Chief Executive Officers (CEOs) from the 6 largest national banks appeared before the Senate Banking Committee on Wednesday, and were pressed by GOP members about a rise in woke capitalism in the financial sector.
Senator Tim Scott (R-SC) took note of companies’ public opposition to the newly-signed voting reform law in Georgia. Scott pressed the CEOs to explain which part of the law “restricts access” to the ballot box, and emphasized that the law actually expands access for voters while still cracking down on potential for fraud.
Four CEOs present at the hearing, representing Bank of America, Citigroup, Wells Fargo, and Goldman Sachs, signed onto a letter blasting "discriminatory legislation or measures that restrict or prevent any eligible voter from having an equal and fair opportunity to cast a ballot," in reference to the Georgia voting law. When pressed by Scott on what they view as discriminatory elements in the law, no executives could give an answer.
"I, as a southerner and African-American, whose voted in the South all my life, would hate any form of discrimination that restricts voting rights," Scott said, asking the CEOs "what part of the Georgia law restricts voting rights or is discriminatory?"
None of the CEOs of the 6 largest banks in the US were able to share with me why they found Georgia’s election laws to be discriminatory or restrictive.
— Tim Scott (@SenatorTimScott) May 26, 2021
Silence speaks louder than words. #wokecapitalism pic.twitter.com/8t61YFj2yb
Ranking member Senator Pat Toomey (R-PA) also pressed the CEOs on their embrace of “wokeism,” in an effort to appease the far-left.
.@SenToomey: I'm concerned about increasing pressure on banks to embrace “wokeism” and appease the far Left’s attacks on capitalism.
— Senate Banking GOP (@BankingGOP) May 26, 2021
I worry that continuing down this path may lead to distorted credit allocation... and ultimately, diminished prosperity for Americans. pic.twitter.com/KIAWn1eJFN