Conservative Spotlight: Steven Milloy

Free Enterprise Action Fund

Shouldn't capitalists use their influence to maintain free-market capitalism? And why don't companies that benefit most from conservative values-such as low taxes, small government and less regulation-support conservative politicians'?

The continuing mystery of anti-capitalism capitalists reveals itself over and over again.

Why Lobby Against Profits?

Why is Caterpillar lobbying for globalwarming regulations, when those regulations will stifle earnings from their largest customer-the coal industry?

Why is PepsiCo-the largest seller of bottled water-also lobbying for globalwarming regulations when globaJ-warming hype has already led to a backlash against bottled water (now banned in San Francisco)?

Now Wal-Mart is lobbying for an increase in the minimum wage, globalwarming regulation and socialized medicine.

Why are these companies acting against their own self-interests and essentially lobbying against their own earnings?

Steve Milloy, head of the Free Enterprise Action Fund (FEAF), says that it's because "the left has figured out how to use the powerful resources and influence of big corporations to advance their agenda." Milloy's group is one way that investors-conservative investors-can put pressure on companies to act in their own -and their shareholders'-interests.

Responsibility to Shareholders

Milloy says that companies have abandoned responsibilities to their shareholders and our free enterprise system "in favor of embracing the false and harmful social-activist-promoted notion of 'corporate social responsibility.'"

The Free Enterprise Action Fund is ihe first mutual fund to make investments from a pro-free-enterprise, conservative, libertarian angle.

"Our thesis is that left-leaning institutionalized investors are pressuring corporate managements to help the left advance its political agenda, so we try to get in there and push back from the right," MiIloy told HUMAN EVENTS.

FEAF is a broadly diversified mutual fund. "We provide our investors with a market-based return," Milloy said. "You could invest in a regular index fund or you can invest with us... the difference is that if you invest with us, not only do you gel the market-based return but you get the ideological kicker."

Although global warming is the most obvious and ongoing issue threatening free-market enterprise, Milloy's mutual fund also counters leftist activists' attempts to use corporations to lobby against Social security reform, for national healthcare (socialized medicine), and on international economic development issues.

Conservative Shareholder Activism

Shareholder activism works both ways: FEAF stirs shareholders to exercise their powers in favor of the free market. They react-viscerally-to leftist claims that corporations should be more "socially responsible," "better citizens" or other nonsense because those euphemisms are used to disguise the liberals' initiatives to impose restrictions on the free market.

There are a lot of ways the Free Enterprise Action Fund acts, in addition to investing. Among them, as the FEAF website says, are:

* Engaging corporate managements: These efforts may include meeting with management, attending shareholder meetings and filing shareholder resolutions to counter activist pressure campaigns and shareholder proposals.

* Using the media: The fund works with the media to inform institutional investors, employees and the general public about attacks on businesses, how corporate managements respond to those attacks and the fund's principles and actions.

* Marshalling support for fund activism: Working to mobilize investor and public support to stop corporate managements from surrendering to activist demands and to advance the fund's goals.

Milloy told HUMAN EVENTS that, in just a few weeks, investors will be able to go to Scottrade, Ameritrade or E+TRADE and invest through them, but for now you can visit www.FreeEnterpriseActionFund.com and download an application.

Free Enterprise Action Fund, PO, Box 182490. Columbus. Ohio. 43218-2490; 1-800-766-3960; info@freeenterpriseactionfund.com

Copyright Human Events Publishing, Inc. Oct 15, 2007
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