When Republican Senator Tim Scott recently asked the CEOs of some of the world’s largest banks to articulate their position on “bright capitalism,” most did not know what to say.
On Wednesday, the senator attended a virtual hearing in which he said that awakened capitalism appeared to be “running amok in our country’s financial institutions.”
In particular, Senator Scott asked the CEOs why they had all made negative comments on Georgia’s new electoral law.
None of the CEOs of the 6 largest banks in the US could tell me why they found Georgia’s electoral laws discriminatory or restrictive.
Silence says more than words. #wokekapitalism pic.twitter.com/8t61YFj2yb
– Tim Scott (@SenatorTimScott) May 26, 2021
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Senator Scott to CEOs: “What Part of Georgia Law Restricted Voting Rights?”
Scott asked Brian Moynihan, CEO of Bank of America, Jane Fraser, CEO of Citibank, and David Solomon, CEO of Goldman Sachs, why they recently wrote a letter against what they call “discriminatory legislation” regarding Georgia’s new electoral law HB 531 have signed, which requires voter identification and changes early voting times and more.
Scott told the CEOs, “It seems that you are all very much in the process of picking winners and losers – especially those who signed the letter against Georgia – that would be Bank of America, Citibank and Goldman Sachs.”
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“In selecting winners and losers in certain areas – especially franchise – I just want to understand your position on this very important piece of law?” Said Scott.
The Senator stated that “as a southerner and African-American who has voted in the South all my life, he would hate any form of discrimination.” [or] anything that restricts the right to vote. “
The Scott got straight to the point.
“What part of Georgia law restricted or discriminatory voting?” Asked Scott.
Senator Tim Scott urges banks for “bright capitalism” and asks CEOs for details on their GA electoral law issue.
Moynihan said his team were “very concerned” about such a move.
– Pete Schroeder (@peteschroeder) May 26, 2021
Only one bank manager answers Scott
The silence was deafening. Then Moynihan made an attempt to answer.
“Our company wrote this letter based on input from our [Environmental, Social, and Corporate Governance] Committee and our teammates about how they felt when the law went into effect, ”Moynihan told Scott.
The CEO of Bank of America said his company wants voting standards that we can all agree to.
Scott didn’t have it.
“You dive into the laws you want to obey and what laws you find objectionable, but you cannot take a position on why these things are objectionable,” said Scott.
“You have all taken such a strong, clear position, but you cannot or do not want to articulate the reason for this position.” Scott then paused for about 15 seconds … waited for one of the executives to respond to his comments – not one of the bankers did. Https://t.co/XlZnlHVe2f
– Andrew Smith (@AndrewSmithClub) May 26, 2021
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The Senator added, “It just seems confusing to me that you would say ‘I support capitalism’, but [you all] do those things that are inconsistent [with that statement] and [you] can’t give a single reason for it [you] against the law in Georgia. ”
Fraser and Solomon didn’t say a word.
“As a former member of some institutions, as an Account Owner and as a member of others, I find it daunting why you have all taken such a strong position but cannot or do not want to articulate the reason for this position?” Scott finished.
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