As the 2020s continue, many people are noticing a shift in corporate America. There seems to be a growing movement away from the intense focus on political issues, often referred to as “wokeness.” This change is becoming more visible, especially with recent executive actions from President Trump aimed at reducing politicized banking practices.
One significant move is Trump’s executive order that prohibits banks from denying services based on clients’ political beliefs. This decision has been welcomed by conservatives who worry about losing access to financial services. It also appeals to investors who prefer their banks to concentrate on business rather than politics. This order follows other measures targeting biased artificial intelligence programs and divisive diversity, equity, and inclusion (DEI) policies.
Critics argue that these changes might only create an illusion of neutrality, allowing companies to continue their previous biased practices. However, many investors are pushing back against corporate wokeness, insisting that businesses should focus on their core mission of providing value rather than engaging in political debates.
For example, banks like JPMorgan Chase and Citigroup have recently promised not to debank clients based on their political affiliations. This shift is not just a response to new regulations but also a reaction to shareholder pressure. Investors are increasingly vocal about their desire for banks to serve all customers equally, as they believe political actions can harm the financial health of the companies they invest in.
The growing dissatisfaction with politicized banking has led to a coalition of ordinary investors, financial professionals, and legal advocates working together to hold companies accountable. Groups like Consumers’ Research and the 1792 Exchange provide research and data to help these investors communicate effectively with corporations.
This coalition is already seeing results. Companies are beginning to abandon anti-energy commitments, treat religious employees with respect, and ensure their advertising policies do not discriminate against conservative media. Notable examples include PepsiCo and IBM, both of which have committed to political neutrality in their advertising strategies.
The concern about companies merely pretending to be neutral is met with a strong incentive for shareholders to stay informed. Investors have a vested interest in ensuring that businesses do not veer into political territory, as this can directly affect profits and their financial returns.
Overall, this shift is not limited to Washington, D.C. It reflects a broader awakening among conservative investors who are recognizing the power of their financial influence. As they become more engaged, there is a sense of optimism about the potential for change in corporate practices. The landscape of corporate America is slowly moving toward a more business-focused approach, and many believe this is just the beginning.
