Banks are restricting employees from donating to the Harris-Walz campaign. Here's why.

• Citi requires employees in nearly all its business lines to get permission to donate to Harris/Walz.
• This is due to the SEC's "pay-to-play" rule that restricts donating to state and local officials.
• Banks and hedge funds face fines and compensation bans for even one-time, small-dollar donations.

In the last presidential election, Wall Street donors turned out for Joe Biden, contributing more than $74 million to his 2020 campaign, per the Center for Responsive Politics data.