"The policy change is also meant to minimize potential reputational damage caused by any false perception that the firm is attempting to circumvent pay-to-play rules, particularly given partners' seniority and visibility," the firm wrote in the memo to employees. "All failures to pre-clear political activities as outlined below are taken seriously and violations may result in disciplinary action."
But what Goldman Sachs has not clarified is why top employees are still allowed to financially support Hillary Clinton's Democratic bid. The rule, effective Sept. 1, said "any federal candidate who is a sitting state or local official (e.g., governor running for president or vice president, such as the Trump/Pence ticket, or mayor running for Congress), including their Political Action Committees (PACs)" are not allowed to receive donations from the firm's 467 partners.
Additionally, the Trump and Clinton campaigns employ campaign finance directors, Steven Mnuchin for Trump and Gary Gensler for Clinton, who are former Goldman Sachs bankers.