In 2020, leaders from across the business spectrum are defending the election process from unprecedented threats, condemning violence on Capitol Hill, and calling for a peaceful transition of power. The rise of anti-democratic rhetoric, threats of violence and political intimidation, and the challenges of electoral management in the run-up to this year’s elections require business leaders to once again stand up for our democratic systems and institutions.
If public trust in the fairness and legitimacy of our elections is eroded, the foundation of our economy is at risk. A stable economy depends on a strong democracy. As we approach the 2024 elections, the business industry is united and speaking with one voice in support of safe, secure, free, and fair elections, and against efforts to undermine our democracy.
Last week, more than 20 leading bipartisan business organizations, including the National Bankers Association, Business Forward, and the Public Affairs Council, signed an open letter urging support from the business sector to help strengthen voter education, engagement, and safe and secure elections. And they are not alone. Business leaders of all stripes—including more than 150 business executives and more than 500 small business owners—have sounded the alarm: Threats to democracy and the legitimacy of elections are a threat to economic stability. From the corner of Main Street to the dining rooms of Wall Street, business leaders agree that protecting free and fair elections is more than a civic responsibility, it is a business responsibility to protect long-term economic success.
Improve voter access and election integrity
A stable democracy—essential to successful business and economic viability—is based on the assurance of free and fair elections. Without trust placed in our electoral system and government institutions, uncertainty reigns, and businesses suffer. Economic growth and profitability increase predictably, and when election results are questioned, or worse, undermined, that stability collapses. That’s why we must commit to integrating voter education resources and community engagement. An informed voter is the key to making sound decisions that shape the future of our nation’s leadership and policies, which directly affect the state of the economy.
We have seen firsthand the dangers of disrespect and the erosion of public trust in our electoral system. Attempts to overturn the official results of the 2020 election, from lawsuits to violent coups, have shaken public confidence in our democracy. Additionally, unsubstantiated claims of voter fraud have proliferated despite repeated court rulings upholding the legitimacy of election results. This attack on our elections is no one else’s problem—ours.
Protect the primacy of democracy
Our work will not stop at systems and infrastructure. We must also protect the people who make our elections happen—especially in the seven states where close elections could lead to pressure or even intimidation of election officials. Electoral officers and workers are at the forefront of democracy and threats or acts of political violence against them are an attack not only on them but on the democratic process itself. In states like Arizona and Wisconsin, business leaders are already standing up, speaking out against voter denial, and demanding that election officials be able to do their jobs without fear. By publicly rejecting these threats and opposing efforts to undermine elections, we are protecting these public servants and upholding the principles of impartiality and the rule of law that our businesses and organizations rely on.
Political candidates and elected officials must also do their part. We call on all political leaders to commit themselves unequivocally to these democratic processes, including respecting and abiding by established legal structures and accepting official election results. The ability of politicians to gracefully concede defeat is a testament to the strength of our democracy as it is a signal to businesses that the political environment is stable and predictable—important elements of long-term economic planning and investment.
What matters is what matters
It has long been understood that capitalism depends on democracy and the rule of law. Today, business leaders must fight for democratic values in order to sustain this opportunity for economic growth. We urge all business leaders and political actors to join us in this campaign, ensuring that the 2024 elections—and beyond—are a testament to our commitment to democracy and economic prosperity for all. Through our combined efforts, we can secure the long-term success of the American economy. In this election we will not be silent. We will be champions of democracy because our future depends on it.
Daniella Ballou-Aares is the founder and CEO of the Leadership Now Project. Rhett Buttle is the founder and principal of Private Public Strategies. Samantha Tweedy is the CEO of the Black Economic Alliance. Ballou-Aares, Buttle, and Tweedy are the founding principals of the Business and Democracy Initiative.
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