Sen. Tim Scott Blasts Banks For ‘Woke Capitalism,’ Particularly Regarding Georgia Election

When Republican Senator Tim Scott recently asked the CEOs of some of the world’s biggest banks to articulate their position on ‘woke capitalism,’ most didn’t know what to say.

On Wednesday, the senator took part in a virtual hearing where he said that woke capitalism appears to be “running amok throughout the financial institutions of our country.”

In particular, Senator Scott asked the CEOs why they had all made negative comments about Georgia’s new voting law.

RELATED: Liz Cheney Says Her Re-Election Bid Will Be ‘Referendum On The Future Of The Republican Party’

Sen. Scott To CEOs: ‘What Part Of The Georgia Law Restricted Voting Rights?’

Scott asked Bank of America CEO Brian Moynihan, Citibank CEO Jane Fraser, and Goldman Sachs CEO David Solomon why they recently signed a letter opposing what they called “discriminatory legislation” regarding Georgia’s new HB 531 election law, which requires identification of voters, changes early voting times, and more.

Scott said to the CEOs, “It seems you are all very comfortable picking winners and losers – particularly those who signed the letter in opposition to Georgia – that would be Bank of America, Citibank and Goldman Sachs.”

“Picking winners and losers in certain areas – especially in election law – I just want to understand your position on that very important law?” Scott said.

The senator noted that he “as a Southerner and African American who has voted in the South all my life would hate any form of discrimination [or] anything that restricts voting rights.”

The Scott got straight to the point.

“What part of the Georgia law restricted voting rights or was discriminatory?” Scott asked.

Only One Bank CEO Answers Scott

The silence was deafening. Then Moynihan took a shot at an answer. 

“Our company signed that letter based on input from our [Environmental, Social, and Corporate Governance] committee and our teammates about how they felt when the law came in,” Moynihan said to Scott.

The Bank of America CEO said that his company wants to see voting “standards that we can all agree to.” 

Scott wasn’t having it.

“You’re diving into which laws you want to uphold and which laws you find offensive but you can’t articulate a position on why those things are offensive,” Scott said.

RELATED: Sen. Tim Scott Featured In Fortune Magazine’s ‘World’s 50 Greatest Leaders’ List

The senator added, “It just seems confusing to me that one would say ‘I support capitalism’ but [you all] are doing these things that are inconsistent [with that statement] and [you] cannot articulate a single reason why [you] oppose the law in Georgia.”  

Fraser and Solomon didn’t say a word. 

“I find it to be disheartening as a former member of some of the institutions as an account holder and a member of others, why it is that you all have taken such a strong clear position but can’t or won’t articulate the reason for that position?” Scott finished.


Now is the time to support and share the sources you trust.
The Political Insider ranks #16 on Feedspot’s “Top 70 Conservative Political Blogs, Websites & Influencers in 2021.”


John Hanson

is a professional writer and editor with over 15 years of experience in conservative media and Republican politics. He has been a special guest on Fox News, Sirius XM, appeared as the guest of various popular personalities, and has had a lifelong interest in right-leaning politics.

Recent Posts

Biden Regime Rejects Any Russia-Ukraine Ceasefire… if China is Involved

The White House has voiced hostility to any efforts by Beijing to mediate a ceasefire…

7 hours ago

Mark Levin Perfectly Explains Why They’re Trying to Arrest Trump

By Dr. Derek Ellerman By now, you've no doubt heard the latest "walls are closing…

8 hours ago

J.D. Vance Goes Scorched Earth Against the Iraq War, America Last Foreign Policy Adventures

I've watched the coverage and read articles reflecting on the 20-year anniversary of the "shock…

9 hours ago

Marxist Biology Teacher Tells Students Cells Are Part of ‘Capitalist Indoctrination’, Wants Them to ‘Have no Respect For Authority’

Meet Mandi Jung, a Highland Park Middle School biology teacher in Minneapolis who teaches a…

10 hours ago

Biden Wants To Emulate California’s (Failed) Gun Laws

By John R. Lott Jr. for RealClearPolitics President Biden traveled to Monterey Park, California, the…

11 hours ago

Federal Government Interns Can Make $60K or More

By Adam Andrzejewski for RealClearPolicy While many internships in government remain unpaid or offer hourly…

11 hours ago