Bank of America Shareholders Asked to Increase Accountability for ‘Woke’ Chairman/CEO Brian Moynihan Longtime ESG Advocate Has Amassed Too Much Power
Falls Church, VA
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April 12, 2023 09:30 AM Eastern Daylight Time
Bank of America’s annual meeting is scheduled for April 25, and shareholders will be asked to vote on a proposal that would increase accountability for the company’s longtime Chairman and CEO, Brian Moynihan.
National Legal and Policy Center is sponsoring Proposal No. 6 on the company’s proxy statement, which requests the Board of Directors to require the two powerful roles now filled by Moynihan to be held by two separate individuals. NLPC argues that Moynihan has inappropriately engaged the company in a multitude of divisive political issues that are not in the fiduciary interest of Bank of America or its shareholders. As an investor in the company, NLPC has filed a report to the Securities and Exchange Commission that explains its rationale for identifying an equally authoritative counterpart to keep Moynihan’s left-leaning political excursions in check.
“Brian Moynihan has been around too long and has aggregated too much power, to the point where he seems to think and care little about the controversial political decisions he makes that implicate the company,” said Paul Chesser, director of the Corporate Integrity Project for NLPC. “For example, Bank of America has instituted lending and employee training programs that claim to promote racial advancement and healing, but instead are themselves racist.”
In its report to the SEC, NLPC points out several examples of Moynihan’s leadership failures, including:
- a $421 million commitment to over 130 equity funds that provide capital exclusively to non-white and female entrepreneurs and small business owners;
- creating a discriminatory program that reduces interest rates for commercial borrowers that hit certain diversity quotas;
- zero-down payment, zero-closing cost mortgage advances for first-time home buyers only in black/African-American and Hispanic communities, without typically required home insurance or a credit score;
- a “Racial-Equity 21-day Challenge” training program for employees that teaches that the United States is a “racialized society” that “use[s] race to establish and justify systems of power, privilege, disenfranchisement, and oppression,” which “give[s] privileges to white people resulting in disadvantages to people of color”;
- handing over the financial data of 211 clients to federal agents following the January 2021 U.S. Capitol disturbance, based on those customers being profiled simply because they visited an ATM in Washington at the time of the “riot”;
- building a held-to-maturity (“HTM”) portfolio that is high-risk and double the size of such assets in 2020, and increasing it by over 50 percent in 2021 – a purchasing spree with over 80 percent of the securities maturing in over 10 years, giving the Company significant exposure to interest rates.
Moynihan has been more than willing to place Bank of America in a globalist posture, subjugating shareholders’ interests under those of the World Economic Forum agenda of transhumanism, abolition of private property, consumption of bugs, social credit systems, and other “Great Reset” priorities.
As chairman of the WEF’s International Business Council, he worked with the big four accounting firms to create stakeholder standards for companies to follow. Moynihan said after this year’s Davos confab about companies who fall short of such globalist standards, that “we shouldn’t do business with you.” WEF’s agenda, he said, “at the end of the day, will align capitalism with what society wants from it and get us going faster.”
“Brian Moynihan’s ego and elitism are so far gone, that he thinks he gets to redefine ‘capitalism,’” Chesser said. “And now he assumes that he and his fellow Davos elites can establish a new social credit system that decides who is and who isn’t allowed to play in their newly redesigned ‘capitalism’ playground.”
“It’s way past time for Bank of America to appoint a separate chairman to counterbalance Brian Moynihan’s proclivities – as long as the board doesn’t choose Klaus Schwab.”
Founded in 1991, NLPC promotes ethics in public life and government accountability through research, investigation, education, and legal action.
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For more information or to schedule an interview with Paul Chesser, contact Dan Rene at 202-329-8357 or drene@nlpc.org.
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National Legal and Policy Center
Dan Rene
+1 202-329-8357
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