporate Weaponization
Criteria

Has denied service to customers, suppliers, or vendors due to their political views or religious beliefs OR corporately boycotts, divests, or sanctions regions, people groups, or industries.

Risk Level
Rationale

A financial manager alleges that Schwab terminated a contract due to his Christian beliefs and practices, leaving him with only 60 days to find a new platform. Charles Schwab received a score of 100 on the Corporate Equality Index from the Human Rights Campaign. Among other requirements, this means the company has pledged to vet vendors based on LGBTQ policies (1).

Criteria

Charitable giving (including employee matching programs) policies or practices discriminate against charitable organizations based on views or religious beliefs.

Risk Level
Rationale

Firsthand accounts describe Schwab Charitable (under Charles Schwab Corporation) as preventing donations through donor-advised funds to specific nonprofits (1)(2). Schwab Charitable reserves the right to approve these grants. Despite being venerable charities, these nonprofits are on the SPLC’s “Hate Group” list, which is based on ideological and anti-religious animus. This occurs despite its policy not to discriminate against faith-based charities (3)(4). One user reported that Schwab blocked private gifts to the Family Research Council and American Center for Law and Justice.

Criteria

Employment policies fail to protect against discrimination based on political affiliation/views and/or religion.

Risk Level
Rationale

Charles Schwab does not protect its employees from viewpoint discrimination (1).

Corporate Governance and Public Policy
Criteria

Uses corporate reputation to support ideological causes and/or organizations hostile to freedom of expression.

Risk Level
Rationale

Charles Schwab has not used its corporate image to advance an ideological agenda.

Criteria

Uses corporate funds to advance ideological causes, organizations, or policies hostile to freedom of expression.

Risk Level
Rationale

Charles Schwab indirectly gives to Planned Parenthood via employee grants allotted through the Schwab Charitable program (1)(2). Charles Schwab has not funded other ideologically aligned organizations hostile to free expression.

Criteria

Uses corporate political contributions for ideological, non-business purposes.

Risk Level
Rationale

Charles Schwab discontinued its PAC and all corporate political donations in 2021 (1)(2).

All links were last accessed and all information was updated on:
March 23, 2023

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