Business leaders must stand up for democracy — John Florsheim and Sachin Shivaram | Column

The facts and findings of the House Select Committee investigating the January 6 attack on the US Capitol were shocking to all who care about our democracy.

Attempts to overturn the 2020 election should worry business leaders across Wisconsin and America, especially as we see election opponents in battleground states win important primary races. This includes the dominance competition in one’s own backyard.

January 6, 2021 We stand with some of the country’s top investors and executives in an open letter published by the Financial Times, who have expressed their concerns about threats to democracy.

Following that attack, major business organizations across the country strongly condemned the events. But a determined response gradually gave way to a broken man. For example, some companies have adopted new political giving policies that exclude donations to congressional opponents, while others have revised those policies or reversed them entirely.

We sympathize with the number of responses. As business leaders we are accountable to many stakeholders. It is difficult enough for each of them to fulfill their obligations without getting in the way of politics. After all, we chose a career in business, not politics.

And yet, it is no longer possible to look the other way. American democracy is in crisis, and whether we like it or not, that crisis will cloud the future of American businesses.

Although congressional hearings have revealed more information about the events leading up to January 6, we already know a lot. For example, we learned that senior government officials strategized to overturn the election before January 6, such as planning and executing pressure campaigns targeting local and state officials — and the vice president — to overturn the election. voters. Officials sent fake Electoral College certificates to Congress. They pushed a disinformation campaign about electoral fraud. They tried to file with the Justice Department to overturn the results. In fact, the president has discussed plans to declare martial law to seize ballots.

It can be tempting to believe that these events are behind us and continue with business as usual. That is wrong.

40% of the people were fooled into believing that the 2020 election was rigged without evidence. These voters, if their candidates lose in 2024, cannot accept the results. In primary races across the country, local, state and federal politicians are running on “stolen election” platforms — including places that control elections. And they’re winning primaries in key swing states like Michigan, Pennsylvania, Arizona and Wisconsin.

These victories underscore the narrative of electoral fraud even two years after the presidential election was confirmed. Meanwhile, hundreds of bills have flooded state legislatures that would make it easier for partisan actors to reverse election results in the future. And the once-defunct legal theories that legitimize their ability to do so are being seized upon.

As citizens, it is self-evident why we should be concerned. But as business leaders, why should we care?

Events around January 6th share a common trend: something that needs to be done or overturned. It’s hard to imagine a more direct threat to American business.

Free markets are not self-sustaining. They depend on fair and stable laws, and checks and balances. It is no coincidence that political systems that undermine the rule of law perform worse on a range of economic indicators—from productivity to growth—than those that strongly defend it.

See how Fitch Ratings clearly cites the country’s downgrade as reasons for downgrading the 2020 election “rejection of the former president” and the events around January 6 that “have no recent similarities to other highly rated sovereigns.” AAA credit rating. Fitch also mentioned the reform of electoral laws that is being carried out in some regions [that] It can weaken the political system. Such cuts would increase the cost of capital, hurting businesses large and small nationwide.

Most of us instinctively know this dynamic to be true. Business prospers when politicians respect the rules of the game. In the absence of politicians – and where uncertainty and instability characterize the working environment – ​​thriving markets are hard to come by.

American business played an important and powerful role last year in calling for a peaceful transition of power. As we move forward, we believe business leaders are an important voice for strengthening respect for the rule of law, stability and fairness.

We know the temptation is strong to turn a blind eye—to believe that this is not our problem. But it is wrong. Regardless of the information and findings on the ongoing campaign to overturn the election, we are concerned.

While the attack on the Capitol on January 6 was the first time many of us felt the need to speak out forcefully in support of free and fair elections in America, it certainly won’t be the last.