{"id":42955,"date":"2022-04-26T11:01:22","date_gmt":"2022-04-26T15:01:22","guid":{"rendered":"https:\/\/nationalcenter.org\/?p=42955"},"modified":"2023-12-12T16:30:46","modified_gmt":"2023-12-12T21:30:46","slug":"bank-of-america-citigroup-slammed-for-discriminatory-policies","status":"publish","type":"post","link":"https:\/\/nationalcenter.org\/ncppr\/2022\/04\/26\/bank-of-america-citigroup-slammed-for-discriminatory-policies\/","title":{"rendered":"Bank of America, Citigroup Slammed for Discriminatory Policies"},"content":{"rendered":"

Shareholder Proposals Criticize Diversity Policies That Favor Certain Groups<\/strong><\/h3>\n

Washington, D.C.<\/em> \u2013 Today the Free Enterprise Project<\/a> (FEP) presented proposals at both the Bank of America and Citigroup annual shareholder meetings, each criticizing \u201cequity\u201d policies that give preference to members of certain racial, ethnic and sexual identity groups over others.<\/p>\n

\"Scott<\/a>

Scott Shepard<\/p><\/div>\n

\u201cDiversity \u2013 including diversity of viewpoint and background \u2013 is great. Active discrimination on the basis of race, sex and orientation is illegal and wrong, whomever it\u2019s aimed at,\u201d said FEP Director Scott Shepard<\/a>. \u201cEveryone not only has civil rights, but has the same civil rights as everyone else.\u201d<\/p>\n

At today\u2019s Bank of America (BoA) meeting, Shepard put forward Proposal 5 to request what he called \u201ca report that focuses on whether, in its myriad diversity, inclusion and equity efforts, the company is discriminating against employees that it has not honored with the label \u2018diverse.\u2019\u201d He criticized BoA\u2019s embrace of \u201cracial equity,\u201d which he said \u201cmeans current discrimination now to make up for other discrimination against other people by other people in the past.\u201d<\/p>\n

Shepard also called out BoA CEO Brian Moynihan specifically for promoting these policies:<\/p>\n

[I]t is appalling for racial spoils to be embraced by a too-big-to-fail bank, which is ultimately backstopped by all American taxpayers, not just \u201cdiverse\u201d ones. And it is ludicrous that a billionaire CEO \u2013 white, male and straight \u2013 connives in this endorsement while keeping all his riches and power. Because the inevitable consequences of that combination are \u2013 it\u2019s just math \u2013 that he is happily consigning millions of poor white people to penury and powerlessness so the spoils can be redistributed while he keeps such an immense portion of the white share.<\/p><\/blockquote>\n

Shepard\u2019s remarks, as prepared for delivery, can be read here<\/a>. The audio of his presentation can be heard here<\/a>. Proposal 5, and BoA\u2019s response to it, can be found on page 87-93 of the company\u2019s proxy statement<\/a>.<\/p>\n

\"Sarah<\/a>

Sarah Rehberg<\/p><\/div>\n

At Citigroup\u2019s annual shareholder meeting, FEP Program Coordinator Sarah Rehberg<\/a> presented Proposal 9, which likewise requested an audit of the company\u2019s so-called nondiscrimination policies. These policies, especially in the company\u2019s evaluation of managers and its lending policies, \u201cinevitably promote discriminatory behavior in the name of \u2018anti-racism,\u2019\u201d she said.<\/p>\n

Rehberg said that by focusing on race and sex in its hiring and assessment of managers,<\/p>\n

\u2026the company places more value on whether an employee is a woman or a \u201ctraditionally underrepresented minority\u201d than whether that individual has an objective amount of experience or educational qualifications. And it necessarily discriminates against groups that Citigroup doesn\u2019t recognize as \u201ctraditionally underrepresented,\u201d who are held to higher standards on the basis of race and sex.<\/p>\n

This dangerous type of mentality is grounded in principles such as Critical Race Theory, which reduces human existence to surface elements that no one can control \u2013 like skin tone or sex.<\/p><\/blockquote>\n

Rehberg\u2019s remarks, as prepared for delivery, can be read here<\/a>. The audio of her presentation can be heard here<\/a>. Proposal 9, and Citigroup\u2019s response to it, can be found on pages 126-128 of the Citigroup proxy statement<\/a>.<\/p>\n

FEP also posed a question<\/a> to Coca-Cola this morning about the company\u2019s sponsorship of the Human Rights Campaign (HRC), but the company refused to answer the question.<\/p>\n

Investors wishing to oppose race-based discrimination and other \u201cwoke\u201d policies infiltrating Corporate America should download FEP\u2019s 2022 editions of the \u201cInvestor Value Voter Guide<\/a>\u201d and the \u201cBalancing the Boardroom<\/a>\u201d guide. Other action items for investors and non-investors alike can be found on FEP\u2019s website<\/a>.<\/p>\n

To schedule an interview with a member of the Free Enterprise Project on this or other issues, contact Judy Kent at (703) 477-7476.<\/p>\n

Launched in 2007, the National Center\u2019s\u00a0Free Enterprise Project<\/a>\u00a0focuses on shareholder activism and the confluence of big government and big business. Over the past four years alone, FEP representatives have participated in over 100 shareholder meetings \u2013 advancing free-market ideals about health care, energy, taxes, subsidies, regulations, religious freedom, food policies, media bias, gun rights, workers\u2019 rights and other important public policy issues. As the leading voice for conservative-minded investors, it annually files more than 90 percent of all right-of-center shareholder resolutions. Dozens of liberal organizations, however, annually file more than 95 percent of all policy-oriented shareholder resolutions and continue to exert undue influence over corporate America.<\/p>\n

FEP activity has been covered by media outlets including the\u00a0New York Times, Washington Post, USA Today, Variety<\/em>, the Associated Press, Bloomberg, Drudge Report, Business Insider, National Public Radio and SiriusXM. FEP\u2019s work is prominently featured in Stephen Soukup\u2019s new book\u00a0The Dictatorship of Woke Capital: How Political Correctness Captured Big Business<\/em><\/a>\u00a0(Encounter Books) and Kimberley Strassel\u2019s 2016 book\u00a0The Intimidation Game: How the Left is Silencing Free Speech<\/em><\/a>\u00a0(Hachette Book Group).<\/p>\n

The National Center for Public Policy Research, founded in 1982, is a non-partisan, free-market, independent conservative think-tank. Ninety-four percent of its support comes from individuals, less than four percent from foundations and less than two percent from corporations. It receives over 350,000 individual\u00a0contributions<\/strong><\/a>\u00a0a year from over 60,000 active recent contributors.<\/p>\n

Sign up for email updates\u00a0here<\/strong><\/a>. Follow us on Twitter at\u00a0@FreeEntProject<\/strong><\/a>\u00a0and\u00a0@NationalCenter<\/strong><\/a>\u00a0for general announcements. To be alerted to upcoming media appearances by National Center staff, follow our media appearances Twitter account at\u00a0@NCPPRMedia<\/strong><\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Shareholder Proposals Criticize Diversity Policies That Favor Certain Groups Washington, D.C. \u2013 Today the Free Enterprise Project (FEP) presented proposals at both the Bank of America and Citigroup annual shareholder meetings, each criticizing \u201cequity\u201d policies that give preference to members of certain racial, ethnic and…<\/p>\n","protected":false},"author":2,"featured_media":42956,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[740,751,682,35,30,752,695],"tags":[75],"yoast_head":"\nBank of America, Citigroup Slammed for Discriminatory Policies - The National Center<\/title>\n<meta name=\"description\" content=\"FEP presented proposals at both the Bank of America and Citigroup annual shareholder meetings, criticizing the companies' \u201cequity\u201d policies.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nationalcenter.org\/ncppr\/2022\/04\/26\/bank-of-america-citigroup-slammed-for-discriminatory-policies\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"The National Center\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/nationalcenter.org\/ncppr\/2022\/04\/26\/bank-of-america-citigroup-slammed-for-discriminatory-policies\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/nationalcenter.org\/ncppr\/2022\/04\/26\/bank-of-america-citigroup-slammed-for-discriminatory-policies\/\"},\"author\":{\"name\":\"The National Center\",\"@id\":\"https:\/\/nationalcenter.org\/#\/schema\/person\/0fb68cd906a7035d2baf49d7be339507\"},\"headline\":\"Bank of America, Citigroup Slammed for Discriminatory Policies\",\"datePublished\":\"2022-04-26T15:01:22+00:00\",\"dateModified\":\"2023-12-12T21:30:46+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/nationalcenter.org\/ncppr\/2022\/04\/26\/bank-of-america-citigroup-slammed-for-discriminatory-policies\/\"},\"wordCount\":894,\"publisher\":{\"@id\":\"https:\/\/nationalcenter.org\/#organization\"},\"image\":{\"@id\":\"https:\/\/nationalcenter.org\/ncppr\/2022\/04\/26\/bank-of-america-citigroup-slammed-for-discriminatory-policies\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/nationalcenter.org\/wp-content\/uploads\/2022\/04\/job-interview-hiring.jpg\",\"keywords\":[\"Press Release\"],\"articleSection\":[\"BAC\",\"C\",\"Critical Race Theory\",\"Featured\",\"Free Enterprise Project\",\"KO\",\"Press Releases\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/nationalcenter.org\/ncppr\/2022\/04\/26\/bank-of-america-citigroup-slammed-for-discriminatory-policies\/\",\"url\":\"https:\/\/nationalcenter.org\/ncppr\/2022\/04\/26\/bank-of-america-citigroup-slammed-for-discriminatory-policies\/\",\"name\":\"Bank of America, Citigroup Slammed for Discriminatory Policies - 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