WASHINGTON – Last week, Treasury Secretary Janet Yellen gave a speech in Arizona, accompanied by a piece in USA Today emphasizing the critical link between a robust democracy and a thriving economy. In response, business leaders are underscoring the urgent need to strengthen democratic principles to sustain economic resilience in the face of mounting election risks, and the importance of fostering an environment where businesses can thrive, innovate, and contribute to societal well-being within a framework of accountable and sturdy democratic institutions. Through efforts such as convening business leaders and organizations on issues of democracy; educating business leaders at the state and national levels on the growing risks of democratic backsliding; and elevating civic-minded business voices defending democratic principles, the Business & Democracy Initiative and its partners remain steadfast in their commitment to the democratic values and institutions that enable our shared prosperity. Below are quotes from business organization and leaders: Samantha Tweedy, CEO, Black Economic Alliance: “A strong American democracy is essential for our nation’s sustained economic growth and the progress of economic equity. The evidence is clear that when democratic norms and institutions erode, it leads to economic instability and discriminatory practices that harm all of us and Black communities in particular. As we approach the 2024 elections, the Black Economic Alliance remains committed to advocating for policies that both promote economic resilience and strengthen our democratic processes, ensuring economic health that benefits Black Americans and all Americans.” Sarah Bonk, Founder & CEO, Business for America: “The strength of the American economy relies upon our democratic values, and we cannot succeed as a nation if we remain as divided as we are today. Anti-democratic impulses at home, driven by hyperpartisanship, distrust, and growing political divides, are as dangerous as authoritarians abroad. In response, we’re inviting businesses to add democracy to their public policy agendas and to support legislation like the Building Civic Bridges Act to help mend our social fabric and strengthen our democratic institutions.” Aron Cramer, President and CEO, BSR: “Democracy and rule of law are an essential foundation not only for the trust, fairness and transparency that a functioning society requires, but also to enable business to lead the way to a fairer and more sustainable economy. Business is not simply a bystander on these questions: private sector leadership is needed to help reinforce democratic processes, and it is in its interest to do so. Allowing faith in democracy to erode will also undermine the stability the private sector needs, as well as America’s ability to provide the vision and leadership needed to shape our shared destiny and prosperity.” Daryl Brewster, CEO, Chief Executives for Corporate Purpose: “The role of business today is clear. Business success comes first, but the recipe for business success involves taking care of your employee’s and community’s needs, along with those of other important stakeholders. To do so, companies can apply business skills and resources to addressing relevant societal challenges, prevent the sharing of disinformation, foster empathy through community engagement, create space for dialogues representing different points of view, and develop plans to address issues that could lead to business disruption. It will take all sectors to get us through these trying times, but leading businesses are up to the task.” Elizabeth Doty, Director, Corporate Political Responsibility Taskforce, Erb Institute, University of Michigan: “Shared prosperity and opportunity for future generations depend on well-functioning markets that foster competition and reward long-term value creation. These markets, in turn, depend on a healthy American constitutional democracy, the rule of law; civic freedoms; effective, transparent and accountable civic institutions; and equitable access to civic and political processes for all eligible participants. This is why business leaders across the political spectrum are recognizing they have a shared interest in upholding and protecting trusted American civic institutions, alongside faith organizations, the media, non-government organizations, academia and the military.” Steve Fletcher, Green Business Network Director, Green America: “A strong democracy is essential to economic growth that benefits all Americans, including the many small green business entrepreneurs building thriving businesses across the country. The over 1,500 green businesses in Green America’s Green Business Network encourage all Americans to respect and take part in our nation’s democratic institutions.” Daniella Ballou-Aares, CEO, Leadership Now Project: "Protecting the pillars of democracy is paramount for business leaders, especially in three key areas: ensuring the legitimacy of elections, upholding the rule of law, and safeguarding national security. Without legitimate elections, we risk the erosion of democracy itself. Upholding the rule of law is crucial for maintaining a stable business environment. Business leaders must remain vigilant and take proactive steps to mitigate political risks." Rhett Buttle, President, Public Private Strategies Institute: “In our democracy, businesses aren't just bystanders, they’re part of our precious system of government. The free exchange of ideas, goods, and services is the lifeblood of our economies, where every voice counts. Businesses play a vital role in shaping policies that reflect the needs and aspirations of the people they serve. At this crucial moment in history, businesses small and large have a responsibility to safeguard the very essence of democracy, ensuring there’s opportunities for everyone and guaranteeing that the voice of every citizen is heard.” Anne Zimmerman, Co-chair, Small Business for America’s Future: “The United States built the most powerful economy in the world in no small part due to the stability of our government, which allows entrepreneurs to plan and build a business without worrying about political disruptions and turmoil. Businesses like mine cannot operate in an unpredictable environment, and weakening our democracy erodes the stable foundation that our prosperity is built upon. We must protect democracy, which is key to the economic freedom that allows entrepreneurship to flourish.” Ken Powley, CEO and Co-Founder of Team Democracy: “It’s easy to take for granted the liberties and opportunities afforded by a healthy and functioning democracy. Not the least of those is the freedom to invest in ourselves and in others to build the kinds of thriving enterprises that have elevated and ensured Americans' quality of life for nearly two and a half centuries. Business depends on democracy, and needs to invest in its strength and resilience. Ambivalence is not an option.” Ron Miller, Chairman, StartEngine: “Business leaders have a lot to lose if our democracy and the rule of law falls to authoritarian urges. We count on political stability to reduce risk by creating a more predictable operating environment. We also will bear the brunt of even higher interest rates due to the additional uncertainty. Business leaders have an outsized impact on policy and policy makers. Let’s not sleepwalk our way into the economic chaos experienced like we saw when Turkey and Venezuela lost their democracies to authoritarians.” About the Business & Democracy Initiative The Business & Democracy Initiative is a partnership of business leaders dedicated to protecting our elections and rebuilding trust in democratic institutions, because we know that a strong democracy is the cornerstone of a dynamic and inclusive American economy. The Business & Democracy Initiative's founding partners are top business leaders and advocates: the Black Economic Alliance, the Leadership Now Project, and Public Private Strategies. We engage stakeholders across all levels of business to advocate for reforms that strengthen our democracy. As the health and stability of American democracy continue to be under serious threat, the business community is a critical voice in the fight to preserve our free, open, and democratic system. ###

WASHINGTON – Today, Treasury Secretary Janet Yellen will visit Sedona, Arizona to keynote a major address at the Sedona Forum, focusing on the importance of democracy to America’s economic success. Additionally, Secretary Yellen published an op-ed emphasizing the crucial link between democracy and a strong economy, and warning of the threats posed by attacks on democratic norms and institutions. Research shows more business leaders want to take an active role in the democratic process, recognizing the link between a well-functioning democracy and a strong economy. Consumers are also anxiously watching this year’s election process and are eager to support businesses that protect democratic principles. Rhett Buttle, Founder of Public Private Strategies and Co-Founder of the Business & Democracy Initiative , released the following statement: “Secretary Yellen’s efforts to underscore the inextricable link between a strong democracy and a robust economy are vital. This effort comes at a critical time, amid widespread attacks on our democratic institutions that create uncertainty and risk for business. We applaud the Secretary’s focus on the critical link between democracy and economic growth, and emphasizing the role of strong institutions in driving sustained progress.” About Rhett Buttle , Founder, Public Private Strategies and President, Public Private Strategies Institute Rhett Buttle is an entrepreneur, advocate, and one of the most trusted leaders at the intersection of business and policy in Washington, DC. Most recently, Rhett served as National Business Advisor to President Joe Biden’s 2020 campaign. He has worked for President Barack Obama, Secretary of State Hillary Clinton, and Governor Arnold Schwarzenegger. Rhett is the founder of Public Private Strategies (PPS) and President of the Public Private Strategies Institute (PPSI), which works to bring together the public and private sectors to build coalitions, activate campaigns, and create strategic partnerships to drive policy and market outcomes. In these roles, he advises leading policymakers, foundations, nonprofits, and corporations. About Public Private Strategies Public Private Strategies (PPS), a founding partner of the Business & Democracy Initiative, creates opportunities where the public and private sectors meet. We bring together diverse allies including foundations, associations, corporations, small businesses, and entrepreneurs to solve pressing societal challenges. By harnessing the power of the private sector, we build coalitions, activate campaigns, and create strategic partnerships to drive desired policy and market outcomes. Learn more at www.publicprivatestrategies.com . ###

WASHINGTON – Three years after the insurrection at the United States Capitol, the founding partners of the Business & Democracy Initiative – Leadership Now Project Founder and CEO Daniella Ballou-Aares, Public Private Strategies Founder Rhett Buttle, and Black Economic Alliance CEO Samantha Tweedy – released the following statement: “Three years have passed since the January 6 insurrection, a dark day that shook the core of American democracy. “Following the insurrection, business leaders played a critical role in advocating for democratic safeguards, including the bipartisan Electoral Count Reform Act , which was signed into law by President Biden. “As we look to the 2024 elections and beyond, business leaders must remain at the forefront of efforts to protect our democratic institutions, norms, and the free and fair right to vote. A strong democracy is the lifeblood of businesses large and small. Political turmoil increases uncertainties and costs for business, stifles innovation, and weakens the foundation businesses need to function. Research conducted by the Business & Democracy Initiative underscores this point, with four in five business leaders agreeing that businesses should act to drive change or progress on protecting democratic institutions. “And while attacks on our democracy continue - from weakening the Voting Rights Act, to the expansion of anti-democratic extremism - business leaders must continue to speak up to protect all Americans’ unencumbered right to vote and insist on fair elections that uphold the will of the people. The unified commitment of the business community is essential to maintaining a strong, resilient democracy.” ###

WASHINGTON – Yesterday, the U.S. Court of Appeals for the Eighth Circuit moved to drastically weaken the Voting Rights Act. The ruling takes aim at the private right of action in Section 2 of the Voting Rights Act, which has allowed citizens and civil organizations to bring suit against actions that limit access to voter participation based on race. If allowed to stand, the ruling represents a devastating rollback of voter protections in the United States, and could harm the ability of citizens to participate in our democracy and exercise their fundamental right to vote. Following the decision, the partners of the Business & Democracy Initiative , Leadership Now Project CEO Daniella Ballou-Aares, Public Private Strategies Founder Rhett Buttle, and Black Economic Alliance CEO Samantha Tweedy, released the following statement: "Efforts to gut the hard-earned protections in the Voting Rights Act dramatically affect the participation of all Americans in the political process and undercut our nation’s economic prosperity. “Our nation’s economy is strong when our democracy is healthy and Americans from all walks of life can participate in our political process. Businesses small and large thrive in societies where all people can exercise their right to vote confidently and freely, and vast majorities of business leaders surveyed by the Business & Democracy Initiative say their employees expect access to vote in fair and secure elections where all votes are counted. “Eliminating the private right of action in Section 2 of the Voting Rights Act will decrease participation in our nation’s democratic process and increase election risks that undermine the stability of our democracy.” ###

WASHINGTON – In the midst of heightened government instability, Business & Democracy Initiative leaders Daniella Ballou-Aares, CEO of Leadership Now Project ; Samantha Tweedy, CEO of the Black Economic Alliance , & Rhett Buttle, Founder of Public Private Strategies ; released the following statement: “A well-functioning government is the cornerstone of a healthy economy. These past weeks of chaos and dysfunction caused by a small faction in the House of Representatives have shaken the pillars of our democracy and done serious harm to our business climate. With a near government shutdown and a short budget extension which is quickly running down, we call upon those who are jeopardizing our economic stability to address the urgent challenges ahead.” Additional Context Business & Democracy Initiative Research: Business Leaders Want to Be Active in Protecting America’s Democracy, and Consumers Support Them 96% of business leaders say the existence of a well-functioning democracy is important to a strong economy. 77% business leaders agree that businesses should speak out about threats to democracy. 56% of business leaders say their business is more likely than they were five years ago to encourage employees to take a stance or speak out in support of democracy – only 8% say they are less likely to do so than they were five years ago Washington Post: Vote To Oust McCarthy Is A Warning Sign For Democracy, Scholars Say “But historians and political scientists say it is something more: a warning sign for the health of American democracy.” “‘If you want to know what it looks like when democracy is in trouble, this is what it looks like,’ said Daniel Ziblatt, professor of government at Harvard University. ‘It should set off alarm bells that something is not right.’” “‘If American democracy is already suffering and weak from various maladies, this unruly crisis in the House is just going to kick it a little further in that direction,’ said Alex Keyssar, a professor of history and social policy at the Harvard Kennedy School. ‘You are taking a set of institutions and you are weakening them and then pointing to their weakness.’” “‘What precedes a democratic breakdown is political stalemate and extreme dysfunction where there’s a sense that nothing can get done,’ Ziblatt said.”

By Daniella Ballou-Aares, Rhett Buttle, and Samantha Tweedy  Protecting and strengthening our democracy requires year-round engagement. The fault lines in our democratic system aren’t just around electoral cycles–they’re every day that a state legislature works to roll back voting rights or the judiciary enables anti-democratic gerrymandering. As we approach the 2024 election, business leaders have a critical role to play in standing up for our democracy. A well-functioning democracy is the cornerstone of a strong economy. However, growing and well-documented threats to our democracy are now creating a business environment marked by new risks–including restricted speech, retribution, and legal confusion. It’s clear that corporate leaders are invested in our democratic future. Research from the Business & Democracy Initiative found that 96% of business leaders say the existence of a well-functioning democracy is important to a strong economy. Independent judiciaries and transparent legal systems provide vital stability and predictability for businesses, promoting competition and ensuring businesses operate on a level playing field. Freedom of speech and expression allows businesses to challenge the status quo, resulting in innovations that benefit consumers, drive economic growth, and promote job creation. Another Jan. 6 must and can be prevented. Business leaders have the power to help uphold our democracy heading into 2024–and there are concrete steps they can and should take. Our power is grounded in the unique relationship of trust that we have with employees, customers, communities, and the American people at large. According to Edelman’s 2023 Trust Barometer , business is the world’s most trusted sector, and Gallup recently found that small business is the most trusted sector in the United States. As we approach the 2024 elections, this trust makes business a critical conduit for delivering trustworthy information to employees and consumers. Business leaders can raise awareness about election risks with their employees and emphasize the importance of voting and civic engagement. Employees have a strong desire to support democratic integrity. In response, it’s becoming the new norm to offer paid time off for employees to vote. Many companies are going beyond that crucial step to allow employees time to work polling places. And companies may be rewarded for this level of engagement, with nearly half (48%) of consumers saying they are more likely to buy a good or service from a business that allows employees to take time off from work to engage in the political process. We can also use our trusted voices to support pro-democracy legislation at the state and federal levels. Business leaders were a key part of the coalition that came together to support the Electoral Count Reform Act, a key piece of legislation that slammed the door on a vulnerability in our democratic system that was weaponized in an attempt to overturn the 2020 election. Heading into 2024, there are other pro-democracy legislative efforts to protect voting rights and secure election infrastructure that business leaders can support, particularly at the state level. Political giving is one of the most powerful levers that business leaders can use in supporting pro-democracy interests. In our electoral system, businesses and their employees are the biggest contributors to political candidates, PACs, and parties–and they must ensure their contributions are flowing to campaigns and causes that align with pro-democracy values. Finally, business leaders can support accurate and open elections by providing resources and in-kind support for election administration and security infrastructure, including funding for election system stress tests, tech upgrades, and training. The integrity of our democracy is not a partisan issue. A vibrant civil society and a well-functioning democracy ensure a wide range of perspectives from across the political spectrum are robustly represented. By opposing efforts that undermine democracy, business leaders will be standing for the rights of all people, of any party.

WASHINGTON, D.C. (July 20, 2023) – Today, the Freedom to Vote Act was reintroduced in the United States Congress. As state legislatures across the country work to roll back voting rights, the Freedom to Vote Act seeks to set national standards for voting access and election administration that promote fairness in our democracy and trust in our elections. Reacting to the reintroduction of the Freedom to Vote Act, founding partners of the Business & Democracy Initiative , including Leadership Now Project CEO Daniella Ballou-Aares, Public Private Strategies Founder Rhett Buttle, and Black Economic Alliance CEO Samantha Tweedy, released the following statement: “Shared economic prosperity is built on the foundation of fair representation for every American. Right now, state legislatures across the country are working to undermine fair representation by rolling back voting rights protections, gerrymandering districts, and even working to give themselves the power to overturn free and fair election results. “Business leaders – from Fortune 500 companies to Main Street – have been front and center in the work to protect voting rights and promote democratic fairness. Research from the Business & Democracy Initiative shows that over 80% of business leaders recognize the role businesses should play to support a safe and fair electoral process. "We applaud measures in the Freedom the Vote Act that protect voters of color by setting national standards for voting access and cracking down on unfair districts that severely undercut the political power of millions. And we know that business leaders across the country - representing the most trusted institution in American life according to recent Gallup polling - will continue to advocate for measures like those in the Freedom to Vote Act that strengthen our democracy.” # # #

WASHINGTON, D.C. (June 8, 2023)– Today, the Supreme Court of the United States ruled in Allen v. Milligan to preserve the Voting Rights Act’s protections against diluting the vote of racial minorities, by striking down Alabama’s recently redrawn congressional map aiming to dilute the vote of Black residents. In response to today’s decision, Leadership Now Project CEO Daniella Ballou-Aares, Public Private Strategies Founder Rhett Buttle, and Black Economic Alliance CEO Samantha Tweedy, founding partners of the Business & Democracy Initiative , released the following statement: “Shared economic prosperity is built on the foundation of fair representation for every American. Gerrymandering drives polarization and disenfranchises voters, undermining a key principle of our democracy. Today’s ruling in Allen v. Milligan is a step in the right direction – a victory not just for the strength and sustainability of our democratic systems, but for basic fairness that comes in ensuring everyone can enjoy equal power from exercising their right to vote. “Business leaders – from Fortune 500 companies to Main Street – have been front and center in the work to protect voting rights. Research from the Business & Democracy Initiative shows that over 80% of business leaders recognize the role businesses should play to support a safe and fair electoral process. Business leaders across the country will continue to use their uniquely trusted position to advocate for measures that strengthen our democracy, including for the protection and restoration of the Voting Rights Act.” ###

WASHINGTON– This week, anchor partners of the Business & Democracy Initiative Daniella Ballou-Aares, CEO & Co-Founder of the Leadership Now Project , and Rhett Buttle, Founder & Principal of Public Private Strategies , were featured in JUST Capital . Buttle and Ballou-Aares discussed business leadership in today’s politically fraught environment. JUST Capital: 2 Key Ways CEOs Can Navigate Today’s Politically Fraught Environment Buttle and Ballou-Aares explained the importance CEOs play in making change and why business leaders should continue to take meaningful action on issues that are important to them. CEOs can’t forget the role they play in today’s society As trust in the government, media, and other institutions remains low worldwide, business leaders have emerged as relatively more trusted to be transparent and put the interests of their stakeholders first. The 2022 Edelman Trust Barometer showed that business is the world’s most trusted institution. And the firm’s 2023 report found that business was the only institution seen as competent and ethical. “People don’t feel that the government is responsive to their interests and needs and are looking for leadership elsewhere,” Buttle and Ballou-Aares said. “That’s part of why CEOs are in the hot seat.” Executives must get more comfortable speaking out There is evidence that some business leaders are resorting to “ greenhushing ,” the act of refraining from speaking publicly on climate policy (and anything that could broadly be called “ESG”), in response to business getting sucked into polarizing political battles … “Freedom of speech is fundamental to our democracy and our economic stability. Rather than standing down in the face of retaliation, companies have a vested interest in working together to uphold our democratic values,” they said. Buttle and Ballou-Aares draw explicit connections between democratic stability and economic strength, “Unstable governments are considered likely to interfere in free markets and to be generally unsafe global investments. Healthy democracies, meanwhile, are known to enable strong business environments.” This is true regardless of partisan politics, and it’s why business leaders must be ready to act to protect our democracy, the cornerstone of a dynamic and inclusive economy. # # # About the Business & Democracy Initiative We are a partnership of business leaders dedicated to protecting our elections and rebuilding trust in democratic institutions, because we know that a strong democracy is the cornerstone of a dynamic and inclusive American economy. The Business & Democracy Initiative's founding partners are top business leaders and advocates: the Black Economic Alliance, the Leadership Now Project, and Public Private Strategies. We engage stakeholders across all levels of business to advocate for reforms that strengthen our democracy. As the health and stability of American democracy continue to be under serious threat, the business community is a critical voice in the fight to preserve our free, open, and democratic system. Learn more about the Initiative at businessanddemocracy.org .