spoke with the media. “There is no middle ground here,” Mr. Chenault told The Times. “You either are for more people voting, or you want to suppress the vote.”

“This was unprecedented,” Mr. Lewis said. “The African-American business community has never coalesced around a nonbusiness issue and issued a call to action to the broader corporate community.”

Mr. Bastian had been unable to sleep on Tuesday night after his call with Mr. Chenault, according to two people familiar with the matter. He had also been receiving a stream of emails about the law from Black Delta employees, who make up 21 percent of the company’s work force. Eventually, Mr. Bastian came to the conclusion that it was deeply problematic, the two people said.

accused Mr. Bastian of spreading “the same false attacks being repeated by partisan activists.” And Republicans in the Georgia house voted to strip Delta of a tax break, just as they did three years ago. “You don’t feed a dog that bites your hand,” said Mr. Ralston, the house speaker.

Senator Marco Rubio of Florida posted a video in which he called Delta and Coca-Cola “woke corporate hypocrites” and Mr. Trump joined the calls for a boycott of companies speaking out against the voting laws.

Companies that had taken a more cautious approach weren’t targeted the same way. UPS and Home Depot, big Atlanta employers, also faced early calls to oppose the Georgia law, but instead made unspecific commitments to voting rights.

declared their opposition to proposed voting legislation in that state. And on Friday, more than 170 companies signed a statement calling on elected officials around the country to refrain from enacting legislation that makes it harder for people to vote.

It was messy, but to many activists, it was progress. “Companies don’t exist in a vacuum,” said Stacey Abrams, who has worked for years to get out the Black vote in Georgia. “It’s going to take a national response by corporations to stop what happened in Georgia from happening in other states.”

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Companies Quiet on Georgia Voting Law Face Boycotts

Companies were quick to speak out during the racial justice protests last year, putting out statements of solidarity and posting black squares on Instagram. But after Georgia Republicans passed broad voting restrictions, Atlanta’s corporate giants have been much more muted — and activists are now talking boycotts, The Times’s David Gelles writes.

Among the targets:

  • Delta, which has publicly defended gay rights and said it stood with Black people after the police killings of George Floyd and others. But on the voting legislation, the airline has only issued a statement about a need for broader voter participation. It told employees that it had “engaged extensively” with lawmakers in creating the legislation, and that the measure had “improved considerably” during the process, though it noted that “concerns remain.”

  • Coca-Cola, which pledged last summer to “invest our resources to advance social justice causes.” When it came to the recent bill, Coke said that it was aligned with local chambers of commerce, which also spoke mainly of increasing voter participation and avoided sharp criticism. (Late yesterday, Coke said it was “disappointed” in the new law, but added, “We don’t see this as the final chapter.”)

“It’s not as though corporations are unwilling to speak powerfully about social justice issues,” Sherrilyn Ifill, the president of the NAACP Legal Defense, told David. Companies spoke out forcefully against bills on gender and bathroom access, even threatening to pull out of states like Indiana and, yes, Georgia.

What changed? Companies may be shying away from political fights, after spending four years speaking out against the Trump administration. And the Georgia laws were spearheaded by mainstream Republicans, making executives less eager to cross lawmakers they may need on other issues.

  • Ms. Ifill raised a provocative third potential reason. “Why is it that corporations that could speak so powerfully and unequivocally in opposition to discrimination against the L.G.B.T.Q. community and immigrants are not speaking as clearly about the disenfranchisement of Black people?” she said. “This is a race issue.”

For activists, the next step is calling for boycotts on companies with big Georgia presences, including Coke, Delta, Home Depot and UPS. If “Coca-Cola wants Black and brown people to drink their product, then they must speak up when our rights, our lives and our very democracy as we know it is under attack,” Bishop Reginald Jackson of the African Methodist Episcopal Church told The Atlanta Journal-Constitution.

The Suez Canal is clear. Now what? The 224,000-ton Ever Given was freed from the vital shipping passage days after being stuck, hindering global trade. After the celebrations will come two big questions: What happened, and how can the disruptions be sorted out?

prevented 90 percent of Covid-19 infections by two weeks after the second shot. But President Biden and the head of the C.D.C., Dr. Rochelle Walensky, urged Americans to maintain virus safety measures in the face of “impending doom” from a potential fourth wave of cases.

The White House pushes for tax increases to pay for its infrastructure and jobs plan. As it rolls out its multitrillion-dollar spending initiative, the Biden administration is likely to call for about $3 trillion in new taxes, The Washington Post reports.

President Tayyip Reccip Erdogan of Turkey fired another top central bank official. The removal of Murat Cetinkaya, a deputy governor, was announced with no explanation. It came 10 days after Mr. Erdogan fired the bank’s chief, setting off a sell-off in Turkey’s currency.

The Supreme Court wonders what to do in an investor fraud lawsuit against Goldman Sachs. Justices noted that both sides agree that general statements about professional integrity could be the basis for a lawsuit, and that their positions had moved closer over the course of litigation.

huge stock sales tied to Archegos Capital Management, one thing has become clear: Cooperation is not the finance industry’s strong suit.

Archegos’ main lenders met on Thursday to discuss an orderly wind-down of the firm’s trades, according to The Wall Street Journal. The idea was to limit the damage from several banks dumping huge blocks of stock in ViacomCBS and other companies, potentially tanking prices and hurting their own balance sheets.

You can guess what happened next. Credit Suisse and Morgan Stanley sold small amounts of stock after that meeting. But Goldman Sachs opened the floodgates the next day, quickly followed by Morgan Stanley. By market close, the two had sold nearly $20 billion worth of Archegos assets.


Kevin Hartz, the founder of Eventbrite, believes in the value of SPACs: In February, his first SPAC (named “One”) acquired the industrial 3-D printing company Markforged in a $2.1 billion deal. His second blank-check fund — named “Two,” of course — raised $200 million yesterday. Still, he told DealBook that he believes some SPACs pose risks to retail investors.

Below are edited excerpts from their conversation.

On why S.E.C. scrutiny is needed:

Because people are getting hurt. “For some millennial family to invest in a SPAC, or invest in a SPAC merger, and then see that crater is why we need the S.E.C. to be more involved here,” he said.

What could happen next:

Mr. Hartz pointed to the dot-com bubble as a warning: “We still kind of point to 1999, 2000 as an indicator of what SPACs will need to go through, unfortunately, and that is kind of extreme euphoria, followed by the reality of most losing money for investors.”

corporations and governments has grown in recent years. Yet when it comes to the Supreme Court, some are resisting efforts to allow more sunlight into the institution, as demonstrated in the debate over a bipartisan bill that aims to televise the court’s proceedings.

No Supreme Court hearing has ever been filmed, though Congress has been trying to get cameras in federal courts since 1937. Most state courts allow cameras, and some federal circuit courts permit video with limits. But Chief Justice John Roberts and the five other veterans on the bench have said they fear that the presence of cameras would transform oral arguments into showy performances. (The court’s three most recent appointees have said they would consider it.)

Seeing arguments in “monumental cases” shouldn’t be a privilege of the few, said Senator Dick Durbin, the Democratic chairman of the Judiciary Committee, who is sponsoring the Sunshine in the Courtroom Act. Adding cameras “opens our democracy and gives millions of Americans a window into the room where decisions are made that have lasting effects for generations,” he told DealBook.

Then again, the court has adapted during the pandemic, allowing live audio feeds of arguments. Justices may clamp down on the public’s access to the court when the pandemic lifts, but the tech precedent may make that more difficult.

replace President Andrew Jackson on the bill. “The primary reason currency is redesigned is for security against counterfeiting,” Lydia Washington, a representative for the Bureau of Engraving and Printing, told DealBook. “The redesign timeline is driven by security feature development.”

The Obama administration said it would unveil a design “concept” by 2020, to coincide with the centennial of the 19th Amendment, which gave women the right to vote. Extensive redesign work was reportedly done, but in 2019 President Trump’s Treasury secretary, Steven Mnuchin, said the project would be delayed until at least 2026. (Insiders said they had always doubted that the 2020 deadline could be met).

It turns out that the complex design and testing process for currency can’t be hurried. “No final images have been selected,” Ms. Washington said. (The Treasury Department did not respond to a request for comment).

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Corporations, Vocal About Racial Justice, Go Quiet on Voting Rights

As Black Lives Matter protesters filled the streets last summer, many of the country’s largest corporations expressed solidarity and pledged support for racial justice. But now, with lawmakers around the country advancing restrictive voting rights bills that would have a disproportionate impact on Black voters, corporate America has gone quiet.

Last week, as Georgia Republicans rushed to pass a sweeping law restricting voter access, Atlanta’s biggest corporations, including Delta, Coca-Cola and Home Depot, declined to weigh in, offering only broad support for voting rights. The muted response — coming from companies that last year promised to support social justice — infuriated activists, who are now calling for boycotts.

“We are all frustrated with these companies that claim that they are standing with the Black community around racial justice and racial equality,” said LaTosha Brown, a co-founder of Black Voters Matter. “This shows that they lack a real commitment to racial equity. They are complicit in their silence.”

On Thursday, hours after the Georgia voting restrictions were signed into law, Ms. Brown joined protesters at the Atlanta airport calling for a boycott of Delta, Georgia’s largest employer. In front of the Delta terminal, they lobbied for employees to pressure their employer and urged the airline’s chief executive, Ed Bastian, to use his clout to sway the debate.

said the company would “invest our resources to advance social justice causes” and “use the voices of our brands to weigh in on important social conversations.”

But last week, rather than take a position on the then-pending legislation, Coca-Cola said it was aligned with local chambers of commerce, which were diplomatically calling on legislators to maximize voter participation while avoiding any pointed criticisms.

said. “Now, when they try to pass this racist legislation, we can’t get him to say anything. And our position is, if you can’t stand with us now, you don’t need our money, you don’t need our support.”

Senator Raphael Warnock of Georgia, a Black pastor who was elected in January, called out companies for their muted responses in an interview with CNN on Sunday.

“I’ve seen these corporations falling over themselves every year around the time of the King holiday, celebrating Dr. King,” Senator Warnock said. “The way to celebrate Dr. King is to stand up for what he represented: voting rights.”

Corporate America’s guarded approach to the partisan issue of voting rights stands in stark contrast to its engagement with other social and political issues in recent years. When legislatures advanced “bathroom bills” that would have discriminated against people who are transgender, many big companies threatened to pull out of states like Indiana, Georgia and Texas.

And over the past four years, many big companies spoke out against President Donald J. Trump on issues including climate change, immigration and white supremacy.

“It’s not as though corporations are unwilling to speak powerfully about social justice issues,” said Sherrilyn Ifill, the president and director-counsel of the NAACP Legal Defense and Educational Fund Inc. “It seems to me perfectly legitimate for Black voters in Georgia to expect them to speak just as powerfully and directly about what is an unwarranted attack on the ability of Black voters to participate in the political process.”

on Twitter. Criticizing an early version of the Georgia bill, it added: “Georgia H.B. 531 would limit trustworthy, safe & equal access to voting by restricting early voting & eliminating provisional ballots. That’s why Salesforce opposes H.B. 531 as it stands.”

Patagonia, which has worked to increase voter participation, condemned the new bills and called on other companies to get more involved.

“Our democracy is under attack by a new wave of Jim Crow bills that seek to restrict the right to vote,” Ryan Gellert, the chief executive of Patagonia, said in a statement. “It is urgent that businesses across the country take a stand — and use their brands as a force for good in support of our democracy.”

Those were the exceptions. For the most part, big companies declined to comment on the Georgia legislation as it came together. Even chief executives who have made names for themselves by championing diversity chose not to get involved. Tim Ryan, the senior partner at PwC and a founder of CEO Action for Diversity & Inclusion, declined to comment for this article.

“The voice of individual leaders is oddly muted,” said Jeffrey Sonnenfeld, a professor at the Yale School of Management who regularly gathers chief executives to talk about controversial issues. “For the most part, they are not yet taking the same courageous stands they have taken on election ballot counting and the election results this fall, let alone on immigration, gun safety and the infamous bathroom bills.”

After four years of responding to the often extreme policies of the Trump administration, many companies are seeking to stay out of political fights.

And the voting bills are being driven by mainstream Republican lawmakers, rather than lesser-known right-wing figures. Companies that take a stand might have a harder time currying favor with those lawmakers on other issues down the line.

“This is not the fringe members trying to push bathroom bills,” said Lauren Groh-Wargo, the chief executive of Fair Fight, a voter-rights group founded by Stacey Abrams. “This is a priority for the party at the national level. For companies to speak out and work against these bills is very different.”

Ms. Ifill of the NAACP Legal Defense and Educational Fund said there was another factor at play as well: race. “Why is it that corporations that could speak so powerfully and unequivocally in opposition to discrimination against the L.G.B.T.Q. community and immigrants are not speaking as clearly about the disenfranchisement of Black people?” she said. “It’s the same thing. This is a race issue.”

Companies have effectively squashed bills at the state level before. In 2016, when lawmakers were advancing the bathroom bills, major corporations said they would move jobs out of states that adopted such measures. Responding to one such bill in Georgia in 2016, the Walt Disney Company said, “We will plan to take our business elsewhere should any legislation allowing discriminatory practices be signed into state law.”

The tactic was effective. Many of those bills were tabled as lawmakers responded to the threats of lost business.

This time around, however, the entertainment industry has taken a more guarded approach.

When asked for comment, Disney, Netflix, NBCUniversal, Sony Pictures Entertainment and ViacomCBS either said they had no public comment or did not respond to queries. The Motion Picture Association, Hollywood’s lobbying organization, declined to comment, as did Amazon Studios, which six months ago released “All In: The Fight for Democracy,” a documentary about efforts by Ms. Abrams and other activists to tear down voting barriers in Georgia and elsewhere.

The fight in Georgia is likely a preview of things to come. Lawmakers in dozens of states have proposed similar voting bills, and activists are planning to ramp up the pressure on corporate America as the battle over voting rights goes national.

Companies, meanwhile, are trying to maintain a delicate balancing act. Though the Georgia law passed Thursday was less stringent than initially proposed, it introduced more rigid voter identification requirements for absentee balloting, limited drop boxes and expanded the state legislature’s power over elections.

After its passage, Delta and Coca-Cola appeared to take some credit for helping soften the bill’s restrictions. Delta said it had “engaged extensively with state elected officials” in recent weeks and that “the legislation signed this week improved considerably during the legislative process.”

Coca-Cola issued a similar statement, saying it had “sought improvements” to the law and that it would “continue to identify opportunities for engagement and strive for improvements aimed at promoting and protecting the right to vote in our home state and elsewhere.”

Those words were cold comfort to activists who had worked against the efforts to curb voter rights.

“They have made soft statements rather than stepping out,” Ms. Groh-Wargo of Fair Fight said. “It’s ridiculous.”

Brooks Barnes and Nicole Craine contributed reporting.

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