The Business Roundtable (BRT) is a politically conservative group of chief executive officers of major U.S. corporations formed to promote pro-business public policy.
The Business Roundtable played a key role in defeating an anti-trust bill in 1975 and a Ralph Nader plan for a Consumer Protection Agency in 1977. And it helped dilute the Humphrey-Hawkins Full Employment Act. But the Roundtables most significant victory was in blocking labor law reform that sought to strengthen labor law to make it more difficult for companies to intimidate workers who wanted to form unions. The AFL-CIO produced a bill in 1977 that passed the House. But the Roundtable voted to oppose the bill, and through its aggressive lobbying, it prevented the bill's Senate supporters from rounding up the 60 votes in the Senate necessary to withstand a filibuster.
In fiscal policy, the Roundtable was responsible for broadening the 1985 tax cuts signed into law by Ronald Reagan, lobbying successfully for sharp reductions in corporate taxes. In trade policy, it argued for opening foreign markets to American trade and investment. The Omnibus Trade Act of 1988 reflected the thinking of the Business Roundtable. In 1990, the Roundtable urged George Bush to initiate a free trade agreement with Mexico. In 1993, the Roundtable lobbied for NAFTA and against any strong side agreements on labor and the environment. It provided the money and leadership for the main pro-NAFTA lobby.
The Roundtable also successfully opposed changes in corporate governance that would have made boards of directors and CEOs more accountable to stockholders. In 1986, the Roundtable convinced the Securities and Exchange Commission to forgo new rules on merger and acquisitions, and in 1993 convinced President Clinton to water down his plan to impose penalties on excessive executive salaries. Citicorp CEO, John Reed, chairperson of the Roundtables Accounting Task Force, argued that Clinton's plan would have had negative effects on U.S. competitiveness. The Roundtable's Health, Welfare, and Retirement Income Task Force, chaired by Prudential Insurance CEO Robert C. Winters, cheered President Bush's plan, which consisted mainly of subsidies to the health care industry. The nation's health care system works well for the majority of Americans, the Roundtable announced in a June 1991 statement. "We believe the solutions lie not in tearing down the present system, but in building upon it."
It "strongly supported passage of the" No Child Left Behind Act of 2002, "and is now actively working with states on implementation." It has issued press releases, submitted editorials, given congressional testimony, and distributed position ads.
The Business Roundtable also acts as a major lobby that aims to extend or maintain administrators' rights/power in large companies. For example, the U.S. Securities and Exchange Commission adopted the so-called "shareholders' access to proxy" rule, which aimed to empower shareholders in the proposition and nomination of administrators of big corporations. The Business Roundtable was strongly against that rule, as its president John Castellani reported to the Washington Post about removing this rule: "this is our highest priority [...] Literally all of our members have called about this." And they got the upper hand: the SEC rule was finally dropped after intense lobbying and law suits.
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Michelle Obama and the Business Roundtable: Chief Executive Officers of U.S. Companies (2013) | |
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