Clark, in a statement, struck a positive tone.
“We are optimistic that the new majority in the House will seize this opportunity to fight inflation and crime, rein in regulation and hold agencies accountable through oversight, and put our economic security front and center,” she said.
But within Republican circles, the Chamber’s moves were considered a betrayal, and one not soon forgotten, a former Republican congressional aide said. Only a grand political gesture from the Chamber could repair the relationship, the person added.
Tech companies and banks could face the bulk of GOP scrutiny next year. Republicans have said they think conservative voices are being silenced on platforms including Facebook. They are also eager to question bank executives about if their lending practices put oil and gas companies at a disadvantage to renewable energy.
Law firms and consultants who specialize in preparing executives for congressional testimony are ramping up efforts to sign new clients and prepare potential witnesses for the new Republican majority. Some bank CEOs, including top executives for Bank of America Corp. and JPMorgan Chase & Co., got a taste of what next year could look like at a September hearing where Republicans asked questions about their preferences for investing in fossil fuels, as well as social policies for employees.
A more conservative alternative to the Chamber, the American Free Enterprise Chamber of Commerce, is rushing to fill the void with its focus on deregulation and lower taxes. However, it’s unclear that the Iowa-based group, which charges $99 annual dues, will amass the membership or financial resources to match the US chamber’s influence.
The Free Enterprise Chamber didn’t respond to multiple requests for comment.
But grassroots outreach has helped populist Republicans flourish, and they may not miss the Chamber’s reach or its war chest.
The midterm elections broke records for political giving, including large hauls from far-right members like Representatives Jim Jordan of Ohio and Marjorie Taylor Greene of Georgia, who raised nearly $25 million combined. Greene, blacklisted by several companies, raised massive sums from individual donors and conservative political action committees, proving that bombastic tweets and emails are a lucrative business.
‘Vigorous Oversight’
“This is going to be the new normal, and that’s a good thing,” said Vivek Ramaswamy, the author of “Woke, Inc.: Inside Corporate America’s Social Justice Scam.” “You don’t want any political party to be in lockstep with the captains of industry.”
For moderate Democrats like Spanberger, the rift gives them a chance to bolster ties to corporations looking for new political alliances.
“For businesses, weathering these attacks requires strengthening relationships with all of their stakeholders so they aren’t left vulnerable to policy makers,” said Stacy Kerr, a former aide to House Speaker Nancy Pelosi, who now advises companies.
Divided government brings gridlock and neither party will likely get much legislation enacted. But House Republicans will now have the authority to haul in executives for public testimony.
“While Republican committee chairs in prior years may have thought twice before taking on private-sector targets, the incoming chairs are likely to conduct vigorous oversight of the private sector,” said Alyssa DaCunha, who advises companies on congressional investigations at Wilmer Cutler Pickering Hale & Dorr LLP. “They are prepared to deploy more aggressive investigative techniques.”
This article was provided by Bloomberg News.