As the shareholders of one of America’s biggest investment managers prepare for a "snap" election of its board of directors, many of them — not to mention the elected treasurers in several states in which the firm manages its assets — are beginning to question just why the Vanguard Group has so many directors that come from the left wing of the Democratic Party.
Celebrating its 50th anniversary and overseeing an estimated $10.4 trillion in U.S.-domiciled funds, the Pennsylvania-based Vanguard handles investments in mutual funds and retirement plans in numerous states. The investment colossus also has a close relationship with the powerhouse Blackrock firm and manages private and public funds globally.
So it is not so surprising that several state treasurers would begin to look closely at Vanguard when last October, it suddenly opted for a new election of its 13-member board of directors within 90 days — which means it is scheduled for this week. The "snap election" is particularly eye-catching because the last time there was a vote for the Vanguard directors was in 2017.
More than a few Vanguard-watchers in the financial community and public arena are convinced the "snap election" is to guarantee the election of several blatantly left-of-center candidates for the Board — notably Sarah Bloom Raskin, wife of progressive Rep. Jamie Raskin, D-Md., and a past deputy secretary of the Treasury and member of the Federal Reserve Board.
Her marriage to one of the leading proponents of the two Trump impeachments notwithstanding, Raskin is herself a longtime advocate of greater regulation and a champion of a greater government response to climate change.
When President Joe Biden named Raskin vice chair for supervision at the Federal Reserve in 2022, a political firestorm was set.
Moderate Democrat Sen. Joe Manchin, W.Va., joined with every Republican to thwart the nomination — their opposition based on the fear Raskin might use her power to restrict financing for fossil fuel industries. Realizing confirmation was out of the question, she withdrew her nomination.
"For Vanguard to keep her on its board is to reward people who stood against Donald Trump, such as her husband Jamie Raskin," Missouri State Treasurer Vivek Malek told Newsmax. "And if you judge her on her qualifications, she lacks the neutrality needed to serve on the board of a major investment firm and her election will help tank our investments [managed by Vanguard] and those of other states."
Along with Stacy Garity of Pennsylvania (home of Vanguard), Malek is one of eight state treasurers who have signed a letter of protest to Vanguard for the "snap" election of its board.
Other decidedly left-of-center Board candidates include Tara Bunch, head of global operations for Airbnb and a vigorous proponent of diversity in the business world; Dr. David Thomas, president of Morehouse College whose official biography lists him as "nationally renowned for his research and published works on managing diversity in the workplace;" and Mark Loughridge, retired chief financial officer of IBM and a major donor to the Democrat political action committee STOP TRUMP (Stop These Oppresive People — Tyrants, Racists, Unqualifieds, Mysogynists, Propagandists).
John Gizzi is chief political columnist and White House correspondent for Newsmax. For more of his reports, Go Here Now.
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