{"id":53211,"date":"2023-04-12T09:33:56","date_gmt":"2023-04-12T13:33:56","guid":{"rendered":"https:\/\/nlpc.org\/?p=53211"},"modified":"2023-04-12T09:33:56","modified_gmt":"2023-04-12T13:33:56","slug":"bank-of-america-shareholders-asked-to-curb-power-of-brian-moynihan","status":"publish","type":"post","link":"https:\/\/nlpc.org\/featured-news\/bank-of-america-shareholders-asked-to-curb-power-of-brian-moynihan\/","title":{"rendered":"Bank of America Shareholders Asked to Curb Power of Brian Moynihan"},"content":{"rendered":"<p><a href=\"\/tag\/bank-of-america\">Bank of America<\/a>\u2019s annual meeting is scheduled for April 25, and shareholders will be asked to vote on a <a href=\"https:\/\/nlpc.org\/wp-content\/uploads\/2023\/03\/BofA-2023-proposal-independent-chair-1.pdf\" target=\"_blank\" rel=\"noopener\">proposal<\/a> that would increase accountability for the company\u2019s longtime Chairman and CEO, <a href=\"\/tag\/brian-moynihan\">Brian Moynihan<\/a> (pictured above, right, with the <a href=\"\/tag\/world-economic-forum\">World Economic Forum<\/a>&#8216;s <a href=\"\/tag\/klaus-schwab\">Klaus Schwab<\/a>).<\/p>\n<p>National Legal and Policy Center is sponsoring Proposal No. 6 on the company\u2019s <a href=\"https:\/\/investor.bankofamerica.com\/regulatory-and-other-filings\/proxy-statements\/content\/0001193125-23-062686\/0001193125-23-062686.pdf\" target=\"_blank\" rel=\"noopener\">proxy statement<\/a>, which requests the Board of Directors to require the two powerful roles now filled by Moynihan to be held by two separate individuals. NLPC argues that Moynihan has inappropriately engaged the company in a multitude of divisive political issues that are not in the fiduciary interest of Bank of America or its shareholders. As an investor in the company, NLPC has filed a <a href=\"https:\/\/www.sec.gov\/Archives\/edgar\/data\/70858\/000109690623000637\/nlpc_px14a6g.htm\" target=\"_blank\" rel=\"noopener\">report<\/a> to the <a href=\"\/tag\/securities-and-exchange-commission\">Securities and Exchange Commission<\/a> that explains its rationale for identifying an equally authoritative counterpart to keep Moynihan\u2019s left-leaning political excursions in check.<\/p>\n<p>\u201cBrian Moynihan has been around too long and has aggregated too much power, to the point where he seems to think and care little about the controversial political decisions he makes that implicate the company,\u201d said <a href=\"\/paul-chesser\/\">Paul Chesser<\/a>, director of the <a href=\"\/corporate-integrity-project\/\">Corporate Integrity Project<\/a> for NLPC. \u201cFor example, Bank of America has instituted lending and employee training programs that claim to promote racial advancement and healing, but instead are themselves racist.\u201d<\/p>\n<p>In its report to the SEC, NLPC points out several examples of Moynihan\u2019s leadership failures, including:<\/p>\n<ul>\n<li>a $421 million commitment to over 130 equity funds that provide capital exclusively to non-white and female entrepreneurs and small business owners;<\/li>\n<li><a href=\"https:\/\/freebeacon.com\/latest-news\/how-business-giants-get-lower-interest-rates-for-meeting-diversity-quotas\/\" target=\"_blank\" rel=\"noopener\">creating a discriminatory program<\/a> that reduces interest rates for commercial borrowers that hit certain diversity quotas;<\/li>\n<li><a href=\"https:\/\/www.realclearmarkets.com\/articles\/2022\/09\/08\/bank_of_americas_equity_racial_discrimination_elitism_fraud_and_bad_business_852101.html\" target=\"_blank\" rel=\"noopener\">zero-down payment, zero-closing cost mortgage advances<\/a> for first-time home buyers only in black\/African-American and Hispanic communities, without typically required home insurance or a credit score;<\/li>\n<li>a <a href=\"https:\/\/www.city-journal.org\/article\/bank-of-amerika\" target=\"_blank\" rel=\"noopener\">\u201cRacial-Equity 21-day Challenge\u201d training program for employees<\/a> that teaches that the United States is a \u201cracialized society\u201d that \u201cuse[s] race to establish and justify systems of power, privilege, disenfranchisement, and oppression,\u201d which \u201cgive[s] privileges to white people resulting in disadvantages to people of color\u201d;<\/li>\n<li><a href=\"https:\/\/nypost.com\/2021\/02\/06\/bank-of-america-under-fire-for-helping-feds-in-capitol-riot-probe\/\" target=\"_blank\" rel=\"noopener\">handing over the financial data of 211 clients to federal agents<\/a> following the January 2021 U.S. Capitol disturbance, based on those customers being profiled simply because they visited an ATM in Washington at the time of the \u201criot\u201d;<\/li>\n<li>building a held-to-maturity (\u201cHTM\u201d) portfolio <a href=\"https:\/\/www.risk.net\/risk-quantum\/banks\/7735431\/bofa-doubled-held-to-maturity-book-in-2020\" target=\"_blank\" rel=\"noopener\">that is high-risk<\/a> and double the size of such assets in 2020,<a name=\"_ftnb45\"><\/a> and increasing it by over 50 percent in 2021<a name=\"_ftnb46\"><\/a> \u2013 a purchasing spree with over 80 percent of the securities maturing in over 10 years, giving the Company significant exposure to interest rates.<\/li>\n<\/ul>\n<p>Moynihan has been more than willing to place Bank of America in a globalist posture, subjugating shareholders\u2019 interests under those of the World Economic Forum agenda of transhumanism, abolition of private property, consumption of bugs, social credit systems, and other \u201cGreat Reset\u201d priorities.<\/p>\n<p>As chairman of the WEF\u2019s International Business Council, he worked with the big four accounting firms to create stakeholder standards for companies to follow. Moynihan <a href=\"https:\/\/www.cnbc.com\/2023\/01\/18\/bank-of-america-ceo-says-capitalism-needs-cleaning-up-with-new-global-esg-rules.html\" target=\"_blank\" rel=\"noopener\">said<\/a> after this year\u2019s Davos confab about companies who fall short of such globalist standards, that \u201cwe shouldn\u2019t do business with you.\u201d WEF\u2019s agenda, he said, \u201cat the end of the day, will align capitalism with what society wants from it and get us going faster.\u201d<\/p>\n<p>\u201cBrian Moynihan\u2019s ego and elitism are so far gone, that he thinks he gets to redefine \u2018capitalism,\u2019\u201d Chesser said. \u201cAnd now he assumes that he and his fellow Davos elites can establish a new social credit system that decides who is and who isn\u2019t allowed to play in their newly redesigned \u2018capitalism\u2019 playground.\u201d<\/p>\n<p>\u201cIt\u2019s way past time for Bank of America to appoint a separate chairman to counterbalance Brian Moynihan\u2019s proclivities \u2013 as long as the board doesn\u2019t choose Klaus Schwab.\u201d<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bank of America\u2019s annual meeting is scheduled for April 25, and shareholders will be asked to vote on a proposal that would increase accountability for the company\u2019s longtime Chairman and CEO, Brian Moynihan (pictured above, right, with the World Economic Forum&#8216;s Klaus Schwab). National Legal and Policy Center is sponsoring Proposal No. 6 on the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":52845,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","inline_featured_image":false,"footnotes":""},"categories":[10,7],"tags":[309,311,314,448,226,125,447],"_links":{"self":[{"href":"https:\/\/nlpc.org\/wp-json\/wp\/v2\/posts\/53211"}],"collection":[{"href":"https:\/\/nlpc.org\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nlpc.org\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nlpc.org\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/nlpc.org\/wp-json\/wp\/v2\/comments?post=53211"}],"version-history":[{"count":3,"href":"https:\/\/nlpc.org\/wp-json\/wp\/v2\/posts\/53211\/revisions"}],"predecessor-version":[{"id":53213,"href":"https:\/\/nlpc.org\/wp-json\/wp\/v2\/posts\/53211\/revisions\/53213"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nlpc.org\/wp-json\/wp\/v2\/media\/52845"}],"wp:attachment":[{"href":"https:\/\/nlpc.org\/wp-json\/wp\/v2\/media?parent=53211"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nlpc.org\/wp-json\/wp\/v2\/categories?post=53211"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nlpc.org\/wp-json\/wp\/v2\/tags?post=53211"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}