ASBC and SVC call on members to sign on by 9am ET Monday, 4/19 to oppose any efforts to develop and build two prisons in Alabama. 

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John,

With the support of many ASBC-SVC members, the offering of taxable municipal bonds has been pushed back for sale until Monday by the Alabama Department of Corrections (ADOC) through the Wisconsin Public Finance Authority in a deal underwritten by Barclays. As we stated in our release on Thursday, the American Sustainable Business Council (ASBC) and Social Venture Circle (SVC) refuse to perpetuate mass incarceration, systemic racism, and human rights abuses. In response, we have terminated the membership and sponsorship of our organizations by Barclays and returned all dues. You can read the latest in Bloomberg on our decision. ([link removed])

The pressure is beginning to work and Barclays has already shifted $200mm out of the public market portion of their offering. We must hold Barclays accountable ([link removed]) to their 2019 commitment not to fund private prisons and signal to other financial service providers that they shouldn’t find a “creative way” to finance private prison companies. To do so, we need your support and signatures on an initiative led by your fellow ASBC-SVC community members.

Add your name to "vehemently oppose any efforts to develop and build two prisons in Alabama and strongly urge banks and investors to refuse to purchase securities that will be offered on April 19th whose purpose is to perpetuate mass incarceration." ([link removed])

Thank you,

David Levine
Co-Founder and President of the American Sustainable Business Council.

Isaac Graves
Interim Executive Director, Social Venture Circle

“The American Sustainable Business Council and Social Venture Circle have taken a decisive stand against associating with those who seek to profit from a private prison system that harms Black and Brown communities. We urge banks like Barclays to rethink their investment strategies for a healthier and more equitable world.” -Kat Taylor, Impact Investor & Co-Founder and Board Chair of Beneficial State Bank

“We abhor the hypocrisy represented here and renounce the continued investment in the broken, unjust system of incarceration of this country. Thousands of businesses like mine and those represented by ASBC and SVC stand in opposition to Barclays or any other private sector company profiting from the injustice of the U.S. prison system.” -MaryAnne Howland, Board Chair of ASBC, Founder and CEO of Ibis Communications.

"Profiting from human suffering is just about the antithesis of social business. Savvy investors know that there are far better ways to make money, as generations of SVC investors have demonstrated," said Morgan Simon, Founding Partner, Candide Group.

"We are proud that ASBC and SVC are standing with Black, Brown, Indigenous and systems impacted communities and other business leaders and investors - together we championed Barclays and other banks when they committed to stop financing private prisons and, together, we must also hold them accountable. ASBC and SVC are walking the walk. We welcome other investors, financial institutions, businesses, and community leaders to join us,” said Christina Hollenback, Founder and Principal, Justice Capital.

"As a member of SVC, I think it's important to hold all members responsible for the basic principles that keep a healthy society and a thriving economy moving. The days of empty corporate platitudes are over, and I'm pleased to see our community standing up against the shameful stain in our modern history that private prisons represent," said Nathalie Molina Niño, President, O³

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