{"id":162897,"date":"2022-04-27T09:51:26","date_gmt":"2022-04-27T13:51:26","guid":{"rendered":"https:\/\/www.gunsamerica.com\/digest\/?p=162897"},"modified":"2022-04-27T09:51:26","modified_gmt":"2023-09-07T08:20:24","slug":"waking-up-to-woke-corporate-discrimination","status":"publish","type":"post","link":"https:\/\/gunsamerica.com\/digest\/waking-up-to-woke-corporate-discrimination\/","title":{"rendered":"Waking Up To ‘Woke’ Corporate Discrimination"},"content":{"rendered":"\n
\"Waking
Bank of America Vice Chairwoman. (Bloomberg<\/em>)<\/figcaption><\/figure>\n\n\n\n

<\/p>\n\n\n\n

By Larry Keane<\/strong><\/p>\n\n\n\n

A new trend is emerging in the business world.  Business leaders are waking up to the destructive \u201cwoke\u201d policies being foisted on businesses by boardrooms more concerned with virtue signaling than their primary responsibility of ensuring corporate profitability and enhancing shareholder values.<\/p>\n\n\n\n

In short, the \u201cwoke\u201d buck stops here, more corporate executives are saying. Mixing the politics of culture wars with business is a losing strategy.<\/p>\n\n\n\n

Former McDonald\u2019s CEO Ed Rensi is leading the charge. He ran McDonalds from 1991-1997, bringing the chain\u2019s McNugget to market and also served on the boards of Famous Dave\u2019s Bar-B-Que, Great Wolf Resorts and Snap-on Inc. These days, he\u2019s launching The Boardroom Initiative, comprised of three conservative advocacy groups \u2014 The Job Creators Network<\/strong>,<\/a> which was founded by Home Depot co-founder Bernie Marcus, The Free Enterprise Group<\/a><\/strong> and Second Vote<\/strong><\/a>. The goal: get business back to business and out of politics.<\/p>\n\n\n\n

\u201cCorporations have no business being on the right or the left because they represent everybody there and their sole job is to build equity for their investors,\u201d Rensi told FOX Business<\/strong><\/a>.<\/p>\n\n\n\n

Rensi knows how to grow a business. While leading McDonalds, he saw U.S. sales double to more than $16 billion, the number of U.S. restaurants grow from nearly 6,600 to more than 12,000 and the number of U.S. franchisees grow from 1,600 to more than 2,700.<\/p>\n\n\n\n

\u201cIt is not the providence of board members or executives that take shareholder money profit and spend it on social matters,\u201d Rensi explained. \u201cCorporations should not get involved in social engineering.\u201d<\/p>\n\n\n\n

\u2018Woke\u2019 Banks<\/h4>\n\n\n\n

Corporate adoption of \u201cwoke\u201d policies that attempt to sway public policies on everything from energy investments to the Second Amendment is crippling businesses. Corporate discrimination is nothing new to the firearm industry. It\u2019s a battle NSSF has been engaged in for years.<\/p>\n\n\n\n

Corporate banks are engaged in \u201cwoke\u201d discrimination against firearm businesses. Banks including JPMogran Chase<\/strong><\/a>, Citigroup<\/a>,<\/strong> Bank of America<\/strong><\/a> and Wells Fargo<\/strong><\/a> have all adopted discriminatory policies unfairly denying financial services to firearm-related businesses simply because they don\u2019t like the products that are lawfully made and sold. They want gun manufacturers to adopt policies that exceed federal and state law and would deny Americans their Second Amendment rights, including demanding a ban on the sale of Modern Sporting Rifles (MSRs) and standard capacity magazines as well as instituting age-based gun bans<\/strong><\/a> that deny law-abiding adults under 21 their complete civil liberties.<\/p>\n\n\n\n

The \u201cwoke\u201d gun control policies aren\u2019t just embraced by corporate boardroom executives that are unaccountable to American voters. Investor groups and state treasurers have their own pressure campaign to divest state retirement funds from firearm businesses to financially starve them too.<\/p>\n\n\n\n

California\u2019s Public Employees\u2019 Retirement System, or CalPERS, has been active in the divestment<\/a><\/strong> game to discriminate against firearm businesses at the cost of their own investors. Fund managers ignore their fiduciary responsibility to California\u2019s public workers and instead advance a \u201cwoke\u201d discriminatory gun control agenda. As of 2019, these discriminatory policies cost CalPERS over $11 million to cover retirements that is underfunded<\/a><\/strong> by as much as $600 billion.<\/p>\n\n\n\n

Even the \u201cOracle of Omaha\u201d Warren Buffett isn\u2019t immune to \u201cwoke\u201d policies being driven by special-interest investors. Buffett refused to divest Berkshire Hathaway\u2019s funds in firearm company investments in 2018. He told CNBC\u2019s<\/strong><\/a> Andrew Ross Sorkin, \u201cI don\u2019t believe in imposing my political opinions on the activities of our businesses.\u201d<\/p>\n\n\n\n

These days, CalPERS is attempting to strip<\/strong><\/a> Buffett of his Berkshire Hathaway chairmanship. CalPERS has a .3 percent stake in Berkshire Hathaway and Buffett\u2019s return on investments is nearly triple that of CalPERS over 20 years. Yet, it\u2019s CalPERS ignores profitable investments for \u201cwoke\u201d policies and think they know better than Buffet when it comes to investing.<\/p>\n\n\n\n

Connecticut\u2019s Democratic state Treasurer Shawn Wooden announced<\/a><\/strong> in 2019 that he directed $30 million in equity investments tied to firearm manufacturers to be divested from the state\u2019s pension fund. In 2021, Connecticut was rated as having the worst-funded<\/a><\/strong> state pension fund in the country. Not surprisingly, Treasurer Wooden announced<\/a><\/strong> just weeks ago he wouldn\u2019t seek re-election.<\/p>\n\n\n\n

There\u2019s also the Interfaith Center on Corporate Responsibility (ICCR) that purchased nominal shares in Smith & Wesson and Sturm Ruger & Co. They used their shares to attempt to force Smith & Wesson to adopt a statement on human rights and to make a public accounting of the cost of criminal misuse of firearms. Their last attempt in 2020 was rejected<\/a><\/strong> by shareholders. ICCR teamed with the investment giant BlackRock to force the company to produce a<\/strong> report<\/strong><\/a> on the \u201cdevelopment of safer firearms.\u201d<\/p>\n\n\n\n

BlackRock\u2019s founder and chief executive Larry Fink wrote a letter in January defending investor activism, writing, \u201cCapital markets have allowed companies and countries to flourish. But access to capital is not a right,\u201d Fink wrote to chief executives according to The New York Times<\/strong><\/a>.<\/strong> \u201cIt is a privilege. And the duty to attract that capital in a responsible and sustainable way lies with you.\u201d<\/p>\n\n\n\n

That\u2019s Fink using the power of his purse to tell publicly traded companies to kowtow to \u201cwoke\u201d capitalism.<\/p>\n\n\n\n

Waking Up<\/h4>\n\n\n\n

These \u201cwoke\u201d policies aren\u2019t just being rejected by business leaders for being destructive to business. Woke politics is being rejected by elected officials. Los Angeles County Sheriff Alex Villanueva rejected \u201cwoke-ism\u201d that is wreaking havoc in his county and says midterm elections will be a referendum on their failing legacies. Los Angeles\u2019 \u201cwoke-ism\u201d led to record homelessness and out-of-control crime.<\/p>\n\n\n\n

\u201cWoke-ism is on the ropes. Let\u2019s put it out of its misery in 2022,\u201d Sheriff Villanueva told Fox News<\/strong><\/a>.<\/strong> \u201cMy only goal is to make LA livable again.\u201d<\/p>\n\n\n\n

When it comes to \u201cwoke\u201d gun control targeting the firearm industry, governors and legislatures are standing up. Texas Republican Gov. Gregg Abbott signed<\/a><\/strong> the Firearm Industry Nondiscrimination (FIND) Act into law in 2021. That bill bars states from holding municipal contracts while discriminating against firearm businesses. Six sitting Republican governors attended NSSF\u2019s first-ever Governors Forum<\/strong><\/a> at SHOT Show 2022 and told the audience they wouldn\u2019t tolerate discrimination against gun companies.<\/p>\n\n\n\n

Oklahoma\u2019s Republican Gov. Kevin Stitt told Breitbart<\/a>,<\/strong> \u201cWe believe in freedom for businesses, but the distinction is, we will not let a bank do business with the state of Oklahoma and also discriminate.\u201d<\/p>\n\n\n\n

FIND Act legislation similar to Texas\u2019s law is pending in Oklahoma. Missouri and Arizona have similar bills waiting for Senate votes. U.S. Rep. Jack Bergman (R-Mich.) introduced<\/a><\/strong> similar legislation, H.R. 6970<\/strong><\/a>, in Congress. That\u2019s in addition to the Fair Access to Banking Act<\/strong><\/a> introduced by U.S. Sen. Kevin Cramer (R-N.D.) as S. 563<\/strong><\/a> and Rep. Andy Barr (R-Ky.) as H.R.<\/strong> 1729<\/strong><\/a>.<\/strong> Those bills would stop corporate banks from picking winners and losers based on executives\u2019 personal politics. It also protects banks from outside pressure by special interest groups seeking to use the banks as a political weapon to advance their agenda.<\/p>\n\n\n\n

Louisiana\u2019s House of Representatives Republican Majority Leader Blake Miguez has reintroduced the FIND Act in his state after it was vetoed last year by Democratic Gov. John Bel Edwards. That legislation has the support of the Republican state Treasurer John Schroeder and Republican Attorney General Jeff Landry.<\/p>\n\n\n\n

Louisiana\u2019s Bond Commission, on which AG Landry serves, removed<\/a><\/strong> JPMorgan Chase from a $700 million gas-and-fuel tax bond series in November 2021, after the bank failed to respond to questions about its firearm lending policies.<\/p>\n\n\n\n

It wasn\u2019t the first time Louisiana told banks that the Second Amendment wasn\u2019t for sale. The state barred<\/a><\/strong> Citigroup and Bank of America from taking part in a debt offering in 2018, citing their \u201crestrictive gun policies.\u201d<\/p>\n\n\n\n

\u201cWoke\u201d capitalism isn\u2019t just bad policy. It is a dangerous policy. It supplants public policy-making by elected officials who are accountable to voters by unaccountable corporate boards executing policy by corporate fiat. It leaves American rights, especially Second Amendment rights, vulnerable to a series of \u201ccorporately-endorsed privileges\u201d and not a right of the people at all.<\/p>\n\n\n\n

Turns out, that\u2019s bad business too.<\/p>\n\n\n\n

Larry Keane\u00a0<\/strong>is Senior Vice President of Government and Public Affairs and General Counsel for the\u00a0National Shooting Sports Foundation<\/a>, the firearms industry trade association.<\/em><\/p>\n\n\n\n

***Buy and Sell on GunsAmerica!<\/a>***<\/h2>\n","protected":false},"excerpt":{"rendered":"

\u201cWoke\u201d capitalism isn\u2019t just bad policy. It is a dangerous policy.<\/p>\n","protected":false},"author":115,"featured_media":141620,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_specdata_upc":"","_specdata_placement":"","footnotes":""},"categories":[244,25,240,1],"tags":[132,1802,311],"featured":[],"hunt365":[],"class_list":{"0":"post-162897","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-2nd-amendment-r2kba","8":"category-current-events","9":"category-this-week","10":"category-uncategorized","11":"tag-buzz","12":"tag-news-wire","13":"tag-nssf"},"yoast_head":"\nWaking Up To 'Woke' Corporate Discrimination<\/title>\n<meta name=\"description\" content=\"\u201cWoke\u201d capitalism isn\u2019t just bad policy. 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