Taking into account the extremely serious problems Bank of America Corp. had to face in the wake of the late 2000s Great Recession, the increase in further federal government assistance for the financial services industry is highly warranted. The risks that the present economic situation continues to pose to Bank of America Corp demand more active involvement of the company in the political advertising campaign of the 2012 presidential election, particularly in order to contribute to the victory of the candidate favorably disposed to further assistance to the ailing financial market actors.
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CURRENT SITUATION: The political situation in the USA as of 2012 is increasingly marked by intensifying bipartisan competition. Both republican and democratic election campaigns utilize the opportunities open to them after the 2010 Supreme Court ruling in Citizens United v. Federal Election Commission. This decision entitled corporations and other entities to contribute to independent advocacy groups promoting political advertisements, provided that the latter’s activities are not formally coordinated with the official presidential campaign of the respective nominees.
While President Obama has so far resisted the irresponsible calls on the part of some members of political establishment to increase federal regulation on the banking services, his re-election might lead to the greater catering to these populist interests, thus threatening to damage the well-being of the U.S. financial industry, of which Bank of America Corp has always been an integral part. Therefore, proceeding from the best interests of both Bank of America Corp and other financial services operators, it would be advisable to make use of the legal framework provided by Citizens United v. Federal Election Commission ruling, and to increase the level of the company’s contributions to the advocacy groups opposing President Obama’s re-election campaign.
PROPOSED ACTION PLAN ON POLITICAL CAMPAIGN CONTRIBUTIONS: In order to increase the efficiency of Bank of America Corp’s involvement in the 2012 political advertising campaign, the following action plan may be implemented.
Step 1: Eschew contributions to advocacy groups with negative national reputation. The adverse public relations impact from the Bank of America Corp’s donations to some of the more politically assertive (or nefarious) advocacy groups would override any positive consequences of providing funding to such groups.
Step 2: Select political campaign providers running their campaigns in civil and intelligent manner. The excessive sensationalism typical for many media outlets connected with some of the conservative advocacy groups may hinder the effective perception of these media’s political advertising efforts by national audience.
Step 3: Avoid inordinate dependence on the particular campaign’s success or failure. Bank of America Corp’s efforts should not be limited to donating to the select providers of political advertising services. It would be wise to spread advertising donations over wider array of advocacy groups.
Step 4: Choose target audiences accordingly. The message to be conveyed by the political campaign providers receiving donations from Bank of America Corp should be carefully tailored to concerns of relevant population groups.
Step 5: Promote effective communications with your political advertising providers. In order to avoid unfortunate misunderstandings or breaches of trust, an effective control and communications system should be implemented by Bank of America Corp. The issue of values imparted into the audience by political advertising is of utmost importance here.
SUMMARY: With this in mind, the political advertising donations’ strategy, which is advised to be used by Bank of America Corp, should be based on the time-proven principles of integrity, transparency, authenticity, and trust maintenance. The action plan outlined above purports to contribute to the achievement of this goal, as well as to the overcoming of the challenges defined.
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