In 2020, leaders from across the business sector defended the electoral process against unprecedented threats, condemning the violence on Capitol Hill, and calling for a peaceful transfer of power. The rise in anti-democratic rhetoric, threats of political violence and intimidation, and election administration challenges in the ramp-up to this year’s election require business leaders to once again stand up for our democratic processes and institutions.
If public confidence in the fairness and legitimacy of our elections erodes, the foundation of our economy is at risk. A stable economy relies on a strong democracy. As we approached the 2024 election, the business sector was united and speaking with one voice in support of safe, secure, free, and fair elections, and standing up against attempts to undermine our democracy.
Just last week, more than 20 leading bipartisan business associations, including the National Bankers Association, Business Forward, and the Public Affairs Council, signed an open letter urging business sector support to help reinforce voter education, engagement, and safe and secure elections. And they are not alone. Business leaders across the spectrum—including more than 150 business executives and over 500 small business owners have sounded the alarm: Threats to democracy and election legitimacy are threats to economic stability. From the corner of Main Street to the boardrooms of Wall Street, business leaders agree that protecting free and fair elections is more than a civic responsibility, it’s a business imperative to safeguard long-term economic success.
Promote voter access and election integrity
A stable democracy—one essential to successful business operations and economic viability—is grounded in the assurance of free and fair elections. Without trust placed in our electoral process and governmental institutions, uncertainty reigns, and businesses suffer. Economic growth and profitability thrive on predictability, and when election results are called into question, or worse, undermined, that stability crumbles. That’s why we must commit to mobilizing resources for voter education and civic engagement. An informed electorate is key to making reasoned decisions that shape the future of our nation’s leadership and policies, directly impacting the economic landscape.
We’ve witnessed firsthand the dangers of disinformation and the erosion of public trust in our electoral process. Efforts to overturn the legitimate results of the 2020 election, from lawsuits to violent insurrection, have shaken public confidence in our democracy. Additionally, baseless claims of voter fraud have been amplified despite repeated court rulings affirming the legitimacy of the election outcomes. These attacks against our elections are not someone else’s problem—they are ours.
Protect democracy’s front line
Our work cannot stop at just systems and infrastructure. We must also protect the people who make our elections possible—especially in the seven states where a close election is most likely to lead to pressure or even threats to election officials. Election administrators and workers are on the frontline of democracy and threats or acts of political violence against them are attacks not just on them but on the democratic process itself. In states like Arizona and Wisconsin, business leaders are already stepping up, speaking out against election denialism, and demanding election officials be able to do their jobs without fear. By publicly denouncing these threats and opposing attempts to undermine elections, we protect these civil servants and uphold the principles of fairness and rule of law on which our businesses and organizations depend.
Political candidates and elected officials must also do their part. We call upon all political leaders to commit unequivocally to these democratic processes, including respecting and abiding by established legal frameworks and acknowledging legitimate electoral outcomes. The ability of politicians to concede defeat gracefully is as much a testament to the strength of our democracy as it is a signal to businesses that the political environment is stable and predictable—critical factors for long-term economic planning and investment.
A strategic imperative
It has long been understood that capitalism depends on democracy and the rule of law. Today, business leaders must champion democratic values to sustain this strategic economic growth advantage. We urge all business leaders and political actors to join us in this mission, ensuring the 2024 elections—and beyond—are a testament to our commitment to democracy and economic prosperity for all. Through our concerted efforts, we can secure the long-term success of the American economy. In this election, we will not remain silent. We will be champions for democracy because our future depends on it.
Daniella Ballou-Aares is founder and CEO of the Leadership Now Project. Rhett Buttle is founder and principal of Private Public Strategies. Samantha Tweedy is CEO of the Black Economic Alliance. Ballou-Aares, Buttle, and Tweedy are founding principals of the Business and Democracy Initiative.