Corporate America responds to Capitol assault

By Drew Limsky, Editor in chief at South Florida Business & Wealth Magazine

In a show of force that seems not to be partisan but rather a striking and surgical effort to protect democracy itself, some of the best-known companies in the country are chastising politicians who sought to challenge the election of President-Elect Joe Biden. And the denunciations are hitting where it hurts—the pocketbook. In the few days since the shocking insurrection at the Capitol that left five people dead, stately hallways and rooms trashed, and excrement smeared on the hallowed halls, numerous companies have turned off the spigot to pols who they believe helped to bring about one of the darkest and most terrifying days in American history (some have paused campaign contributions altogether).

The companies taking the stand include Marriott, 3M, Blue Cross Blue Shield, Boston Scientific, Commerce Bancshares, Morgan Stanley, JPMorgan Chase and Citigroup—which is postponing all campaign contributions for a quarter. “We want you to be assured that we will not support candidates who do not respect the rule of law,” Candi Wolff, the bank’s head of government affairs, wrote in an internal memo.

One of the latest to hop on the bandwagon is Dow Chemical. According to The New York Times, “The chemicals giant Dow said it was suspending all PAC contributions ‘to any member of Congress who voted to object to the certification of the presidential election.’ The suspension will last for one election cycle—two years for representatives and up to six years for senators.” Other companies like Bank of America, FedEx, Wells Fargo, T-Mobile and Walmart are promising to reconsider where their dollars end up. “The assault on the U.S. Capitol and on democracy was unacceptable,” said T-Mobile in a statement. “T-Mobile has supported many elected officials in a bipartisan approach to advancing a policy agenda that keeps the U.S. on the forefront of wireless technology. In light of recent events, we intend to reevaluate our PAC giving, and we look forward to working with the incoming Administration.”

Moreover, the PGA pulled out of its commitment to the Trump National Golf Club in Bedminster, New Jersey and by Sunday, Amazon, Google and Apple had shut down the social media platform Parler, the conservative social media platform that was also being used by those who supported the insurrection. And Shopify announced it will no longer do business with the Trump Organization: “Based on recent events, we have determined that the actions by President Donald J. Trump violate our Acceptable Use Policy, which prohibits promotion or support of organizations, platforms or people that threaten or condone violence to further a cause.”

Forbes magazine’s chief content office Randall Lane made perhaps the strongest point of all, by laying down the law for companies who might be considering hiring present and former Administration spokespeople like Kayleigh McEnany, Kellyanne Conway and Sarah Huckabee Sanders: “Let it be known to the business world: Hire any of Trump’s fellow fabulists above, and Forbes will assume that everything your company or firm talks about is a lie. We’re going to scrutinize, double-check, investigate with the same skepticism we’d approach a Trump tweet. Want to ensure the world’s biggest business media brand approaches you as a potential funnel of disinformation? Then hire away.”

You can track the swiftly evolving situation here:

Such actions by corporations can go beyond virtue signaling; where corporate America chooses to stand can have a major impact on our lives and move public opinion. For example, in many instances, U.S. companies were ahead of their time in the realm of LGBT rights: Before the Bostock v. Clayton County case (which codified antidiscrimination laws for gays) was decided by the U.S. Supreme Court seven months ago, the country had a patchwork of legal protections for the LGBT community in the areas of employment and housing. In many states, you could be fired from your job, or denied housing, for being gay and have no legal recourse through the state: safe in New York and California; no state protections in Florida. (Though cities, like many in South Florida, offered some measure of protection via local ordinances).

Even many well-informed people are unaware of the holes in the previous legal patchwork because they’ve never had to deal with it, even LGBT folks. This is partly because the nation’s corporations have been way out in front of this for decades with their comprehensive nondiscrimination policies—which are likely stipulated on your employment contract, offer letter and company website. It’s been boilerplate for years. Before the federal government and even some early-adopting states and municipalities mandated employment protections, businesses were instituting such policies. Employers didn’t do this just for altruistic reasons, obviously. They wanted to attract talent and consumers of every sexual orientation—and their allies. Today these clauses are so standard that they often go unnoticed—just part of the fine print.

This time, whatever actions the government—in this case, the U.S. House of Representatives and the U.S. Senate—chooses to take, it seems that once again, corporate America has beaten them to the punch.

South Florida Business & Wealth Magazine is a sister publication to Tampa Bay Business & Wealth Magazine. 

You May Also Like

Economic Development 2023: The business of money

Tampa Bay Business & Wealth reached out to two banking executives and a wealth management firm and asked, “What should our readers know about the financial services industry in 2023?”

Five takeaways from the St. Petersburg Area EDC’s Annual Meeting (PHOTOS)

The St. Petersburg Area Economic Development Corp. celebrated five years of impact, at the Don Cesar, last week. Since the organization’s founding in 2016, it has announced nearly 2,000 jobs,

Leaders in banking, real estate and tourism share their thoughts heading into 2022

Tampa Bay Business and Wealth reached out to leaders in their respective industries to see what trends they are seeing and what they mean. Here’s what they had to say.

Clearwater is moving forward as a greener, and cleaner, city

By Sheridan Boyle, sustainability coordinator, City of Clearwater Sustainability means different things to different people. Some people might think of recycling and others might think of solar panels or growing

Other Posts

How telemedicine is changing health care for practitioners and patients

By Kathy Hargreaves, CPA/CFP/CPC & Dawn Morgan, CPA COVID has been a disrupter for change everywhere and it has permanently altered our expectations about the way physicians, and other providers,

In his final days as director of Florida Division of Emergency Management, Jared Moskowitz speaks up

A young man in a perpetual hurry, Jared Moskowitz has been in public life for 15 years and he’s only 40. After earning his BA in political science at George

Expiration of the PPP program is drawing near: FAQs about Rounds 1, 2 & 3

By Drew Limsky, editor-in-chief, South Florida Business and Wealth OVERVIEW Round 1, as part of the 2.2 trillion CARES Act signed by President Trump in March 2020, came with lots

3 banking experts look forward to 2021

If there were a functioning crystal ball, it would have come in handy this time last year. The next best thing is talking to experts and asking their perspective, from