Senator Tim Scott beats up banks for "energetic capitalism," significantly in relation to the Georgia elections
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 where he said that aroused capitalism "appears 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 six largest banks in the US could tell me why they found Georgia's electoral laws discriminatory or restrictive.
Silence says more than words. #wokecapitalism pic.twitter.com/8t61YFj2yb
– Tim Scott (@SenatorTimScott) May 26, 2021
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Senator Scott to the CEOs: "What part of Georgian law has restricted voting rights?"
Scott asked the CEO of Bank of America, Brian Moynihan, the CEO of Citibank, Jane Fraser, and the CEO of Goldman Sachs, David Solomon, why they recently wrote a letter against what they call "discriminatory legislation" regarding the new HB electoral law 531 designated in Georgia, which requires voter identification, changed early voting times, and more.
Scott told the CEOs, "It seems that you are all very pleased to pick 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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"Choosing winners and losers in certain areas – especially in voting – I just want to understand your position on this very important law?" Said Scott.
The senator noted 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 Georgian law restricted voting rights or was it discriminatory?" Asked Scott.
Senator Tim Scott urged banks on "bright capitalism" and asked CEOs for details on their problem with the GA electoral law.
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 shot at an answer.
"Our company signed this letter based on input from our committee (environmental, social and corporate governance) 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 wanted a vote on "standards we can all agree to."
Scott didn't have it.
"You deal with the laws you want to obey and the laws you find objectionable, but you have no position on why these things are objectionable," said Scott.
"You have all taken such a strong, clear position, but you cannot or cannot express the reason for this position." Scott then paused for about 15 seconds … and waited for any of the executives to respond to his comments – none of the bankers did
– Andrew Smith (@AndrewSmithClub) May 26, 2021
CONNECTED: Senator Tim Scott is named to Fortune Magazine's list of the World's 50 Greatest Executives
The Senator added, “It just seems confusing to me that someone would say I support capitalism, but (all of you) do these things that are inconsistent (with that statement) and (you) cannot give a single reason why (She) reject the law in Georgia. "
Fraser and Solomon didn't say a word.
“As a former member of some institutions, as an account holder and as a member of others, I find it daunting why you have all taken such a strong, clear position but cannot or do not want to articulate the reason for this position? "Scott was done.
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