‘There’s more than one way to skin a cat, and not everything has to be done through legislation explicitly…’
(Kaylee McGhee, Liberty Headlines) Progressive freshman representatives—including Rep. Alexandria Ocasio–Cortez, D-NY—want to shame the nation’s biggest banks into promoting a leftist agenda on key policy issues, like gun control, climate change and immigration.
Ocasio–Cortez has been using her powerful social-media presence to publicly attack finance industry executives, discouraging them from funding oil pipelines, weapons manufacturers, and privately-owned prison companies that operate immigration detention centers.
Caving to the political pressure from the new Democrats, many of whom sit on the powerful House Financial Services Committee, JPMorgan and Wells Fargo announced they would cut ties to prison companies.
Huge update: JP Morgan & Wells Fargo have announced that they will no longer fund private prisons.
How did this happen? Through organizing people & public pressure!
Everyday folks began paying attention to who was funding for-profit prisons & family separation,+ acted on it. ⬇️ https://t.co/cWS5ObW7ua
— Alexandria Ocasio-Cortez (@AOC) March 21, 2019
Federal Financial Analytics managing partner Karen Shaw Petrou told Politico that major banks like Wells Fargo have little choice: They’re trying to avoid any kind of hot water after a series of embarrassing scandals that still threaten their standing with investors and stockholders.
“Banks are acutely sensitive about their reputations because they are in a business acutely susceptible to severe and sudden customer attrition if consumers vote with their wallets,” Petrou said. “As a highly regulated business, banks are also acutely aware of how changing reputations alter their political-risk profile and what Congress can do to them when and if desired.”
Keenly aware of the reputation risks, Ocasio–Cortez and other activist politicians, like Rep. Ayanna Pressley, D-Mass., said they will continue to publicly pressure companies until they give in.
“There’s more than one way to skin a cat, and not everything has to be done through legislation explicitly,” Ocasio–Cortez told Politico. “We can also use the tools we have here to pressure change in other ways as well.”