Wednesday, March 29, 2023
Alliance Defending Freedom: "JPMorgan Chase loses SEC challenge, must allow shareholders to consider viewpoint diversity proposal"
The following is from the ADF press release, which you can find here.
The U.S. Securities and Exchange Commission has ruled against JPMorgan Chase’s attempt to exclude a shareholder resolution on viewpoint diversity from its ballot for its annual shareholder meeting.... Submitted by the Bahnsen Family Trust, the proposal directs Chase’s board of directors to evaluate and issue a report on the bank’s disturbing trend of politicized debanking.... In the past two years, Chase has denied payments or canceled accounts associated with people and organizations who hold mainstream American values, such as former Ambassador Sam Brownback, the Arkansas Family Council, and Defense of Liberty.... The SEC ruling comes amid a rising wave of opposition to Chase’s engagement in cancel culture through politicized debanking. Chase was featured prominently in the “Statement on Debanking and Free Speech,” signed in November of last year by a group of nearly 60 financial professionals. Last week, Nebraska State Treasurer John Murante led a group of 14 colleagues in a letter to Chase CEO Jamie Dimon calling on him to address and correct the issue by adopting policies recommended by ADF’s Viewpoint Diversity Score 2022 Business Index and providing necessary shareholder transparency by participating in the survey portion of the 2023 Business Index. Citing analysis from the 2022 Business Index, where Chase scored just 15% overall, the Bahnsen Family Trust proposal also calls on Chase to adopt those policies and participate in the survey. Along with criticizing Chase’s actions as “an affront to public trust,” the proposal highlights the vague and subjective terms-of-use policies (including terms like “hate speech” and “intolerance”) that allow companies like Chase unbridled discretion to discriminate against customers for their views.