FOR IMMEDIATE RELEASE
May 7, 2024
Business Leaders Emphasize Democracy as Key to Economic Resilience
WASHINGTON – Last week, Treasury Secretary Janet Yellen gave a speech in Arizona, accompanied by a piece in USA Today emphasizing the critical link between a robust democracy and a thriving economy.
In response, business leaders are underscoring the urgent need to strengthen democratic principles to sustain economic resilience in the face of mounting election risks, and the importance of fostering an environment where businesses can thrive, innovate, and contribute to societal well-being within a framework of accountable and sturdy democratic institutions.
Through efforts such as convening business leaders and organizations on issues of democracy; educating business leaders at the state and national levels on the growing risks of democratic backsliding; and elevating civic-minded business voices defending democratic principles, the Business & Democracy Initiative and its partners remain steadfast in their commitment to the democratic values and institutions that enable our shared prosperity.
Below are quotes from business organizations and leaders:
Samantha Tweedy, CEO, Black Economic Alliance:
“A strong American democracy is essential for our nation’s sustained economic growth and the progress of economic equity. The evidence is clear that when democratic norms and institutions erode, it leads to economic instability and discriminatory practices that harm all of us and Black communities in particular. As we approach the 2024 elections, the Black Economic Alliance remains committed to advocating for policies that both promote economic resilience and strengthen our democratic processes, ensuring economic health that benefits Black Americans and all Americans.”
Sarah Bonk, Founder & CEO, Business for America:
“The strength of the American economy relies upon our democratic values, and we cannot succeed as a nation if we remain as divided as we are today. Anti-democratic impulses at home, driven by hyperpartisanship, distrust, and growing political divides, are as dangerous as authoritarians abroad. In response, we’re inviting businesses to add democracy to their public policy agendas and to support legislation like the Building Civic Bridges Act to help mend our social fabric and strengthen our democratic institutions.”
Aron Cramer, President and CEO, BSR:
“Democracy and rule of law are an essential foundation not only for the trust, fairness and transparency that a functioning society requires, but also to enable business to lead the way to a fairer and more sustainable economy. Business is not simply a bystander on these questions: private sector leadership is needed to help reinforce democratic processes, and it is in its interest to do so. Allowing faith in democracy to erode will also undermine the stability the private sector needs, as well as America’s ability to provide the vision and leadership needed to shape our shared destiny and prosperity.”
Daryl Brewster, CEO, Chief Executives for Corporate Purpose:
“The role of business today is clear. Business success comes first, but the recipe for business success involves taking care of your employee’s and community’s needs, along with those of other important stakeholders. To do so, companies can apply business skills and resources to addressing relevant societal challenges, prevent the sharing of disinformation, foster empathy through community engagement, create space for dialogues representing different points of view, and develop plans to address issues that could lead to business disruption. It will take all sectors to get us through these trying times, but leading businesses are up to the task.”
Elizabeth Doty, Director, Corporate Political Responsibility Taskforce, Erb Institute, University of Michigan:
“Shared prosperity and opportunity for future generations depend on well-functioning markets that foster competition and reward long-term value creation. These markets, in turn, depend on a healthy American constitutional democracy, the rule of law; civic freedoms; effective, transparent and accountable civic institutions; and equitable access to civic and political processes for all eligible participants. This is why business leaders across the political spectrum are recognizing they have a shared interest in upholding and protecting trusted American civic institutions, alongside faith organizations, the media, non-government organizations, academia and the military.”
Steve Fletcher, Green Business Network Director, Green America:
“A strong democracy is essential to economic growth that benefits all Americans, including the many small green business entrepreneurs building thriving businesses across the country. The over 1,500 green businesses in Green America’s Green Business Network encourage all Americans to respect and take part in our nation’s democratic institutions.”
Daniella Ballou-Aares, CEO, Leadership Now Project:
"Protecting the pillars of democracy is paramount for business leaders, especially in three key areas: ensuring the legitimacy of elections, upholding the rule of law, and safeguarding national security. Without legitimate elections, we risk the erosion of democracy itself. Upholding the rule of law is crucial for maintaining a stable business environment. Business leaders must remain vigilant and take proactive steps to mitigate political risks."
Rhett Buttle, President, Public Private Strategies Institute:
“In our democracy, businesses aren't just bystanders, they’re part of our precious system of government. The free exchange of ideas, goods, and services is the lifeblood of our economies, where every voice counts. Businesses play a vital role in shaping policies that reflect the needs and aspirations of the people they serve. At this crucial moment in history, businesses small and large have a responsibility to safeguard the very essence of democracy, ensuring there’s opportunities for everyone and guaranteeing that the voice of every citizen is heard.”
Anne Zimmerman, Co-chair, Small Business for America’s Future:
“The United States built the most powerful economy in the world in no small part due to the stability of our government, which allows entrepreneurs to plan and build a business without worrying about political disruptions and turmoil. Businesses like mine cannot operate in an unpredictable environment, and weakening our democracy erodes the stable foundation that our prosperity is built upon. We must protect democracy, which is key to the economic freedom that allows entrepreneurship to flourish.”
Ken Powley, CEO and Co-Founder of Team Democracy:
“It’s easy to take for granted the liberties and opportunities afforded by a healthy and functioning democracy. Not the least of those is the freedom to invest in ourselves and in others to build the kinds of thriving enterprises that have elevated and ensured Americans' quality of life for nearly two and a half centuries. Business depends on democracy, and needs to invest in its strength and resilience. Ambivalence is not an option.”
Ron Miller, Chairman, StartEngine:
“Business leaders have a lot to lose if our democracy and the rule of law falls to authoritarian urges. We count on political stability to reduce risk by creating a more predictable operating environment. We also will bear the brunt of even higher interest rates due to the additional uncertainty. Business leaders have an outsized impact on policy and policy makers. Let’s not sleepwalk our way into the economic chaos experienced like we saw when Turkey and Venezuela lost their democracies to authoritarians.”
About the Business & Democracy Initiative
The Business & Democracy Initiative is a partnership of business leaders dedicated to protecting our elections and rebuilding trust in democratic institutions, because we know that a strong democracy is the cornerstone of a dynamic and inclusive American economy. The Business & Democracy Initiative's founding partners are top business leaders and advocates: the Black Economic Alliance, the Leadership Now Project, and Public Private Strategies. We engage stakeholders across all levels of business to advocate for reforms that strengthen our democracy. As the health and stability of American democracy continue to be under serious threat, the business community is a critical voice in the fight to preserve our free, open, and democratic system.
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