Bank of America, Citigroup, Goldman Sachs Cut Giving to Political Action Committees in 2009 (NYSE: BAC) (NYSE: C) (NYSE: GS)

Nine of the ten largest US banks in terms of assets, including Bank of America, Citigroup, Goldman Sachs and Morgan Stanley have reduced their political giving during the last year, according to new data from the Federal Election Commission.

The firms, all of which received taxpayer help under the Troubled Asset Relief Program, reduced political action committee contributions to $2 million 2009, a 41% decline from their off-year election donations of $3.4 million in 2007.

The only organization in the top-ten that increased its political action committee donations was U.S. Bancorp, giving $193,500, which is about a 40% increase from the $138,500 it handed out two years ago.

Bank of America, currently the largest U.S. bank in terms of assets, gave $291,500 through its political action committee to its list of federal candidates in 2009, down 36% from its 2007 giving of $453,122.

Morgan Stanley, which did not make any donations until it repaid its TARP funds, contributed $236,000 to candidates through its PAC. This represents a 47% decline from its 2007 number of $449,300.

New-York based Goldman Sachs decreased their PAC giving by 63% to $173,400, down from $465,500.

Both JP Morgan Chase and Citigroup also reported declines in their political action committee contributions.