The following year there was a similar corporate backlash over North Carolina's ban on transgender individuals using public bathrooms. Republicans reacted furiously and warned of retribution, including eliminating tax breaks for companies taking a stand on the issue. He is a member of Federal Reserve Banks Federal Advisory Council, National Museum of African American History and Culture, and Brown University Corporation's Board of Fellows as well. Similarly, a 2019 study found that companies are more likely to concede to activists demands over issues like reducing carbon emissions and increasing front-line workers pay when they have a more liberal workforce. 2023 The National Center for Public Policy Research, Conservative Shareholder Activists Present Proposals Addressing Abortion, DEI and Fossil Fuels, Horace Cooper: Kamala Harris Is the Most Incompetent Vice President Ever, Introducing the 2023 Corporate Incest Chart. Mr. Moynihan earned $32 million in 2021, which includes $1.5 . In my own research, which tracked companies engagement on same-sex marriage issues in the 2000s and 2010s, I found that the likelihood of CEOs speaking out on same-sex marriage significantly increased when there were more employees who donated to Democrats which was true even when the CEO leaned conservative. CNBC Exclusive: CNBC Transcript: Bank of America Chair & CEO Brian Rather, the GOP seems to be doing the drifting, not only from corporate America, but the American public as well. Carbon pricing is dead in Congress and President Joe Bidens social cost of carbon is being challenged in court. Here are 10 things that you may or may not have known about Brian Moynihan: When used as a personal name, Brian is both Irish and Breton in origin. Is that still on track? Bank of America CEO, Banc of America Securities LLC (2008-09) He must be reined in. When hes not running Bank of America, Brian Moynihan is preaching the gospel of doing well by doing right. It basically provides a deep linking, Read More 10 Things You Didnt Know about Alexander AustinContinue, The cryptocurrency firm called Ripple has put up $50 million for the University Blockchain Research Initiative. Ross, who is Chairman and Chief Strategy Officer at Invesco Ltd subsidiary WL Ross & Co, interviewed Moynihan on stage for 20 minutes as guests ate the first course of cold smoked fish. Your bank and other large companies are spending gigantic sums of money to get capital into underserved communities. Bank of America reported record profits last year even as it upped spending on employee day care and mental health. You want those companies to declare net-zero, put a plan on the table. Then in 2010, he was promoted to CEO of BoA after Ken Lewis stepped down.Currently, Moynihan is also the chairman of several other organizations, including the World Economic Forum International Business Council, The Financial Services Forum, and Bank Policy Institute. This material does not take into account your particular investment objectives, financial situations or needs and is not intended as a recommendation, offer or solicitation for the purchase or sale of any security, financial instrument, or strategy. The study looked at campaign contributions by more than 3,800 CEOs of S&P 1500 companies between 2000 and 2017. Moynihan was born in Marietta, Ohio in 1959, the sixth of eight children in a Catholic family of Irish descent. In 2008, Moynihan was elected the CEO of Merrill Lynch after BoA acquired it. It is and it isnt. Lets talk about diversity and inclusion. Meanwhile, Democrats are trying to capitalize on the fracture. M. K. Chin does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment. We found 100 of them, we did $300-plus million in commitments to those funds. Later, Moynihan studied for a Juris Doctor at the University of Notre Dame, which is situated in the state of Indiana. He didnt mean to, Scott remarked, but he admitted it: stakeholder capitalism is a fraud, a pretense., Moynihan also seems to fail to notice he embodies the problem he claims to be fighting. As Bank of America CEO Brian Moynihan told The Wall Street Journal in 2016, "Our jobs as CEOs now include driving what we think is right.". Fleet Boston EVP, Brokerage and Wealth Management (1999-2004) 'Don't lose sight of why': Bank of America CEO Brian Moynihan on importance of ESG in business, Americas Banker: Brian Moynihan, 2020 CEO Of The Year, How Bank of America's CEO is Combating Economic Inequality, Banker of the Year 2020: Brian Moynihan, Bank of America, BofAs CEO Kept Workers on the Job During the Pandemic, and Pledged Big Bucks to Tackle Inequality, Congressional Medal of Honor Foundation Board, National Museum of African American History and Culture, YouTube:2022 World Citizen Award Dinner Honoring Brian Moynihan, Chair and CEO of Bank of America. He is also the CEO of Health & Innovation at Bipartisan Policy Center. Thats not fair. Learn how your comment data is processed. Other research shows engagement in social activities like protecting the environment leads to less employee turnover. Brian Moynihan - $5,979 in Political Contributions for 2020 Brian Moynihan is both the Chairman and the CEO of Bank of America. After Bank of America (BofA) merged with FleetBoston Financial in 2004, he joined BoA as president of global wealth and investment management.