National Center for Public Policy Research press release


For Release: April 27, 2011
Contact: David Almasi at (202) 543-4110 x11 or (703) 568-4727 or [email protected]
or Judy Kent at (703) 759-7476 or [email protected]

 

Tea Party Activists to Protest CEO Jeff Immelt Big-Government Business Strategy at GE's Annual Meeting

Speakers at "Fire Jeff Immelt Rally" Include Policy Experts from the National Center for Public Policy Research

 

Washington, D.C. - Policy experts from the National Center for Public Policy Research will participate in the "Fire Jeff Immelt Rally" being organized by Utah Rising, FreedomWorks and local Tea Party organizations at GE's annual shareholder meeting Wednesday.

The rally will be held April 27 at the Salt Palace Convention Center in Salt Lake City, Utah from 9-10 AM Mountain Time prior to the GE annual meeting of shareholders.

"As the king of crony capitalism, Immelt has put GE on a collision course with Tea Party activists. Immelt's business strategy relies on growing the size of government and waging a war on fossil fuels, which are directly opposed to the principles of the Tea Party grassroots movement that seeks limited government, energy independence and greater liberty," said Tom Borelli, Ph.D., director of the National Center's Free Enterprise Project.

"GE needs government strong-arm tactics -- such as cap-and-trade to raise the price of fossil fuels or President Obama's clean energy standard -- to force Americans to buy GE's renewable energy products, such as wind turbines and solar panels. With gasoline prices soaring, the last thing hardworking Americans need is higher utility bills," added Tom Borelli.

Immelt is closely aligned with President Obama's policy agenda. GE actively lobbied for the President's $787 billion economic stimulus plan and his cap-and-trade energy policy.

"Immelt and Obama are partnering to make the President's goal of skyrocketing energy prices a reality. By acting as a lieutenant in Obama's war on fossil fuels, Immelt is using the massive lobbying resources of GE to make energy prices higher, thereby lowering the standard of living of Americans," said Deneen Borelli, full-time fellow with the National Center for Public Policy Research's Project 21.

"By lobbing to raise the cost of fossil fuels -- coal, oil and natural gas -- Immelt is working against the interests of the American people and the long-term interests of shareholders. Our country can't afford CEOs such as Immelt," said Deneen Borelli.

In addition to participating in the rally, Tom and Deneen Borelli, joined by National Center Vice President David A. Ridenour, will represent the National Center at the shareholder meeting.

The National Center for Public Policy Research has submitted a proposal for consideration of shareholders at the meeting.

The shareholder proposal is based on guidance issued by the Securities and Exchange Commission (SEC). It asks GE to disclose the business risk from changes in the scientific, legislative and political landscape regarding developments in climate change.

GE petitioned the SEC to permit it to reject consideration of the proposal, but the SEC ruled in favor of the National Center for Public Policy Research.

"Shareholders should be aware that Immelt's climate change strategy depends on government regulation, subsidies and mandates. Without government action, Immelt's renewable energy profits will go up in thin air," said Deneen Borelli.

The National Center For Public Policy Research is a conservative, free-market non-profit think-tank established in 1982. It is supported by the voluntary gifts of over 100,000 individual recent supporters, and receives less than one percent of its revenue from corporate sources.

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