Progressive activists realize the importance of the Secretary of Treasury position. Why don't we?

The Secretary of Treasury position is "ground zero" of the war on capitalism. We need a Republican in that position.

In his recent book The Puppeteers: The people who control the people who control America, Jason Chaffetz writes, “State treasurers play a pivotal role in the success or failure of capitalism in their states. And the Democratic Party knows it. In a road map from ahead of the 2022 election cycle, the Democratic Treasurers Association laid out the agenda for leveraging state investment and retirement funds to help promote and pay for leftist policy objectives:”

State Treasurers have the power to exert force nationally because they oversee trillions of dollars and have a direct line to Wall Street, Main Street, and into corporate boardrooms. State Treasurers’ power will endure no matter which party controls Congress and the White House. No matter what happens in November, they will have the ability to ensure that climate risk is addressed, racial inequity and gender bias is confronted, and to protect workers and small businesses (as cited in Chaffetz).

Our current Treasurer is Mike Pellicciotti, a Democrat with a Juris Doctor is from Gonzaga University. Pellicciotti’s seems to be fully on board with the globalist’s climate change initiative and the ESG standards they are pushing. He sided with the ESG folks in the Exxon case.

According to Chaffetz, here’s what happened with Exxon.

“A hedge fund called Engine No. 1 was behind the successful activist campaign to elect environmentalists to Exxon’s board in May 2021. Though Engine No. 1 didn’t control enough shares to get their candidates elected, large hedge funds and proxy advisory firms did. With support from large fund managers, the tiny activist fund shocked company management by installing two board members whose primary objective was not shareholder value, but transitioning away from fossil fuels. They captured the third seat shortly thereafter.

How did Engine No. 1 attract enough votes to install board members committed to making oil and gas investments less profitable? Likely from the proxy votes of state investment funds, pensions and commercial index funds. Fund managers can vote those proxies however they like. And they did.

Individual investors can only vote their shares if they own company shares. If they own companies through a fund, the fund manager or fund company votes those shares on behalf of the investors. That’s why the fiduciary concept is so important. Progressive activists have taken notice.”

Here’s what Pellicciotti said about the Exxon case:

“The aggressive tactics to eliminate dissent and reduce corporate accountability from shareholders risks tipping the scales of power even further in favor of corporate boards seeking short term financial profits at the expense of long-term business risks.”

In other words, Pellicciotti supports the activist’s takeover of Exxon, claiming that Exxon is trying to silence its shareholders, as if its shareholders were individual mom and pop investors. Shareholders, in this case, are the ones trying to take over the company and impose ESG rules that will damage the company and reduce America’s access affordable energy.

“Make no mistake,” Pellicciotti continues, “publicly traded corporations of every kind are eagerly tracking the response to Exxon’s lawsuit and will emulate this playbook should they be successful. It is critical that institutional investors and asset managers who are focused on long-term economic interests vote to deter corrosive impulses by corporate executives to crush and silence shareholders.”

Given that the State Treasurer position is so important, shouldn’t we be supporting a Republican who might help stand up against the bullies pushing ESG? When Sharon Hanek realized that nobody else was running against the Democrat Pellicciotti, she decided to throw her hat into the ring.

Now that the race is nearing the primaries, she’s way behind and needs our support. Pellicciotti is well connected and well funded. The progressives have figured out why they need their guy in this position. Why haven’t the conservatives?

Why are we not supporting Hanek? We need her to be Washington’s Marlo Oaks and stand against global corporatism.