{"id":205902,"date":"2024-08-27T04:44:00","date_gmt":"2024-08-27T09:44:00","guid":{"rendered":"https:\/\/www.gunsamerica.com\/digest\/?p=205902"},"modified":"2024-08-27T16:50:30","modified_gmt":"2024-08-27T21:50:30","slug":"woke-discriminatory-corporate-policies-withering-away","status":"publish","type":"post","link":"https:\/\/gunsamerica.com\/digest\/woke-discriminatory-corporate-policies-withering-away\/","title":{"rendered":"‘Woke’ Discriminatory Corporate Policies Withering Away"},"content":{"rendered":"\n\n\n

<\/h1>\n\n\n\n

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

The idea of \u201cwoke\u201d Environmental, Social and Governance (ESG) policies continues to wither away. That\u2019s good news for the firearm and ammunition industry, which has been the focus of corporations seeking to force public policies by the might of their corporate largess. It turns out that those lofty ideals aren\u2019t so lofty after all. They\u2019re more of a millstone weighing them down and more corporations are ditching their ESG programs.<\/p>\n\n\n\n

BlackRock, the world\u2019s biggest asset manager, announced last week a cut for support of shareholder proposals for ESG initiatives to a low of 4.1 percent. That\u2019s down from 6.7 percent in 2023 and 47 percent from 2020-2021.<\/p>\n\n\n\n

\u201cIn our assessment, the majority of these (proposals) were over-reaching, lacked economic merit, or sought outcomes that were unlikely to promote long-term shareholder value,\u201d said its \u201c2024 Global Voting Spotlight\u201d report, according to Reuters<\/a><\/strong>.<\/p>\n\n\n\n

In other words, the global investment firm is telling their shareholders that \u201cwoke\u201d ideologies don\u2019t pay. In fact, they\u2019re likely to cost corporations in the long run. Turns out, investors don\u2019t want their money going to push public policies that exceed the law. They want business to be business. Public policy is best left to politicians, who voters can hold accountable at the ballot box.<\/p>\n\n\n\n

Bikes and Booze<\/h2>\n\n\n\n

They\u2019re not the only ones. Famed American brands are learning that \u201cwoke\u201d policies don\u2019t pay the bills. Harley-Davidson CEO Jochen Zeitz brought German ESG thinking to the American icon and now fans of the rumbling motorcycles are up in arms. A video<\/a><\/strong> of Zeitz from 2020 surfaced where he said, \u201cWe are trying to take on traditional capitalism and trying to redefine it.\u201d Harley-Davidson responded quicker than the kill switch on their bikes and announced it was scaling back their ESG programs.<\/p>\n\n\n\n

Jack Daniel\u2019s, the iconic Tennessee whiskey distiller, found their own brand embroiled in ESG madness. Brown-Forman, the parent company, \u201c<\/strong>pre-emptively announced<\/strong><\/a>\u201d<\/strong> their ESG programs would be rolled back after their own corporate programs were exposed. Now that\u2019s something I can toast.<\/p>\n\n\n\n

NSSF has been vocal and active in eliminating ESG policies that put special-interest public policy goals ahead free market enterprise. These \u201cwoke\u201d policies have resulted in financial and corporate discrimination against the firearm and ammunition industry. Policies adopted by nameless and faceless corporate boardrooms in Wall Street ivory towers have purposefully discriminated against firearm-related businesses all because those boardroom executives would rather cozy up to far-left gun control groups at corporate cocktail parties instead of providing fair access to businesses that make legal products that are lawfully sold.<\/p>\n\n\n\n

Leading the pack on these ESG \u201cwoke\u201d policies has been corporate financial institutions, namely, JP Morgan Chase, Bank of America, Citigroup and Wells Fargo. Each of these corporate financial institutions embarked on \u201cwoke\u201d corporate policies<\/strong><\/a> to deny firearm businesses access to financial services unless they adopted gun control policies that exceeded the law. That includes denying them banking services if they sell Modern Sporting Rifles (MSRs) the most popular rifle sold, standard-capacity magazines and even if they don\u2019t refuse to sell firearms to adults under the age of 21, even though the federal law says that anyone over the age of 18 can legally purchase a long gun if they pass and FBI National Instant Criminal Background Check System (NICS) verification.<\/p>\n\n\n\n

Fighting Back<\/strong><\/h2>\n\n\n\n

That prompted NSSF to work with state legislatures and Congress to introduce the Firearm Industry Nondiscrimination (FIND) Act. That law was passed by nine states, with Louisiana\u2019s Gov. Jeff Landry being the most recent governor<\/strong><\/a> to sign the law. That was quickly followed by Louisiana\u2019s state Treasurer John Fleming announcing<\/strong><\/a> that he recommended Bank of America \u201cnot be approved as an authorized fiscal agent\u201d for state or municipal contracts because of their discriminatory policies against firearm businesses, among other politically incurred industries.<\/p>\n\n\n\n

Bank of America actually blinked on their standoff of holding to their gun control ESG policies in June. Bank of America felt the financial consequences of its gun control agenda when they found themselves shut out of state contracts, particularly in Texas and Florida, especially after Florida Gov. Ron DeSantis signed an anti-ESG law in 2023<\/strong><\/a> that bars state officials from investing public money to promote \u201cwoke\u201d initiatives like banking discrimination against the firearm industry.  Gov. DeSantis promised in an X post<\/a><\/strong> that he would ensure the state enforces the law against \u201cwoke\u201d banking discrimination. Bank of America announced<\/a><\/strong> it led to firearm companies on a case-by-case basis with \u201cenhanced due diligence\u201d according to the bank\u2019s latest Environmental and Social Risk Policy (ESRP). Any tangible change in policy has yet to be seen.<\/p>\n\n\n\n

The NSSF-supported FIND Act<\/a><\/strong> is awaiting action in Congress. Introduced in the U.S. House of Representatives by Congressman Jack Bergman (R-Mich.) as H.R. 53<\/strong><\/a> with 128 co-sponsors and by U.S. Sen. Steve Daines in the Senate as S. 428<\/a><\/strong> with 17 co-sponsors, the bill would bar any corporate entity that holds discriminatory policies against the firearm industry from competing for federal contracts.<\/p>\n\n\n\n

Those bills are in addition to the NSSF-supported Fair Access to Banking Act, introduced in the House of Representatives by Rep. Andy Barr (R-Ky.)<\/a><\/strong> as H.R. 2743<\/a><\/strong> with 109 co-sponsors and the Senate by Sen. Kevin Cramer<\/strong><\/a> as S. 293<\/strong><\/a> with 36 co-sponsors. The Fair Access to Banking Act 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

Corporations are learning, albeit very slowly, that going \u201cwoke\u201d means \u201cgoing broke.\u201d If corporations won\u2019t listen to investors that discriminatory ESG policies don\u2019t make sense \u2013 and don\u2019t add up the cents \u2013 it\u2019s time from Congress to follow the lead of several states that have stepped in to put an end to these discriminatory policies against the firearm and ammunition industry.<\/p>\n\n\n\n

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

Leading the pack on these ESG \u201cwoke\u201d policies has been corporate financial institutions, namely, JP Morgan Chase, Bank of America, Citigroup and Wells Fargo. Each of these corporate financial institutions embarked on\u00a0\u201cwoke\u201d corporate policies\u00a0to deny firearm businesses access to financial services unless they adopted gun control policies that exceeded the law. <\/p>\n","protected":false},"author":115,"featured_media":91559,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_specdata_upc":"","_specdata_placement":"","footnotes":""},"categories":[25,240],"tags":[132,586,607,311],"featured":[],"hunt365":[],"class_list":{"0":"post-205902","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-current-events","8":"category-this-week","9":"tag-buzz","10":"tag-column","11":"tag-news","12":"tag-nssf"},"yoast_head":"\n'Woke' Discriminatory Corporate Policies Withering Away<\/title>\n<meta name=\"description\" content=\"The decline of 'woke' ESG policies and what it means for the firearm and ammo industry. 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