In the last 24 hours, business leaders from nearly every corner of the U.S. economy have roundly condemned the violence and vandalism at Capitol Hill on Wednesday.
Manufacturers, retailers, and corporate head-honchos alike have criticized President Donald Trump and certain Republicans' efforts to delay the peaceful transfer of power, which they say will only hurt the U.S. economy.
"It is not good for small businesses to have disarray, confusion, uncertainty," Frank Knapp Jr, co-chair of Small Business for America’s Future, told Cheddar. "None of that is good for business or consumer confidence, and small businesses need consumers to be confident."
Some of the most powerful business organizations in the country have echoed this sentiment, and in some cases even exceeded it, calling Wednesday's events a grave assault on democracy.
"Throughout this whole disgusting episode, Trump has been cheered on by members of his own party, adding fuel to the distrust that has inflamed violent anger," National Association of Manufacturers CEO Jay Timmons said in a statement. "This is not law and order. This is chaos."
The group has also called on Vice President Mike Pence to invoke the 25th Amendment to remove Trump from office prior to the inauguration of President-elect Joe Biden.
Retail Industry Leaders Association President Brian Dodge said in a statement: "It’s time for men and women of goodwill in government to denounce the conspiracy theories and cancerous rhetoric employed by those cravenly attempting to capitalize on political chaos."
Striking a more moderate tone, the Business Roundtable called on the nation to "unite around President-elect Biden and Vice President-elect Harris."
Even BlackRock CEO Larry Fink, who in the past has praised the president, was among those executives demanding that Congress certify the election of Joe Biden as president.
For now, these are just denunciations. But some businesses are weighing whether they should withdraw funding or support from lawmakers who, in their opinion, helped spur the violence at Capitol Hill by calling into question the democratic process.
"We have not had that conversation about individual members of Congress, but we will have to have a serious conversation about that," Knapp said. "Do we want to engage with them or not? I can't answer that question, but it is a legitimate question. It's a legitimate question to ask: should there be any repercussions for the actions of members of Congress, and does the business community have a role in that?"
Knapp added that businesses don't want to operate in a country where an authoritarian leader has arbitrary power over the political system.
"Businesses like democracy, because that is good for business, entrepreneurship."
In the short-term, the more immediate negative consequence for the small business community is that Congress is once again distracted from the coronavirus recovery.
"It takes the eye off the ball for Congress," he said. "They should be about getting the vaccine out there into arms. That is what's going to give more confidence to consumers to go out and engage in commerce with our small businesses."
Ford is recalling more than 355,000 of its pickup trucks across the U.S. because of an instrument panel display failure that’s resulted in critical information, like warning lights and vehicle speed, not showing up on the dashboard.
Nvidia reported a 56% increase in second-quarter revenue and a 59% rise in net income compared to a year ago.
The Rev. Al Sharpton is set to lead a protest march on Wall Street to urge corporate America to resist the Trump administration’s campaign to roll back diversity, equity and inclusion initiatives. The New York civil rights leader will join clergy, labor and community leaders Thursday in a demonstration through Manhattan’s Financial District that’s timed with the anniversary of the Civil Rights-era March on Washington in 1963. Sharpton called DEI the “civil rights fight of our generation." He and other Black leaders have called for boycotting American retailers that scaled backed policies and programs aimed at bolstering diversity and reducing discrimination in their ranks.
President Donald Trump's administration last month awarded a $1.2 billion contract to build and operate what's expected to become the nation’s largest immigration detention complex to a tiny Virginia firm with no experience running correction facilities.
Netflix CEO Ted Sarandos claims audiences don't want to watch Netflix movies in theaters, but that seems not to be the case recently.
Chipmaker Nvidia is poised to release a quarterly report that could provide a better sense of whether the stock market has been riding an overhyped artificial intelligence bubble or is being propelled by a technological boom that’s still gathering momentum.
Cracker Barrel said late Tuesday it’s returning to its old logo after critics — including President Donald Trump — protested the company’s plan to modernize.
Low-value imports are losing their duty-free status in the U.S. this week as part of President Donald Trump's agenda for making the nation less dependent on foreign goods. A widely used customs exemption for international shipments worth $800 or less is set to end starting on Friday. Trump already ended the “de minimis” rule for inexpensive items sent from China and Hong Kong, but having to pay import taxes on small parcels from everywhere else likely will be a big change for some small businesses and online shoppers. Purchases that previously entered the U.S. without needing to clear customs will be subject to the origin country’s tariff rate, which can range from 10% to 50%.
Southwest Airlines will soon require plus-size travelers to pay for an extra seat in advance if they can't fit within the armrests of one seat. This change is part of several updates the airline is making. The new rule starts on Jan. 27, the same day Southwest begins assigning seats. Currently, plus-size passengers can pay for an extra seat in advance and later get a refund, or request a free extra seat at the airport. Under the new policy, refunds are still possible but not guaranteed. Southwest said in a statement it is updating policies to prepare for assigned seating next year.
Cracker Barrel is sticking with its new logo. For now. But the chain is also apologizing to fans who were angered when the change was announced last week.
